This huge four apartment multi-family home is located in Mount Pleasant and is only nine 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 in great condition however the owner is currently refurbishing the property throughout. The work is underway and the repairs will be completed in the next 2-3 weeks. The management company will place brand new tenants when the new owner closes on the property each paying $550 – $600 in rent each month.
Property Details
• Eight bedrooms.
• Four bathrooms.
• 3,724 sqft built.
• 5,000 sqft lot.
• Fully managed.
• Local staff.
• Garden.
• Multi unit.
Investment Details
Purchase price: 129,900
Gross annual rental income: $28,800
Property running costs: $6,280
(Tax, insurance and management costs)
Net annual rental income: $22,520
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%
Break even in 5.5 Years