Renovated Duplex with Detached
For Sale
$329,900
2054 Magee St, Lakewood, OH 44107
Two updated rental units with a new detached garage and waterproofed basement.
Property Size1,930 SF
Price / SF$170.93
Days on Market55
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: Oct 26
Last Checked: Nov 1 at 1:36PM
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
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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 / Yr
$20,464
Cap Rate
6.20%
Suggested Prices Based on Cap Rates
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
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 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 6.20%
Second Best
Apartment 5plus
$272.6K
$238.5K – $318.0K
NOI $19,079 @ 7.0% cap · market cap 5.78%
Theoretical Best
Warehouse
$1.55M
$1.35M – $1.80M
NOI $108,248 @ 7.0% cap · market cap 32.81%
Zoning and permitted uses should be independently verified with authorities.
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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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Market
Vacancy Rate% for Multifamily in Midwest region
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 $329,900.
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
