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Six Bedroom House (ref. 41696065)
Date & Time Listed: 2024-03-04 20:53:35 (GMT)
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Ad Details:
This fantastic three apartment multi family home is located on a nice street in Broadway/Slavic Village which is just 5 miles from Downtown
Cleveland. This property is also less than one mile from the centre of Slavic Village and right on the border of Newburgh Heights, a very
affluent area of Cleveland.
The property is split into three individual apartments.There are two spacious one bedroom apartments on the ground floor and one large
four bedroom apartment on the first floor. Included in the price is $25,000 for cosmetic repairs to complete the rehab and make all three
apartments rental ready. The works will begin as soon as the new owner closes on the property, when complete the management company
will place brand new vetted tenants. The one bedroom apartments should achieve $550 – $600 in rent each month and the four bedroom
apartment should achieve $1,100 in rent each month. There is also 1 months rental guarantee included in the price to give the new owner
an immediate rental income while the works are being completed.
Broadway/Slavic Village is viewed as a very central location in Cleveland Ohio, it is just 5 miles from Downtown and 6.7 miles from
University Circle. The property is also just less than one mile from the centre of Slavic Village which is going through large development
projects. This is one of the most up and coming areas in the City and in huge demand by investors due to new build properties increasing
the value of the properties in the surrounding areas. The house is also just 1.3 miles from the brand new Amazon fulfilment centre and latest
acquisition of the 1.273-acre site of the former Mound Elementary School on Mound Avenue at East 55th Street.
Investment Calculations
Purchase price
$121,900
Gross annual rental income:
$27,600
Property running costs:(Tax, insurance and management costs)
$5,383
Net annual rental income:
$22,217
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return of investment
19%
Break even in
5.26 Years
This property is a House for sale.
Other Details:
Number of Bedrooms: 6
Number of Bathrooms: 3
Price: 121,900.00 USD
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