This large multi-family home is located on a nice street in the sought after area of South-Collinwood, it is just five minutes from the Lakeshore and four minutes and a short walk to Collingwood High School, one of the best schools in Cleveland. The property is divided into two very large apartments, you have a large two bedroom apartment upstairs and a large two bedroom apartment downstairs. The property has just been updated and the management company will be placing brand new tenants when the new owner closes on the property paying $625 in rent each month.
South-Collinwood is seen as a very strong investment area in Cleveland, this area is surrounded by some great neighbourhoods like University Heights, Glenville, Richmond Heights and Euclid, The property is just 2 miles and just 5 minutes from the famous Euclid Avenue where you will find many shops, restaurants, hotel chains & the town hall. This is one of our most demanded areas by investors.
• Four bedrooms.
• Two Bathrooms
• 1,678 sqft built.
• 2,905 sqft lot.
• Fully managed.
• Local staff
Purchase price: 54,900
Gross annual rental income: $15,000
Property running costs: $3,200 (Tax, insurance and management costs)
Net annual rental income: $11,800
Investment calculation - Net Income divided by Purchase price = NET ROI.