6-Unit Brick Apartment
For Sale
$560,000
Pending
6118 Ridge Road, Parma, OH 44129
ResidentialIncome, Parma, OH
Property Size4,386 SF
Lot Size0.18 Acres
Days on Market138
Property Features for 6118 Ridge Road
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 3, Laundry Room, Bedroom 4, Bedroom 2, Bathroom 3, Bedroom 6, Basement, Bedroom 5, Bathroom 1, Bathroom 6, Bedroom 1, Bathroom 4, Bathroom 2, Bathroom 5
Appliances
Dryer, Dishwasher, Range, Refrigerator, Washer
Elementary school district
Parma CSD - 1824
Middle school district
Parma CSD - 1824
High school district
Parma CSD - 1824
Directions
OH-176 S and I-480 W to Ridge Rd. Take exit 15 from I-480 W. Drive to Ridge Rd in Parma.
Standard status
Pending
APN
449-12-005
Size
4,386 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
4 RDGW#2 3058 ALL
Tax Annual Amount
8516
Legal Description
4 RDGW#2 3058 ALL
Utilities
Sewer type
Public Sewer
Heating system
Steam, Hot Water(Heating), Natural Gas, Forced Air
Water source
Public
Amenities
coin laundry
Building Details
Year built
1945
Floors in Building
3
Building materials
Brick
Roof type
Flat, Composition
Listing Agency:
Century 21 Homestar · Century 21 Real Estate
(440) 449-9100
Listed By:
Halle C Rahz · License #2017001312
(330) 233-2090
Added: May 1
Changed: Sep 12
Last Checked: Sep 15 at 2:06AM
MLS# 5206072
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.
Investment Insights
Based on property information with market context.
This 6-unit apartment building in Parma includes five one-bedroom, one-bath apartments of approximately 500 square feet each and one efficiency apartment with one bath and approximately 350 square feet. The 4,386-square-foot property was built in 1945 and features brick construction, double-pane windows, updated electrical boxes, upgraded appliances, and a basement laundry room with coin-operated equipment. A driveway and parking pad have also been updated.
Located at 6118 Ridge Road, the property is approximately 10 minutes from Downtown Cleveland. Public water and public sewer serve the building. The owner currently pays common-area gas and electric, water, sewer, garbage, and snow removal. Apartments are cleaned and painted between tenants, and appliances include ranges, refrigerators, dishwashers, washers, and dryers.
The 0.177-acre parcel includes a composition and flat roof system, with heating provided by forced air, natural gas, steam, and hot water systems.
Located at 6118 Ridge Road, the property is approximately 10 minutes from Downtown Cleveland. Public water and public sewer serve the building. The owner currently pays common-area gas and electric, water, sewer, garbage, and snow removal. Apartments are cleaned and painted between tenants, and appliances include ranges, refrigerators, dishwashers, washers, and dryers.
The 0.177-acre parcel includes a composition and flat roof system, with heating provided by forced air, natural gas, steam, and hot water systems.
Key Highlights
- 6‑unit apartment building with five one‑bedroom units and one efficiency unit
- 4,386 square feet on a 0.177‑acre parcel
- Unit mix includes 5 units at approximately 500 sq ft and 1 efficiency at approximately 350 sq ft
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$43,357
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.74%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$867,140
$867.1K
Cap Rate 7%
$619,386
$619.4K
Cap Rate 9%
$481,744
$481.7K
Market Conditions
NOI Build-Up for 4,386 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$83.7K $19.08/SF
− Vacancy
−$4.9K −$1.11/SF
EGI
$78.8K $17.97/SF
− OpEx
−$35.5K −$8.09/SF
NOI
$43.4K $9.89/SF
Area
Cuyahoga County, OH
Vacancy
5.80%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$867,140
Cap Rate 7%
$619,386
Cap Rate 9%
$481,744
Alternative Uses
Best Use
Apartment 5plus
$619.4K
$542.0K – $722.6K
NOI $43,357 @ 7.0% cap · market cap 7.74%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.51M
$3.07M – $4.10M
NOI $245,998 @ 7.0% cap · market cap 43.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
283
Businesses Nearby
Explore this area
Business Placement
Demographics for 44129, OH
28,803
Population
12,756
Households
2.3
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
5.8 sq mi
ZIP Area
4,966
Density / Sq Mi
$67,619
Median Household Income
$39,174
Median Earnings
$1,024
Median Rent
$150,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Maintained multifamily building with brick construction, coin laundry, and updated parking improvements.
Where is this apartment building located?
The property is located at 6118 Ridge Road Parma, OH.
What is the asking price?
The asking price for this property is $560,000.
What are key features of this property?
This property features: 6‑unit apartment building with five one‑bedroom units and one efficiency unit; 4,386 square feet on a 0.177‑acre parcel; Unit mix includes 5 units at approximately 500 sq ft and 1 efficiency at approximately 350 sq ft
