This large multi-family home is located in Mount Pleasant and is only six 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 three bedroom apartment downstairs and a large three bedroom apartment upstairs. The tenants in the downstairs apartment are Section 8, they have been in the property for 5 months and pay $544 rent each month. The upstairs tenant has been in the property for 5 years with a great record paying on time $650 per month. The property is managed by a great local management company.
Mount Pleasant is seen as a very strong investment area in Cleveland, less than 1.5 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 6.3 miles from Downtown and just 4 miles from the University Circle.
Purchase price: 49,900
Gross annual rental income: $14,328
Property running costs: $2,732
(Tax, insurance and management costs)
Net annual rental income: $11,596
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 24%