Renovated Duplex with Detached
New
For Sale
$399,900
2054 Magee Street, Lakewood, OH 44107
MULTI_FAMILY - Lakewood, OH
Property Size1,930 SF
Lot Size0.11 Acres
Price / SF$207.20
Days on Market4
Property Features for 2054 Magee Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Basement, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 1, Laundry Room
Parking features
Driveway, Garage
Interior features
EatInKitchen
Subdivision
Pleasant Hill
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
EAST OF 117TH OFF MADISON. MAGEE IS ON THE SOUTH SIDE OF THE STREET. HOME IS LOCATED ON THE WEST SIDE OF THE STREET
Standard status
Active
APN
315-23-049
Size
1,930 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
20 PLEASH 0034 ALL
Tax Annual Amount
4592
Legal Description
20 PLEASH 0034 ALL
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1893
Floors in Building
2
Building materials
VinylSiding
Roof type
Asphalt, Fiberglass
Listing Agency:
Russell Real Estate Services
(440) 327-6511
Listed By:
Jennifer L Taylor · License #2013002382
(440) 864-9792
Added: Aug 5
Changed: Aug 7
Last Checked: Aug 8 at 8:06PM
MLS# 5233983
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 1,930-square-foot duplex on a 0.1102-acre lot includes two residential units and a detached 20' x 24' garage. Major improvements were completed in 2026, including updated furnaces, hot water tanks, windows, doors, kitchens, bathrooms, flooring, lighting, and interior finishes across the two units. Additional work includes a renovated lower-level mudroom, vinyl siding, replacement trim and sills, new gutters, and a rear roof. The basement has also been waterproofed along the south wall.
The garage includes a new footer, concrete slab and apron, an insulated 16 x 7 overhead door, man door, roof, and matching siding and trim. The property has forced-air, natural-gas heating, public water, public sewer, a driveway, and an eat-in kitchen. Located at 2054 Magee Street in Lakewood, the duplex is within walking distance of shopping, restaurants, parks, and everyday amenities, with access to I-90 nearby.
The garage includes a new footer, concrete slab and apron, an insulated 16 x 7 overhead door, man door, roof, and matching siding and trim. The property has forced-air, natural-gas heating, public water, public sewer, a driveway, and an eat-in kitchen. Located at 2054 Magee Street in Lakewood, the duplex is within walking distance of shopping, restaurants, parks, and everyday amenities, with access to I-90 nearby.
Key Highlights
- Two‑unit duplex totaling 1,930 square feet on a 0.1102‑acre lot
- Major interior and exterior updates completed in 2026
- New 20' x 24' detached garage with insulated 16 x 7 overhead door
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
5.12%
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 5.12%
Second Best
Apartment 5plus
$272.6K
$238.5K – $318.0K
NOI $19,079 @ 7.0% cap · market cap 4.77%
Theoretical Best
Warehouse
$1.55M
$1.35M – $1.80M
NOI $108,248 @ 7.0% cap · market cap 27.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - Two-unit residence with updated interiors, public utilities, and a newly constructed detached garage.
Where is this duplex located?
The property is located at 2054 Magee Street Lakewood, OH.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,930 square feet on a 0.1102‑acre lot; Major interior and exterior updates completed in 2026; New 20' x 24' detached garage with insulated 16 x 7 overhead door
