This large two apartment multi-family home is located on a very nice street in the sought after area of North-Collinwood, just a short walk and right next to the famous Euclid Beach Park. The property has just being refurbished throughout as you can see from the pictures, the works will be completed in the next 2 weeks. This is one of the best located houses Global Investments have received this year. The management company are currently screening for brand new tenants and will be placed when the new owner closes on the property paying $600 each per month.
North-Collinwood is seen as a very strong investment area in Cleveland, the city is investing millions into a neighbourhood makeover. Also Alan Glazen a retired advertising executive is the driving force behind Project Light Switch. Alan wishes to turn North Collinwood into Cleveland’s premier music and entertainment district with concert venues, music stores, restaurants, bars, a bocce court and, hopefully, boutique hotels. The potential for capital growth in the coming years for North Collinwood is very high.
Purchase price: 65,900
Gross annual rental income: $14,400
Property running costs: $3,028
(Tax, insurance and management costs)
Net annual rental income: $11,372
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%