Three-Story Office
6731 Ridge Road, Parma, OH 44129
For Sale
$1,949,999
The building offers elevator service, two stairwells, 14 restrooms, and parking for 65 vehicles.
Property Size13,763 SF
Price / SF$141.68
Days on Market1025
Property Features for 6731 Ridge Road
General Information
Standard status
Size
Total Parking Spaces
Elevators
Property subtype
Site & Location
Road Access
Public Transit
Additional Details
Property Use
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Stories
Abandoned
Listing Agency:
The Holton-Wise Property Group LLC
Listed By:
James P Wise · License #2015001161
(216) 661-6633
Source:
Lifestagesrealty
Added: Jan 18, 2024
Changed: Nov 6
Last Checked: Nov 6 at 3:02PM
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
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Investment Insights
Based on property information with market context.
This three-floor office property is configured for salon, medical, or office use. Building features include one elevator, two stairwells, 14 restrooms, and a rooftop HVAC system installed a couple of years ago. Two parking lots provide space for a total of 65 vehicles. Vacant space is being leased out.
Key Highlights
- Three floors with one elevator and two stairwells
- 14 restrooms
- Two parking lots accommodate 65 vehicles
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$151,737
Cap Rate
7.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,034,740
$3.0M
Cap Rate 7%
$2,167,671
$2.2M
Cap Rate 9%
$1,685,967
$1.7M
Market Conditions
NOI Build-Up for 13,763 SF
Gross rent
$289.0K $21.00/SF
− Vacancy
−$36.1K −$2.63/SF
EGI
$252.9K $18.38/SF
− OpEx
−$101.2K −$7.35/SF
NOI
$151.7K $11.03/SF
Area
Cuyahoga County, OH
Vacancy
12.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,034,740
Cap Rate 7%
$2,167,671
Cap Rate 9%
$1,685,967
Alternative Uses
Best Use
Healthcare Medical
$2.17M
$1.90M – $2.53M
NOI $151,737 @ 7.0% cap · market cap 7.78%
Second Best
Office B
$2.11M
$1.85M – $2.46M
NOI $147,761 @ 7.0% cap · market cap 7.58%
Theoretical Best
Warehouse
$11.03M
$9.65M – $12.87M
NOI $771,926 @ 7.0% cap · market cap 39.59%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
271
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
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Market
Properties on Market for Office buildings in Cuyahoga County
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - The building offers elevator service, two stairwells, 14 restrooms, and parking for 65 vehicles.
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 $1,949,999.
What are key features of this property?
This property features: Three floors with one elevator and two stairwells; 14 restrooms; Two parking lots accommodate 65 vehicles
