Parma Multifamily Investment
For Sale
$560,000
Pending
6118 Ridge Road, Parma, OH 44129
MULTI_FAMILY - Parma, OH
Property Size4,386 SF
Lot Size0.18 Acres
Days on Market92
Property Features for 6118 Ridge Road
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 2, Bathroom 6, Bedroom 2, Bathroom 5, Bedroom 5, Bathroom 1, Basement, Bathroom 3, Bathroom 4, Bedroom 4, Laundry Room, Bedroom 6, Bedroom 1, Bedroom 3
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
Hot Water(Heating), Steam, Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1945
Floors in Building
3
Building materials
Brick
Roof type
Composition, Flat
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: Jul 28
Last Checked: Jul 31 at 9:06PM
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 six-unit multifamily building is located in Parma, Ohio, approximately 10 minutes from Downtown Cleveland. The property features a brick exterior and an updated driveway and parking pad. A basement with coin laundry provides additional income. The unit mix includes five one-bedroom, one-bath units of approximately 500 square feet each, and one efficiency unit with one bath of approximately 350 square feet. The building has been maintained by the current owner, with units professionally cleaned and painted after each tenant. Updates include electrical boxes, a hot water tank, double-pane windows, and appliances upgraded between tenants. The owner is responsible for common area gas and electric, water, sewer, garbage, and snow removal. Pet fees and coin laundry charges are in place. The property is situated on a 0.177-acre lot. The building has a low vacancy rate and offers rental income growth potential.
Key Highlights
- 6‑unit multi‑family building in Parma, Ohio, about 10 minutes from Downtown Cleveland
- Brick exterior with recently updated driveway and parking pad
- Basement includes coin laundry for additional income
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $83.7k | $19.08 |
| − Vacancy | −$4.9k | −$1.11 |
| EGI | $78.8k | $17.97 |
| − OpEx | −$35.5k | −$8.09 |
| NOI | $43.4k | $9.89 |
4,386 SF · lease $19.08/SF/yr · vacancy 5.80% · expense 45.00%
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
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,059
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit building in Parma, near Cleveland, with income growth potential.
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 multi‑family building in Parma, Ohio, about 10 minutes from Downtown Cleveland; Brick exterior with recently updated driveway and parking pad; Basement includes coin laundry for additional income
