This Huge eleven apartment multi-family home is located in the sought after area of Glenville, just three minutes from Glenville High School which is one of the best schools in Cleveland. The property is divided into eleven large one bedroom apartments. The owner has just refurbished the entire building making every apartment rental ready. Included in the works were new boiler, new hot water tanks, new vinyl windows and also a brand new roof costing $40,000 The management company will place brand new tenants when the new owner closes on the property paying $500 – $550 each in rent per month.
Property Details
• Eleven bedrooms.
• Eleven Bathrooms.
• 10,163 sqft built.
• 6,443 sqft lot.
• Fully managed.
• Local staff.
• Garden.
• Great location.
Investment Details
Purchase price: 319,900
Gross annual rental income: $72,600
Property running costs: $15,260
(Tax, insurance and management costs)
Net annual rental income: $57,340
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%
Break even in 5 Years