This large multi-family home is located in Buckeye Shaker and is only five minutes from the famous Shaker Square. Shaker Square is one of the biggest attractions in Cleveland and is full of restaurants, bars, boutiques and even has a cinema. The property is divided into two apartments, you have a large two bedroom apartment downstairs and a large two bedroom apartment upstairs. The property has one tenant in place already paying $450 in rent each month. When the new owner closes on the property the vacant unit will be refurbished inside to a great rental ready standard and the management company will place brand new tenants paying $600 in rent each month.
Buckeye Shaker is seen as a very strong investment area in Cleveland, less than 1 mile away you have the famous Shaker Square. This property is also only 5.8 miles from Downtown and 2.9 miles from the University Circle which has the highest concentration of cultural attractions and performing arts venues in the whole of the US.
• Four bedrooms.
• Two bathrooms
• 1,408 sqft built.
• 7,000 sqft lot.
• Fully managed.
• Local staff.
Purchase price: 42,900
Gross annual rental income: $12,600
Property running costs: $2,480 (Tax, insurance and management costs)
Net annual rental income: $10,120
Investment calculation - Net Income divided by Purchase price = NET ROI.