This large multi-family home is located in Buckeye Shaker and is only five 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. This property has just been completely refurbished throughout and is like new. The property also comes with brand new Section 8 tenants. The rent for each tenant is $600 and is paid direct to the landlord via the US Government. The property is managed by a great local management company.
Buckeye Shaker is seen as a very strong investment area in Cleveland, less than 1 mile away you have the famous Shaker Square. This property is also only 6.1 miles from Downtown and 2.7 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: 64,900
Gross annual rental income: $14,400
Property running costs: $2,640
(Tax, insurance and management costs)
Net annual rental income: $11,760
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%