Parma Office/Medical Building For Sale

6731 Ridge Road, Parma, OH 44129

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For Sale

$2,000,000

14,000+ sq ft building near University Hospital.

Type:Office

Property size:

13,763 SF

Price / SF:

$145/SF

HighLights

Seller financing available.
High income potential: Anticipated rent roll between $16,000/mo & $22,000/mo.
Large building: 14,000+ sq ft suitable for Salon / Medical / Office use.
Excellent location: Frontage on two streets, near University Hospital, shopping, transit, and national retailers.
Ample parking: Two parking lots with a total of 65 spaces.
New HVAC system: $80,000 rooftop HVAC system installed a couple years ago.

We can help!

Listing Contact

James Wise

For Sale

$2,000,000

14,000+ sq ft building near University Hospital.

Type:Office

Property size:

13,763 SF

Price / SF:

$145/SF

Added:: Jan 17, 2024
Days on Market:: 877
Last Refresh:: May 13 at 8:41 pm

Property Features for 6731 Ridge Road

General Information

Standard status: Active
Size: 13,763 SF
Property subtype: Office

Building Details

Year Built: 1983

We can help!

Listing Contact

James Wise

Listing agent James Wise

Listing office The Holton-Wise Property Group LLC

Listing date Jan 17, 2024

Source Xome

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of The Holton-Wise Property Group LLC

HighLights

Seller financing available.
High income potential: Anticipated rent roll between $16,000/mo & $22,000/mo.
Large building: 14,000+ sq ft suitable for Salon / Medical / Office use.
Excellent location: Frontage on two streets, near University Hospital, shopping, transit, and national retailers.
Ample parking: Two parking lots with a total of 65 spaces.
New HVAC system: $80,000 rooftop HVAC system installed a couple years ago.

Overview

This 13,763 square foot building is suitable for salon, medical, or office use. The property features three floors, one elevator, and two stairwells, along with fourteen restrooms. A new $80,000 rooftop HVAC system was installed a couple years ago. There are two parking lots with a total capacity of 65 vehicles. The building is located near University Hospital, shopping, transit, and a high school football stadium. National companies such as Chick-fil-A, Sheetz, McDonald's, Starbucks, Target, Kohl's, Verizon and Walmart are also nearby. The building has frontage on both Ridge Rd across the street from Byers field and Lynett Dr across the street from University Hospital. The rent roll is anticipated to be between $16,000/mo & $22,000/mo when all of the space is leased out.

Local Financial Insights For Healthcare Medical

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$289.0k	$21.00
− Vacancy	−$36.1k	−$2.63
EGI	$252.9k	$18.38
− OpEx	−$101.2k	−$7.35
NOI	$151.7k	$11.03

13,763 SF · lease $21.00/SF/yr · vacancy 12.50% · expense 40.00%

Alternative Uses

Best Use

Healthcare Medical

$2.17M

$1.90M – $2.53M (±1% cap)

NOI $151,737 @ 7.0% cap · market cap 7.59%

Second Best

Office B

$2.11M

$1.85M – $2.46M (±1% cap)

NOI $147,761 @ 7.0% cap · market cap 7.39%

Theoretical Best

Warehouse

$11.03M

$9.65M – $12.87M (±1% cap)

NOI $771,926 @ 7.0% cap · market cap 38.60%

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

Property Profile Location Intelligence

Current Use by Public Records

Office buildings

Map

City: Parma
County: Cuyahoga
State: Ohio
Longitude: -81.7338
Latitude: 41.3919

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For sale
Office buildings
OH
Parma
44129
6731 Ridge Road

What type of property is this?

Office building - 14,000+ sq ft building near University Hospital.

Where is this office building located?

The property is located at 6731 Ridge Road Parma, OH.

What is the asking price?

The asking price for this property is $2,000,000.

What are key features of this property?

This property features: Seller financing available.; High income potential: Anticipated rent roll between $16,000/mo & $22,000/mo.; Large building: 14,000+ sq ft suitable for Salon / Medical / Office use.