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Property Sales - 41703569 - House in USA, Ohio, Cuyahoga County, City of Cleveland
This huge three apartment multi-family home is located in Mount Pleasant right next to the local high school, it is also just seven minutes from thefamous 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 a large three bedroom apartment downstairs which is currently tenanted at $1,025 permonth. You also have another large three bedroom apartment which also has a Section 8 tenant in place paying $695 in rent each month. The tenantcurrently has an application already in progress to increase the rent paid by the City to $1,000 each month. Should the application be successful asdescribed on the property investment details page of this brochure ( Scenario 2 ) The rent would increase to $1,000 each month giving the new owner amassive 41% yearly rate of return. Should the application be denied, worst case ( Scenario 1 ) the new owner will maintain a reliable long term tenant andstill a fantastic yearly rate of return of 32% based on a 70% Mortgage.The attic apartment is a one bedroom apartment and has just been updated and made rent ready. The management company will place a brand newtenant when the new owner closes on the property. The apartment should achieve $800 – $900 in rent each month. The tenant could also be Section 8.Mount Pleasant is seen as a very strong investment area in Cleveland, just 2 miles away you Shaker Square which is one of the biggest attractions inCleveland. The house is also just 1 street from the famous Shaker Heights, one of the most desirable areas in Cleveland. The house is just 1.6 miles fromShaker Heights High School.
Return of investment
32%
Break even in
3.1 Years.
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£89,084
Global Investments Incorporated
Date added: 09 Jul 2024
£129,846
Date added: 06 Mar 2024