Six bedroom house, City of Cleveland, USA
City of Cleveland, Cuyahoga County, Ohio, USA
Property ID: 41653974
Summary Data
Price | £46,622 |
Price Type | |
Bedrooms | 6 - Bed |
Bathrooms | 2 - Bath |
Plot Size | 2600m2 |
Building Size |
Sector | Residential |
Type | Houses |
Subtype | |
Tenure | |
Completion | |
Parking |
Location Map
Property Description
This large two apartment multi family home is located in Hough, close to the shores
of Lake Erie. Hough is a very demanded area in Cleveland due to its close proximity
to the University Circle, the entrance is less two miles away.
The property is divided into two large apartments, you have a large three bedroom
apartment on the left side on the property and a large three bedroom apartment on
the right side of the property. Both apartments have tenants in place and both
tenants are paying $500 in rent each month. The market rent for 3 bed apartments in
this location is nearer $800 – $850 per month so should either tenant leave in the
future the rent could be increased.
Hough is seen as a very strong investment area in Cleveland, it is close to the
Waterloo District, Euclid, Bratenahl and the I90 (highway It is also just 2 miles from
the University Circle. The University Circle has the highest concentration of cultural
attractions and performing arts venues in the whole of the US, such as the Cleveland
Museum of Art; Severance Hall, Cleveland Institute of Art, plus many more.
Investment Calculation
Purchase price: $54,900
Gross annual rental income: $12,000
Property running costs: $2,559
(Tax, insurance and management costs)
Net annual rental income: $9,441
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%
Break even in 5.5 Years