This very nice two apartment multi-family home is located on a very nice street in the sought after area of North-Collinwood, it is just a short walk to Lakeshore Blvd and less than 1.5 miles and four minutes from Collingwood High School. The property is divided into two large apartments, you have a large two bedroom apartment downstairs and a large two bedroom apartment upstairs. Both apartments have tenants in place and each tenant is paying $575 in rent each month. The property is under management by a great local Cleveland
North-Collinwood is seen as a very strong investment area in Cleveland, the city is investing millions into a neighbourhood makeover. Also Alan Glazen a retired advertising executive is the driving force behind Project Light Switch. Alan wishes to turn North Collinwood into Cleveland’s premier music and entertainment district with concert venues, music stores, restaurants, bars, a bocce court and, hopefully, boutique hotels. The potential for capital growth in the coming years for North Collinwood is very high.
• Four bedrooms.
• Two Bathrooms
• 1,344 sqft built.
• 4,998 sqft lot.
• Fully managed.
• Local staff.
Purchase price: 51,900
Gross annual rental income: $13,800
Property running costs: $2,722 (Tax, insurance and management costs)
Net annual rental income: $11,078
Investment calculation - Net Income divided by Purchase price = NET ROI.