6731 Ridge RdParma, OH 44129

Property Details for 6731 Ridge Rd

Year built

1983

Construction

TYPE NOT SPECIFIED

Lot size

0.78 AC

Property size (Sq ft)

13,851 SF

Zone code

RB

Property type

Medical offices

Property subtype

Medical centers

APN

450-01-003

APU

45001003

Description

This exceptional 13,763 square foot, three-story medical/office building presents a unique investment opportunity in Parma, Ohio. Strategically located on Ridge Road and Lynett Drive, the property boasts high visibility and convenient access to University Hospitals, major retailers (including Chick-fil-A, Sheetz, McDonald's, Starbucks, Target, Kohl's, Verizon, and Walmart), and public transportation. The building features two elevators, fourteen restrooms, and ample parking for sixty-five vehicles across two lots. Currently, the building houses ten units, with varying lease terms. Two units are combined to form a dental office under a lease with five or more years remaining. Two additional units are occupied by physicians nearing retirement. One unit is leased month-to-month to a cleaning company, and another to an esthetician. Four units are currently occupied by HoltonWise, who will vacate prior to closing. The 0.78-acre lot offers significant frontage on both Ridge Road (across from Byers Field) and Lynett Drive (across from University Hospital). This prime location, combined with the building's substantial size and amenities, makes it an ideal investment for a variety of uses. The building's current occupancy provides immediate cash flow, with potential for future growth and lease renegotiation.

• CAP approach

  CAP return

  Valuation

  6%

  $2,824,030

  6.5%

  $2,606,800

  7%

  $2,420,600

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,295,620

  Geo Method

  $1,295,620

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $5,792,500

  Retail / Commercial

  $2,841,100

  Mixed-Use / Specialty

  $2,729,110

  Hospitality / Lodging

  $1,869,640

  Institutional / Educational

  $2,800,770

  Residential Income

  $3,276,900

  Multifamily

  $4,494,840

  Automotive / Energy

  $2,400,660

  Parking / Income-Based Land

  $929,076

  Restaurant / Food Service

  $1,202,040

  Healthcare / Senior Housing

  $2,903,110

Location Insight

City

Parma

County

Cuyahoga

State

Ohio

Latitude

41.3815

Longitude

-81.7339

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].