Renovated Duplex with Detached
New
For Sale
$349,900
2054 Magee St, Lakewood, OH 44107
Two updated rental units with a new detached garage and waterproofed basement.
Property Size1,930 SF
Price / SF$181.30
Days on Market6
Property Features for 2054 Magee St
General Information
Standard status
Active
Size
1,930 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
garage
Building Details
Year Built
1893
Year Renovated
2026
Listing Agency:
Russell Real Estate Services
Listed By:
Jennifer L Taylor · License #2013002382
(440) 864-9792
Source:
Theacclaimedrealty
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 13 at 3:50PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Russell Real Estate Services
Investment Insights
Based on property information with market context.
Built in 1893, this 1,930-square-foot duplex includes two substantially renovated units and a newly constructed detached garage. Updates completed in 2026 include furnaces, hot water tanks, windows, kitchen components, bathroom fixtures, flooring, lighting, doors, drywall, paint, siding, trim, gutters, and a rear roof. The basement has also been waterproofed along the south wall.
The garage measures 20' x 24' and includes a footer, concrete slab and apron, an insulated 16' x 7' overhead door, man door, roof, and matching siding and trim. The property is located at 2054 Magee St in Lakewood, Ohio, within walking distance of shopping, restaurants, parks, and everyday amenities. I-90 provides regional highway access.
The garage measures 20' x 24' and includes a footer, concrete slab and apron, an insulated 16' x 7' overhead door, man door, roof, and matching siding and trim. The property is located at 2054 Magee St in Lakewood, Ohio, within walking distance of shopping, restaurants, parks, and everyday amenities. I-90 provides regional highway access.
Key Highlights
- Two‑unit duplex with 1,930 square feet
- Major renovations completed in 2026
- New 20' x 24' detached garage
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
$20,464
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
5.85%
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%
$409,280
$409.3K
Cap Rate 7%
$292,343
$292.3K
Cap Rate 9%
$227,378
$227.4K
Market Conditions
NOI Build-Up for 1,930 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
$31.3K $16.20/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$29.2K $15.15/SF
− OpEx
−$8.8K −$4.54/SF
NOI
$20.5K $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%
$409,280
Cap Rate 7%
$292,343
Cap Rate 9%
$227,378
Alternative Uses
Best Use
Multifamily LT 5
$292.3K
$255.8K – $341.1K
NOI $20,464 @ 7.0% cap · market cap 5.85%
Second Best
Apartment 5plus
$272.6K
$238.5K – $318.0K
NOI $19,079 @ 7.0% cap · market cap 5.45%
Theoretical Best
Warehouse
$1.55M
$1.35M – $1.80M
NOI $108,248 @ 7.0% cap · market cap 30.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,005
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated rental units with a new detached garage and waterproofed basement.
Where is this duplex located?
The property is located at 2054 Magee St Lakewood, OH.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,930 square feet; Major renovations completed in 2026; New 20' x 24' detached garage
