This large multi-family home is located on a very nice street in the sought after area of South-Collinwood, it is just minutes from the Lakeshore and three minutes from Collingwood High School, one of the best schools in Cleveland. The property is divided into three large two bedroom apartments, All three apartments are tenant occupied and being kept in good condition, the total rental income per month is $1,750 The property is under management by a great local management company.
South-Collinwood is seen as a very strong investment area in Cleveland, this area is surrounded by some great neighbourhoods like University Heights, Glenville, Richmond Heights and Euclid, this property is only 7.6 miles from Downtown and just 4.9 miles from the University Circle.
Purchase price: 76,900
Gross annual rental income: $21,000
Property running costs: $4,612
(Tax, insurance and management costs)
Net annual rental income: $16,388
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 22%