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

Healthcare properties

Property subtype

Medical offices

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%

  $2,491,794

  6.5%

  $2,300,117

  7%

  $2,135,823

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,295,622

  Geo Method

  $1,295,622

• Alternative Use

  Use

  Valuation

  Residential

  $2,852,146

  Hospitality

  $2,612,550

  Educational

  $2,173,611

  Medical

  $2,248,365

  Retail

  $3,381,172

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

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