This large multi-family home is located in Mount Pleasant and is only eight minutes from the famous Shaker Square. Shaker Square is one of the biggest attractions in Cleveland and is full of restaurants, bars, boutiques and even has a cinema. The property is divided into two large apartments, you have a large two bedroom apartment downstairs and a large two bedroom apartment upstairs. Both apartments have just been updated and made rental ready, the management company have already placed one tenant paying $550 per month and they will place a brand new tenant in the second unit when the new owner closes on the property, this tenant will paying $600 per month.
Mount Pleasant is seen as a very strong investment area in Cleveland, less than 1.8 miles away you have the famous Shaker Square which is one of the biggest attractions in Cleveland. Shaker Square is full of restaurants, bars, boutiques and even has a cinema. This property is also only 5.5 miles from Downtown and 3.9 miles from the University Circle.
Purchase price: 51,900
Gross annual rental income: $13,800
Property running costs: $2,994
(Tax, insurance and management costs)
Net annual rental income: $10,806
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%