This large multi-family brick house is located on a nice street in Mount Pleasant and is just five minutes from Shaker Heights High School, which is one of the best high schools in Cleveland. The property is divided into three large apartments, you have two large two bedroom apartments and a large one bedroom apartment. The property is currently being renovated and will come with three new furnaces, three new hot water tanks, a new roof, new glass blocks and new windows. The total rent per month will be $1,800 and the management company will be placing brand new tenants when the new owner closes on the property.
Mount Pleasant is seen as a very strong investment area in Cleveland, less than 1.9 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 7.5 miles from Downtown and 4.8 miles from the University Circle.
Purchase price: 82,900
Gross annual rental income: $21,600
Property running costs: $4,560
(Tax, insurance and management costs)
Net annual rental income: $17,040
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%