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  • 38
  • Ohio
Price £613,613
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Property Description

1075 E 74th St, Cleveland, Ohio is a historic property comprising a unique investment opportunity. The former Hodge High School is a turn-of-the-century brick building with wide, tall halls and many wide-open rectangular rooms still with the original blackboards and children’s coat closets. The building is currently being used as an artist live-work space. But it is not just the building that is conducive to art; an artists’ community is thriving there.

In total there are 38 apartments/units offered for sale in good decorative order along with various communal areas. Please contact us to receive a copy of the rent schedule and further details so you fully appreciate the quality of the property. Additional photos are also available on request.

The property is located in the historic district of St Clair-Superior, one the oldest and most culturally diverse neighborhoods in Cleveland which is the location of Cleveland's original Chinatown neighborhood.

Built in 1904, the property totals 36,711 square feet on a lot of over 2 acres. There is a large parking area to the rear of the property.

Unlike many of our competitors, we take into account all closing and ongoing costs to give you a genuine net yield!

KEY FIGURES:

Purchase price: $960,000

Closing Costs: $30,000

TOTAL INVESTMENT REQUIRED: $990,000

RENTAL INCOME: $217,800 per annum

OUTGOINGS:

PropertyTaxes: $10,200

Insurance: $9,000

Utilities: $12,800

Maintenance: $6,000

Management: $17,424

TOTAL OUTGOINGS: $55,424

NET INCOME: $162,376

THE NET YIELD IS THEREFORE A FANTASTIC 16.4% with excellent potential for capital appreciation.

For further information or to reserve this property, please complete the enquiry form as soon as possible.

WHY INVEST IN CLEVELAND, OHIO?

Cleveland has become the poster child of American revival in core industries. It combines a solid business infrastructure with education, lifestyle and an affordable cost of living. The universities attract researchers and students from around the world. The city has a great orchestra, museums and recognized sports teams. There are miles of park trails, the shores of Lake Erie and The Rock and Roll Hall of Fame. All of this adds up to make Cleveland a great place to live and work, and thus an attractive investment climate for rental real estate.

Cleveland is one of five big U.S. cities experiencing a “progressive boom,” according to this analysis from In These Times magazine.

The Atlantic ranks Cleveland among the best metros for recent college graduates.

USA Today includes Ohio on its list of top 10 states where manufacturing still plays a vital role in the state’s overall economy.

Northeast Ohio’s Cleveland Clinic and University Hospitals are included in U.S. News & World Report’s annual ranking of the nation’s best hospitals.

Ohio jumps 13 spots to become most-improved state in nationwide business-climate ranking conducted by ChiefExecutive.net.

Forbes.com includes Cleveland in this feature/slideshow about 15 U.S. cities that are revitalizing their central business districts to lure young professionals.

Ohio ranks fifth in “Most Improved” category in CNBC’s Top States for Business ranking.

Business

Intel Corp. has named Northeast Ohio as one of the 3 top Digital Communities in the U.S.

Northeast Ohio is one of the hottest entrepreneur regions in the nation – (Entrepreneur)

Ten Fortune 500 companies are headquartered in North Eastern Ohio including: Goodyear Tire, Cliffs Natural Resources, First Energy, Sherwin Williams, Eaton, Travel Centers of America, Progressive Insurance, Regional Banking Hub: home to one of 12 Federal Reserve Banks

North East Ohio Employment

Cleveland is among the Top 10 job markets for new college graduates – (CNN)

The region employs more than 120,000 healthcare professionals, including 35,000 at the Cleveland Clinic and 14,000 at University Hospitals

70% of Fortune 500 companies have a presence

More than 400 bioscience companies offer new life science research

Home to 27 area colleges and universities

Cleveland’s Metro park System is home to 22,000 acres of various landscapes and a major contributor to the economy attracting more than 42 million commuters annually

Living

Northeast Ohio boasts more lakeshore than any other metropolitan area in the world

Cleveland is the second largest live theater district in the U.S.

Home to four professional sports teams

Home of the Rock-n-Roll Hall of Fame with 7+ million visitors

Cleveland is one of the Top Cities for food lovers with over 1,000 food places

Cleveland Clinic named a Top Four Hospital in the U.S. and #1 heart hospital in the nation for the past 18 years.

University Hospitals named one of nation’s best hospitals – (U.S. News & World Report)

Home of the nation’s first Medical Mart

Home of the 100-year old Westside Market, one of nation’s oldest public markets

Economy

Cost of living is well below the national average

Cleveland offers one of the best price/rent ratios in the nation

Rent demand is at an all-time high

Northeast Ohio boasts a regional economy of $170 billion

The region is undergoing nearly $11 billion in major capital investment

Cleveland has the fastest growing healthcare economy in the U.S.

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