This large multi-family home is located in Shaker Heights and is less than a mile from the famous Shaker Heights High School. Shaker Heights is one of the most demanded and prestigious areas in Cleveland. The property is divided into two very large two bedroom apartments, The property has been recently updated inside and already has two tenants in place each paying $750 in rent each month. The rent could very easily be increased for this location should the new owner decide in the future. The property is managed by a great local management company.
Shaker Heights is seen as a very strong investment area in Cleveland, less than 1 mile away you have the famous Shaker Heights High School which is one of the best schools in Cleveland. The property is also just 1.5 miles from Shaker Square, 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 7.1 miles from Downtown and 4.4 miles from the University Circle.
• Four bedrooms.
• Two bathrooms
• 2,700 sqft built.
• 5,500 sqft lot.
• Fully managed.
• Local staff
Purchase price: 119,900
Gross annual rental income: $18,000
Property running costs: $5,700 (Tax, insurance and management costs)
Net annual rental income: $12,300
Investment calculation - Net Income divided by Purchase price = NET ROI.