Dr Strange

[Damion Quickcinder]

How would you recommend Dr Strange's cloak be built as a magic item?

[whew]

protector familiar mimic?

[Jason Wedel]

Intelligent cloak of flying?

[NoTongue]

For a player I would suggest doing as whew suggests and using a refluffed familiar.

For the DM it's easier, just make a construct. Constructs are magical made items that listen to there creator after all.

[QuidEst]

Intelligent magic item. Levitate at-will, Fly for some minutes per day. Grants a small deflection bonus to AC, and can be commanded to make a grapple check against a target once per day. Given how it's treated in the comics and movie, bumping that up a bit on the power and making it a minor artifact might also be appropriate.

[My Self]

It's basically an intelligent Wings of Flying. Maybe the ability to make AOO attack-defense like the Swashbuckler's, and/or function as a construct with the Grapple special ability when not worn. Dr. Strange is a fairly high-level equivalent character in the comics, even on a Pathfinder scale. His equipment should probably match his level.