This four bedroom multi unit is amazing value at $84,900..
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Property DescriptionID:41698794
This large multi-family home is located in Euclid Green right next to South Collinwood and only a short distance from the Lakefront. It is also only three minutes and walking distance to Euclid Park School The property is divided into two large apartments, you have a large two bedroom apartment downstairs and a large two bedroom apartment upstairs, The apartment upstairs has a tenant in place paying $700 in rent each month, The current market rent is $750 – $850 each month. The apartment downstairs needs some minor cosmetic repairs to be made rental ready, The funds are included in the price and the works will begin as soon as the new owner closes on the property. When complete the management company will place a brand new tenant. The apartment should achieve $800 in rent each month. Euclid Green 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 South Collinwood, this property is only 2.3 miles from Euclid Creek Reservation, a beautiful nature trail full of natural wildlife, picnic areas and stunning scenery. A great family area that is close to the city and yet nature is all around you.
Investment Calculations
Purchase price
$84,900
Gross annual rental income:
$18,000
Property running costs:(Tax, insurance and management costs)
$3,400
Net annual rental income:
$14,600
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return of investment
17%
Break even in
5.8 Years.
This four bedroom multi unit is amazing value at $84,900..