This Huge four apartment house is located on a nice street in the highly sought after area of Slavic Village, This area has been highlighted as one of the best up and coming areas in the whole of Cleveland, it has its own Development Corporation. This property is made up of four large large two bedroom apartments. Two of the apartments are tenant occupied and they are both paying $525 each in rent each month. The third apartment also has tenants in place and the rental income on this apartment is $700 each month. The remaining fourth apartment the management company will be placing brand new tenants when the new owner closes on the property paying $600 in rent each month. The property also has just had a brand new roof and all new windows throughout fitted.
Slavic Village is a very central location in Cleveland Ohio, it is just 4.4 miles from Downtown Cleveland. The neighbourhood 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: 109,900
Gross annual rental income: $28,200
Property running costs: $6,045
(Tax, insurance and management costs)
Net annual rental income: $22,155
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%