This large multi-family home is located in Buckeye Shaker and is only 1.9 km and a five minute drive 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. This property comes tenant occupied, the tenants are paying $1,200 rent a month. This property is under management by a great local company.
Buckeye Shaker is seen as a very strong investment area in Cleveland, just half a mile away you have the famous Shaker Square. This property is also only 5.5 miles from Downtown and 2.6 miles from the University Circle which has the highest concentration of cultural attractions and performing arts venues in the whole of the US.
Purchase price: 51,900
Gross annual rental income: $14,400
Property running costs: $2,724
(Tax, insurance and management costs)
Net annual rental income: $11,676
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 23%