This large two apartment house is located on a nice street in the sought after area of Glenville, just three minutes and less than a mile from Glenville High School which is one of the best schools in Cleveland. The property has six large bedrooms, two bathrooms and a full basement. This property has great tenants in place keeping the property in excellent condition, one is paying $500 per month and the other $550 per month. This property is managed 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 4.7 miles from Downtown and just 2.3 miles from the University Circle.
Purchase price: 48,900
Gross annual rental income: $12,600
Property running costs: $2,309
(Tax, insurance and management costs)
Net annual rental income: $10,291
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%