This fantastic two apartment multi family home is located on a nice street in South Broadway which is just 4.9 miles from Downtown Cleveland. This property is also just half a mile from the centre of Slavic Village one of the most demanded areas in Cleveland. The property is split into two large apartments, you have a three bedroom, one bathroom apartment and a large two bedroom, one bathroom apartment. Both apartments have good long term tenants in place and the total monthly rental income is $950 each month. The property is under management by one of the leading Cleveland property management companies.
South Broadway is viewed as a very central location in Cleveland Ohio, it is just 4.9 miles miles from Downtown and 5.9 miles from University Circle. The property is also just half a mile from the centre of Slavic Village. Slavic Village is going through large development projects. This is one of the most up and coming areas in the City and in huge demand by investors.
Purchase price: 42,900
Gross annual rental income: $11,400
Property running costs: $2,840
(Tax, insurance and management costs)
Net annual rental income: $8,560
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%
Break even in 5 Years