This Huge three apartment multi-family home is located in the sought after area of Glenville, just five minutes from Glenville High School which is one of the best schools in Cleveland. The property is divided into three large apartments. You have two large 2 bedroom apartments, both apartments are tenanted and the tenants each pay $650 in rent each month. There is also a one bedroom attic apartment which is also tenanted and the tenant pays $400 in rent each month. The property is also under management by a great local Cleveland management company.
Glenville is seen as a very strong investment area in Cleveland, it is close to the Waterloo District, Euclid, Bratenahl and the I90 (highway) Lakeshore is appealing for bus lines, bike trails, and allows access to the beach parks in the neighbourhoods on the Northside. It is also just 4.8 miles from Downtown and just 1.9 miles from the University Circle.
Purchase price: 74,900
Gross annual rental income: $20,400
Property running costs: $3,812
(Tax, insurance and management costs)
Net annual rental income: $16,588
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 23%
Break even in 4.34 Years