This bargain multi-family home is located in Buckeye Shaker and is walking distance from the centre of 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 divided into two large apartments. You have a large two bedroom apartment downstairs and a large two bedroom
apartment upstairs. The property also has tenants in place in both apartments each paying $500 in rent each month.
This property is perfect for the knowledgeable investor that is in the position to look at the bigger picture in the medium to long term.
The market rent for both apartments currently with Section 8 is $1,000 – $1,200 each month. Firstly this property due to the location
would immediately appraise for probably over $100,000 giving the new owner immediate equity in the property. Secondly should the
tenants leave and the new owner invests a small amount of money to improve the rent ready condition, you could easily place brand
new Section 8 tenants each paying between $1,000 – $1,200 in rent each month. A potentially new monthly income of $2,000 – $2,400
would generate a Net yield of 28 – 35% buying at this great price.
Buckeye Shaker is seen as a very strong investment area in Cleveland, less than 1 mile away you have the famous Shaker Square. The
house is also just 1 mile to Larchmere Blvd which is host to a multitude of many quality cafe’s, restaurants, beauty salons, fashion
shops and many small businesses and also just yards from Shaker Blvd. This house is extremely well located.