Renovated Duplex with
For Sale
$489,999
2124 Wascana Avenue, Lakewood, OH 44107
ResidentialIncome, Lakewood, OH
Property Size3,278 SF
Lot Size0.11 Acres
Price / SF$149.48
Days on Market36
Property Features for 2124 Wascana Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Laundry Room, Bedroom 6, Basement, Bedroom 2, Bedroom 4, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 3
Parking features
Garage
Exterior features
Balcony
Appliances
Dryer, Dishwasher, Microwave, Range, Refrigerator, Washer
Subdivision
Eg Gilberts Sub 1
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
off wascana ave
Standard status
Active
APN
314-25-072
Size
3,278 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
20 GILBERT#1 0083 ALL
Tax Annual Amount
5770
Legal Description
20 GILBERT#1 0083 ALL
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
private laundry area
central air conditioning
garage
Building Details
Year built
1923
Floors in Building
3
Building materials
VinylSiding
Roof type
Asphalt
Listing Agency:
Coldwell Banker Schmidt Realty · Coldwell Banker Real Estate
(440) 327-2123
Listed By:
Christopher A Frederick · License #426983
(216) 210-7653
Added: Jul 20
Changed: Aug 20
Last Checked: Aug 24 at 7:06AM
MLS# 5228621
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,278-square-foot duplex, built in 1923, has been remodeled throughout and is arranged as two separate residences. The first-floor unit contains two bedrooms and one full bathroom, while the upper residence occupies the second and third floors with four bedrooms and two full bathrooms. Both units include dedicated laundry areas and central air conditioning. Interior improvements include 42-inch Shaker-style kitchens, granite countertops, tile backsplashes, appliances, custom-tiled bathrooms, high ceilings, and open living areas with abundant windows.
Exterior updates include vinyl siding, vinyl windows, a newer garage, partial driveway replacement, and a balcony. The property is served by public water and public sewer, with forced-air natural-gas heating, an asphalt roof, and garage parking. Located at 2124 Wascana Avenue in Lakewood, Ohio, the property offers immediate occupancy and is identified as Point-of-Sale compliant in the listing information.
Exterior updates include vinyl siding, vinyl windows, a newer garage, partial driveway replacement, and a balcony. The property is served by public water and public sewer, with forced-air natural-gas heating, an asphalt roof, and garage parking. Located at 2124 Wascana Avenue in Lakewood, Ohio, the property offers immediate occupancy and is identified as Point-of-Sale compliant in the listing information.
Key Highlights
- Two‑unit layout with 2‑bedroom/1‑bath and 4‑bedroom/2‑bath residences
- 3,278 square feet on a 0.1102‑acre lot
- 42‑inch Shaker‑style kitchens with granite countertops and tile backsplashes
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,756
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.09%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$695,120
$695.1K
Cap Rate 7%
$496,514
$496.5K
Cap Rate 9%
$386,178
$386.2K
Market Conditions
NOI Build-Up for 3,278 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$53.1K $16.20/SF
− Vacancy
−$3.5K −$1.05/SF
EGI
$49.7K $15.15/SF
− OpEx
−$14.9K −$4.54/SF
NOI
$34.8K $10.60/SF
Area
Cuyahoga County, OH
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$695,120
Cap Rate 7%
$496,514
Cap Rate 9%
$386,178
Alternative Uses
Best Use
Multifamily LT 5
$496.5K
$434.5K – $579.3K
NOI $34,756 @ 7.0% cap · market cap 7.09%
Second Best
Apartment 5plus
$462.9K
$405.1K – $540.1K
NOI $32,404 @ 7.0% cap · market cap 6.61%
Theoretical Best
Warehouse
$2.63M
$2.30M – $3.06M
NOI $183,853 @ 7.0% cap · market cap 37.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
651
Businesses Nearby
Explore this area
Business Placement
Demographics for 44107, OH
51,109
Population
29,101
Households
1.8
Avg Household Size
36
Median Age
54%
College-Educated
95%
High-School Grad
5.4 sq mi
ZIP Area
9,465
Density / Sq Mi
$65,778
Median Household Income
$49,285
Median Earnings
$1,011
Median Rent
$241,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Three-story configuration features private laundry areas and central air conditioning for both residences.
Where is this duplex located?
The property is located at 2124 Wascana Avenue Lakewood, OH.
What is the asking price?
The asking price for this property is $489,999.
What are key features of this property?
This property features: Two‑unit layout with 2‑bedroom/1‑bath and 4‑bedroom/2‑bath residences; 3,278 square feet on a 0.1102‑acre lot; 42‑inch Shaker‑style kitchens with granite countertops and tile backsplashes
