Four-Unit Property with
New
For Sale
$399,900
2066 Magee Street, Lakewood, OH 44107
ResidentialIncome, Lakewood, OH
Property Size3,250 SF
Lot Size0.11 Acres
Price / SF$123.05
Days on Market4
Property Features for 2066 Magee Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
6
Bathrooms
2
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 6, Bedroom 2, Bathroom 3, Bathroom 1, Basement, Bedroom 4, Laundry Room, Bathroom 4, Bathroom 2, Bedroom 5, Bedroom 3
Parking features
On Street, Garage
Subdivision
Pleasant Hill Allotment
Elementary school district
Lakewood CSD (Cuyahoga)- 1817
Middle school district
Lakewood CSD (Cuyahoga)- 1817
High school district
Lakewood CSD (Cuyahoga)- 1817
Directions
Follow I-90 E to W 117th St in Cleveland. Take exit 166 from I-90 E, Merge onto I-90 E/OH-2 E, Continue to follow I-90 E, Take exit 166 for W 117th St, Continue on W 117th St. Drive to Magee Ave in Lakewood, Use any lane to turn left onto W 117th St, Pass by Advance Auto Parts (on the right in 0.3 mi),Turn left onto Madison Ave, Pass by Burger King (on the right),Turn left onto Magee Ave
Standard status
Active
APN
315-23-052
Size
3,250 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
20 PLEASHI 0031 ALL
Tax Annual Amount
6755
Legal Description
20 PLEASHI 0031 ALL
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s)
Water source
Public
Amenities
coin-operated laundry
Building Details
Year built
1907
Floors in Building
2
Building materials
VinylSiding
Roof type
Fiberglass, Asphalt
Listing Agency:
Russell Real Estate Services
(440) 327-6511
Listed By:
Tammy J Nemeth · License #2021006103
(440) 759-3499
Added: Oct 8
Changed: Oct 10
Last Checked: Oct 11 at 8:06AM
MLS# 5251703
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 four-unit property contains two apartments with two bedrooms each and two one-bedroom apartments, totaling 3,250 square feet. A full basement houses coin-operated laundry, and a detached garage provides two parking spaces. The building was constructed in 1907 and has vinyl siding, forced-air natural gas heat, and window-unit cooling.
The 0.1102-acre property is in Lakewood, with shops, restaurants, parks, and entertainment in the surrounding area. Public water and sewer serve the property.
The 0.1102-acre property is in Lakewood, with shops, restaurants, parks, and entertainment in the surrounding area. Public water and sewer serve the property.
Key Highlights
- Four apartments: two 2‑bedroom units and two 1‑bedroom units
- 3,250 square feet of building area on 0.1102 acres
- Full 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.
Property Analytics
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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
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Frequently Asked Questions
What type of property is this?
Quadplex - A two-bedroom and one-bedroom unit mix is paired with basement laundry and a detached garage.
Where is this quadplex located?
The property is located at 2066 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: Four apartments: two 2‑bedroom units and two 1‑bedroom units; 3,250 square feet of building area on 0.1102 acres; Full basement with coin‑operated laundry
