This large multi-family home is located in Buckeye Shaker and is only four minutes and less than one mile 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 three bedroom apartment upstairs. The property has just been completely refurbished and the management company will be placing brand new tenants when the new owner closes on the property paying between $600 – $650 each in rent each month.
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 5.8 miles from Downtown and 2.9 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: 74,900
Gross annual rental income: $15,600
Property running costs: $2,860
(Tax, insurance and management costs)
Net annual rental income: $12,740
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%