5649 Ridge RdParma, OH 44129

Property Details for 5649 Ridge Rd

Year built

1949

Construction

WOOD

Lot size

0.16 AC

Property size (Sq ft)

487 SF

Zone code

RB

Property type

Medical offices

Property subtype

Medical centers

APN

443-11-006

APU

44311006

Description

This exceptional investment opportunity presents two adjacent commercial properties in Parma, Ohio, totaling approximately 2683 square feet on a single lot. The properties are situated at 5649 and 5655/5657 Ridge Road, just north of Snow Road, a prime location ideal for retail, mixed-use, or office space. The offering includes two free-standing, all-brick buildings. The building at 5649 Ridge Road comprises approximately 487 square feet, featuring rear parking and a three-car bay garage. The second building, located at 5655 and 5657 Ridge Road, offers approximately 2196 square feet, currently divided into two suites of varying sizes. This larger building also benefits from additional back doors, facilitating potential subdivision into more suites. Both buildings boast newer roofs and three newer furnaces. The properties are being sold "AS IS," presenting a unique chance for buyers to renovate and tailor the space to their specific needs. The combined square footage and strategic location make this a compelling investment prospect with significant upside potential. The properties are offered at $274,900.

• CAP approach

  CAP return

  Valuation

  6%

  $87,611

  6.5%

  $80,872

  7%

  $75,095

• Comparable approach

  Method

  Valuation

  Relative Method

  $45,554

  Geo Method

  $45,554

• Alternative Use

  Use

  Valuation

  Residential Income

  $100,281

  Hospitality / Lodging

  $91,857

  Institutional / Educational

  $76,424

  Healthcare / Senior Housing

  $79,052

  Retail / Commercial

  $118,882

Location Insight

City

Parma

County

Cuyahoga

State

Ohio

Latitude

41.4083

Longitude

-81.7341

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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