This large multi-family home is located on a nice street in East Cleveland only six minutes from Glenville High School, which is one of the best schools in Cleveland and also only 10 minutes to the centre of the University Circle. The property is divided into two large apartments, you have a large two bedroom apartment downstairs and a large two bedroom apartment upstairs. One apartment is currently tenant occupied and they are paying $500 in rent each month. The second apartment the management company will be placing brand new tenants when the new owner closes on the property paying $550 in rent each month.
East Cleveland is seen as a very strong investment area in Cleveland, this area is surrounded by some great neighbourhoods like University Heights, Glenville, South Collinwood Richmond Heights and Euclid, this property is only 7 miles from Downtown, 3 miles from the University Circle.
• Four bedrooms.
• Two bathrooms
• 2,612 sqft built.
• 5,280 sqft lot.
• Fully managed.
• Local staff
Purchase price: 47,900
Gross annual rental income: $12,600
Property running costs: $2,918 (Tax, insurance and management costs)
Net annual rental income: $9,682
Investment calculation - Net Income divided by Purchase price = NET ROI.