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Building Details

Year Built 1923

Buildings 1

Stories 3

Listing Agency: Coldwell Banker Schmidt Realty

Listed By: Christopher A Frederick · License #426983 Show Phone

Source: Search.reafcorealestate

Added: Jul 30 Changed: Oct 7 Last Checked: Oct 14 at 8:01PM

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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 Coldwell Banker Schmidt Realty

Investment Insights

Based on property information with market context.

Completely remodeled three-story duplex offering 3,278 square feet with a 2-bedroom, 1-bath first-floor unit and a 4-bedroom, 2-bath upper unit spanning the second and third floors. The property includes 6 bedrooms and 3 full baths overall, with open-concept interiors, high ceilings, abundant windows, and updated finishes throughout.

Each unit includes a private laundry area, while central air conditioning provides year-round comfort. Kitchens feature 42-inch Shaker-style cabinetry, granite countertops, designer tile backsplashes, premium appliances, and spacious layouts. Custom-tiled bathrooms, newer vinyl siding, energy-efficient vinyl windows, a newer garage, and partial driveway replacement add to the improvements. The property is Point-of-Sale compliant and offers immediate occupancy in Lakewood, Ohio.

Key Highlights

• 3,278‑square‑foot, 3‑story duplex with 6 bedrooms and 3 full baths
• First‑floor unit has 2 bedrooms and 1 bath; upper unit has 4 bedrooms and 2 baths
• 42‑inch Shaker‑style kitchens with granite countertops, designer tile backsplashes, and premium appliances

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$34,756

Cap Rate

7.09%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$695,120 $695.1K

Cap Rate 7%

$496,514 $496.5K

Cap Rate 9%

$386,178 $386.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,278 SF

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 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 (±1% cap)

NOI $34,756 @ 7.0% cap · market cap 7.09%

Second Best

Apartment 5plus

$462.9K

$405.1K – $540.1K (±1% cap)

NOI $32,404 @ 7.0% cap · market cap 6.61%

Theoretical Best

Warehouse

$2.63M

$2.30M – $3.06M (±1% cap)

NOI $183,853 @ 7.0% cap · market cap 37.52%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Auto Parts Store (Bike/Boat/Book/etc) Store Home Appliance Store Hotel & Motel

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two distinct units feature private laundry areas and central air conditioning.

Where is this duplex located?

The property is located at 2124 Wascana Avenue Lakewood OH 44107 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‑square‑foot, 3‑story duplex with 6 bedrooms and 3 full baths; First‑floor unit has 2 bedrooms and 1 bath; upper unit has 4 bedrooms and 2 baths; 42‑inch Shaker‑style kitchens with granite countertops, designer tile backsplashes, and premium appliances