4-Unit Multifamily
For Sale
$399,900
2066 Magee St, Lakewood, OH 44107
A basement laundry room and detached two-car garage serve the four-unit property.
Property Size3,250 SF
Price / SF$123.05
Days on Market10
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Property Features for 2066 Magee St
General Information
Standard status
Active
Size
3,250 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR, 2 x 1BR
Multifamily Units
4
Amenities
coin-operated laundry
Building Details
Year Built
1907
Listing Agency:
Russell Real Estate Services
Listed By:
Tammy J Nemeth tammynemeth.realtor@gmail.com, 440-759-3499
Source:
Mystarkcountyhome
Added: Oct 6
Changed: Oct 14
Last Checked: Oct 14 at 11:30PM
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 1907, this four-unit multifamily property contains two two-bedroom apartments and two one-bedroom apartments. The basement includes coin-operated laundry, and a detached two-car garage provides additional parking and storage.
The property is at 2066 Magee St in Lakewood, Ohio, near shops, restaurants, parks, and entertainment, with access to surrounding communities.
The property is at 2066 Magee St in Lakewood, Ohio, near shops, restaurants, parks, and entertainment, with access to surrounding communities.
Key Highlights
- Four apartments: two with two bedrooms and two with one bedroom
- Built in 1907
- Basement with coin‑operated laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,459
Cap Rate
8.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$689,180
$689.2K
Cap Rate 7%
$492,271
$492.3K
Cap Rate 9%
$382,878
$382.9K
Market Conditions
NOI Build-Up for 3,250 SF
Gross rent
$52.7K $16.20/SF
− Vacancy
−$3.4K −$1.05/SF
EGI
$49.2K $15.15/SF
− OpEx
−$14.8K −$4.54/SF
NOI
$34.5K $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%
$689,180
Cap Rate 7%
$492,271
Cap Rate 9%
$382,878
Alternative Uses
Best Use
Multifamily LT 5
$492.3K
$430.7K – $574.3K
NOI $34,459 @ 7.0% cap · market cap 8.62%
Second Best
Apartment 5plus
$459.0K
$401.6K – $535.5K
NOI $32,127 @ 7.0% cap · market cap 8.03%
Theoretical Best
Warehouse
$2.60M
$2.28M – $3.04M
NOI $182,283 @ 7.0% cap · market cap 45.58%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
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
Frequently Asked Questions
What type of property is this?
Quadplex - A basement laundry room and detached two-car garage serve the four-unit property.
Where is this quadplex located?
The property is located at 2066 Magee St 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: Four apartments: two with two bedrooms and two with one bedroom; Built in 1907; Basement with coin‑operated laundry
