Renovated Three-Story
For Sale
$489,999
2124 Wascana Avenue Lakewood OH 44107, Lakewood, OH 44107
Two distinct units feature private laundry areas and central air conditioning.
Property Size3,278 SF
Price / SF$149.48
Days on Market26
Property Features for 2124 Wascana Avenue Lakewood OH 44107
General Information
Standard status
Active
Size
3,278 SF
Property subtype
ResidentialIncome
Building Details
Year Built
1923
Buildings
1
Stories
3
Listing Agency:
Coldwell Banker Schmidt Realty
(216) 210-7653
Listed By:
Christopher A Frederick · License #426983
(216) 210-7653
Source:
Search.reafcorealestate
Added: Jul 30
Changed: Aug 23
Last Checked: Aug 23 at 5:20AM
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.
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 = 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
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 - 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
