Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    6507 Luelda Ave Parma, OH 44129

    Sponsored
    For Sale
    $275,000

    MULTI_FAMILY - Parma, OH

    Property size:
    2,153 SF
    Lot size:
    0.13 Acres
    Days on Market:
    7
    Last Refresh:
    Jan 26 at 6:06 pm

    Property Features for 6507 Luelda Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 1, Basement, Bedroom 3, Bathroom 3, Bathroom 1, Laundry Room, Bathroom 2, Bedroom 2
    Bedrooms
    3
    Bathrooms
    3
    APN
    443-23-081
    Parking features
    Garage
    Interior features
    InLawFloorplan
    Size
    2,153 SF
    Lot size
    0.13 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1927
    Floors in Building
    2
    Building materials
    VinylSiding
    Roof type
    Fiberglass, Asphalt

    We can help!

    Listing Contact
    Renee M Velasquez

    EXP Realty (866) 212-4991

    Listing agent Renee M Velasquez (330) 321-3339 License #2008000480

    Listing date Jan 20, 2026

    MLS# 5176407 Listing URL

    Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Parma Colonial with Income Potential

    Located in the Parma City School District, this colonial offers nearly 2,000 square feet above ground plus a 1,080 square foot basement. It is situated minutes from I-480 and within walking distance of gas stations, food options, and convenience stores. The home features 3-4 bedrooms and 3 baths. The main floor includes 2 bedrooms, a full bath with walk-in shower, a living room, and an eat-in kitchen. The upstairs area, accessible via a private entrance, features 2 tandem bedrooms (the second bedroom lacks a heat source but one can be added), another full bath, a remodeled kitchen, a living room, and a dining area. One of the bedrooms has been converted into a walk-in closet, and the dining space is currently used as a home office. There are two electrical panels with separate bills; water, sewer, and HVAC are shared. Recent updates include new windows in the enclosed porch, new carpet in the first unit and enclosed patio, a remodeled bath in the first unit, and a remodeled kitchen and bath in the upstairs unit. The furnace was replaced in 2020, the roof approximately 10 years ago, and the siding 16 years ago. A water tank was installed in 2014. The home also features an older A/C unit. The finished room in the basement, along with laundry facilities and a stand-up shower bathroom, adds more usable space. A detached 2-car garage and a shed provide additional storage. The property is set up like a duplex, making it suitable for multigenerational living, shared housing, or offsetting mortgage costs. While not a registered duplex, the separate entry and dual electric setup make it ideal for shared living.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Parma
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.729492
    Latitude
    41.415696

    Nearby Similar for Sale

    • $325,000
      2,850 SF

      Updated Duplex with Modern Finishes

      Updated duplex featuring remodeled units, private porches, and ample storage.
      5406-5408 Merkle Ave, Parma, OH 44129
      View Details
    • $375,000
      3,420 SF

      Converted Office Building For Sale

      3,420 SF office building with retail zoning.
      7664 Broadview Rd, Parma, OH
      View Details
    • $3,300,000
      41,354 SF

      Air-Conditioned Warehouse/Retail Space Available

      Vacant, air-conditioned warehouse/retail space with ample parking.
      8303 Day Dr, Parma, OH 44129
      View Details
    • $425,000
      3,100 SF

      Retail Strip Center For Sale

      3,100 SF retail strip center with three tenants.
      5517 State Rd, Parma, OH
      View Details
    • $264,900
      2,113 SF

      Flex Space with Drive-In Doors

      Flex space featuring drive-in doors and climate-controlled warehouse.
      12000-12100 Snow Rd, Parma, OH
      View Details
    • $4,500,000
      25,837 SF

      Retail Buildings on Brookpark Road

      Two buildings totaling 25,837 SF on 3.825 acres.
      9255 Brookpark Rd, Parma, OH
      View Details
    • $995,000
      3,044 SF

      Free-Standing Building on Ridge Road

      3,044 SF building on hard-corner, signalized location.
      5393 Rdg Rd, Parma, OH
      View Details
    • $599,000
      6,630 SF

      Well-Maintained Office Building For Sale

      Office building with space available, below market rents, signage.
      5339 Rdg Rd, Parma, OH
      View Details
    • Contact for pricing
      10,000 SF

      Freestanding Three-Story Retail Building

      10,000 SF retail building on 1.3 to 3.2 acres.
      7892 Broadview Rd, Parma, OH
      View Details
    • Contact for pricing
      33,338 SF

      Parma Office Building For Sale

      33,338 SF office building available in Parma, Ohio.
      12965 Corporate Dr, Parma, OH 44130
      View Details
    • $1,499,900
      0.17 Acres

      Parma Mixed-Use Investment Opportunity

      Nine-unit building with billboard potential. High-return investment.
      5753 Ridge Rd, Parma, OH 44129
      View Details
    • $274,900

      Parma Mixed-Use Investment Opportunity

      Two Adjacent Commercial Buildings, High Potential
      5649 Ridge Rd, Parma, OH 44129
      View Details

    FAQs

    What type of property is this?
    Duplex - Unique colonial in Parma ideal for flexible living options.
    Where is this duplex located?
    The property is located at 6507 Luelda Ave Parma, OH.
    What is the asking price?
    The asking price for this property is $275,000.
    What are key features of this property?
    This property features: - Duplex-like setup with private upstairs living, ideal for multigenerational living, shared housing, or offsetting mortgage costs.; - Two separate living spaces, each with its own kitchen, living room, and bathroom.; - Nearly 2,000 sq ft above ground plus a 1,080 sq ft basement, offering ample living space.
    (440) 572-1200
    Request Owner's contact information
    6507 Luelda Ave Parma, OH 44129
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    6507 Luelda Ave
    Parma, OH 44129
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    6507 Luelda Ave Parma, OH 44129
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Renee M Velasquez
    Real Estate License ID: 2008000480
    (440) 572-1200
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.