Added On :
City of Cleveland, USA
19 Aug 2019
£ 55,160 / € 61,429 / $ 74,900
This huge seven bedroom multi unit is amazing value at $74,900...
This large multi-family home is located in Mount Pleasant 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 three large apartments, you have two large three bedroom apartments that are currently tenant occupied. The tenants are keeping the property in great condition each paying $600 in rent each month. The property also has an attic conversion with an additional apartment. The management company will be placing brand new tenants when the new owner closes on the property paying between $400-$500 each month.
Mount Pleasant is seen as a very strong investment area in Cleveland, less than 1.2 miles away you have the famous Shaker Square which is 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 6.4miles from Downtown and 3.3 miles from the University Circle.
Purchase price: 74,900
Gross annual rental income: $20,400
Property running costs: $3,487
(Tax, insurance and management costs)
Net annual rental income: $16,913
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 23%