Renovated Duplex with Private
New
For Sale
$489,999
2124 WASCANA AVENUE, Lakewood, OH 44107
MULTI_FAMILY - LAKEWOOD, OH
Property Size3,278 SF
Price / SF$149.48
Days on Market2
Property Features for 2124 WASCANA AVENUE
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bedroom 1, Bedroom 5, Bedroom 2, Bedroom 6
Subdivision
EG GILBERTS SUB 1
Standard status
Active
Size
3,278 SF
Amenities
private laundry
central air conditioning
Building Details
Year built
1923
Listing Agency:
Schmidt Realty · Coldwell Banker Real Estate
(440) 777-8500
Listed By:
Christopher Frederick · License #426983
(216) 210-7653
Added: Aug 13
Last Checked: Aug 14 at 11:06AM
MLS# 5228621
Copyright © 2026 Coldwell Banker Schmidt REALTORS. 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 3,278-square-foot duplex, built in 1923, has been renovated throughout and is configured for flexible residential use. The lower unit contains 2 bedrooms and 1 full bath, while the upper residence occupies the second and third floors with 4 bedrooms and 2 full baths. Both units provide private laundry areas and central air conditioning. Updated exterior elements include vinyl siding, vinyl windows, a newer garage, and partial driveway replacement. Interior improvements include open kitchen layouts, 42-inch Shaker-style cabinetry, granite counters, tile backsplashes, premium appliances, and custom-tiled bathrooms.
Located in Lakewood, the property is Point-of-Sale compliant and available for immediate occupancy. The two-unit arrangement supports an owner-occupant setup with separate rental space or continued use as a multifamily investment property. High ceilings, plentiful windows, and distinct living areas add practical appeal across the residence.
Located in Lakewood, the property is Point-of-Sale compliant and available for immediate occupancy. The two-unit arrangement supports an owner-occupant setup with separate rental space or continued use as a multifamily investment property. High ceilings, plentiful windows, and distinct living areas add practical appeal across the residence.
Key Highlights
- 3,278 SF duplex built in 1923
- Two units totaling 6 bedrooms and 3 full baths
- Lower unit: 2 bedrooms and 1 full bath
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
$34,756
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
7.09%
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%
$695,120
$695.1K
Cap Rate 7%
$496,514
$496.5K
Cap Rate 9%
$386,178
$386.2K
Market Conditions
NOI Build-Up for 3,278 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
$53.1K $16.20/SF
− Vacancy
−$3.5K −$1.05/SF
EGI
$49.7K $15.15/SF
− OpEx
−$14.9K −$4.54/SF
NOI
$34.8K $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%
$695,120
Cap Rate 7%
$496,514
Cap Rate 9%
$386,178
Alternative Uses
Best Use
Multifamily LT 5
$496.5K
$434.5K – $579.3K
NOI $34,756 @ 7.0% cap · market cap 7.09%
Second Best
Apartment 5plus
$462.9K
$405.1K – $540.1K
NOI $32,404 @ 7.0% cap · market cap 6.61%
Theoretical Best
Warehouse
$2.63M
$2.30M – $3.06M
NOI $183,853 @ 7.0% cap · market cap 37.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
651
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 - Three-story income property with two distinct units and immediate occupancy.
Where is this duplex located?
The property is located at 2124 WASCANA AVENUE Lakewood, OH.
What is the asking price?
The asking price for this property is $489,999.
What are key features of this property?
This property features: 3,278 SF duplex built in 1923; Two units totaling 6 bedrooms and 3 full baths; Lower unit: 2 bedrooms and 1 full bath
