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    7671 Ridgewood Dr Parma, OH 44129

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    7671 Ridgewood Dr Parma, OH 44129

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    • Retail properties & Spaces
    • 756,000 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 7671 Ridgewood Dr

    Property size
    756,000 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    The Shoppes at Parma offers exceptional retail opportunities within a thriving 756,000 square foot power center. This Class A property boasts multiple tenancy options, ranging from a minimum of 761 square feet to a maximum contiguous space of 7,792 square feet, with a total of 62 suites. Currently, 34,635 square feet are available. Located at the intersection of Ridge Road & Day Drive, this dominant retail destination benefits from its strategic location in a densely populated, super-regional trade area. The property recently completed a $100 million redevelopment, transforming it from a former mall into a modern, mixed-use power center. Major anchors include Walmart, Dick's Sporting Goods, Burlington, Marc's, Fitworks, Old Navy, and Ulta, ensuring high foot traffic and brand synergy. According to a 2022 Placer.ai study, The Shoppes at Parma ranks as the #1 most visited power center within a 15-mile radius, the #6 most visited shopping center in Ohio (99th percentile), and 521 out of 32,367 ranked shopping centers nationwide (98th percentile). Development opportunities exist for large land sites/pads on Day Drive. This is an unparalleled chance to secure retail space in one of Northeast Ohio's premier shopping destinations.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Parma
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.7378
    Latitude
    41.3834

    Comparable in this City

    • Value Estimation by Request
      6.20 Acres

      8608 Day Dr

      Land • 6.20 Acres
      8608 Day Dr, Parma, OH 44129
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      528 SF

      5267 Rdg Rd

      RETAIL STORES (PERSONAL SERVICES) • 528 SF
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      648 SF

      5514 Pearl Rd

      RETAIL STORES (PERSONAL SERVICES) • 648 SF
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      3,940 SF

      5655 Pearl Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,940 SF
      5655 Pearl Rd, Parma, OH 44129-2546
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    • Value Estimation by Request
      8,584 SF

      7503 Brookpark Rd

      RETAIL STORES (PERSONAL SERVICES) • 8,584 SF
      7503 Brookpark Rd, Parma, OH 44129-1105
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    • Value Estimation by Request
      0.11 Acres

      5707 Brookpark Rd

      RETAIL STORES (PERSONAL SERVICES) • 0.11 Acres
      5707 Brookpark Rd, Parma, OH 44129-1207
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      41,354 SF

      Air-Conditioned Warehouse/Retail Space Available

      Vacant, air-conditioned warehouse/retail space with ample parking.
      8303 Day Dr, Parma, OH 44129
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    • $650,000
      0.21 Acres

      Retail Property in Parma, Ohio

      Retail property available for sale in Parma, Ohio.
      5421 Pearl Rd, Parma, OH 44129
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      2,707 SF

      Free-Standing Building with Large Parking

      Commercial building in a bustling suburban area near Cleveland.
      5522 Pearl Rd, Parma, OH 44129
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    • $55,000
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      Buildable Wooded Lot in Parma

      One-acre wooded lot, build your dream home near Cleveland.
      Orchard Park Dr, Parma, OH 44129
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      6 SF

      6.2 AC Development Site

      Development site at The Shoppes at Parma power center.
      8444 Day Dr, Cleveland, OH 44129
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      Multifamily Development Site For Sale

      6.2 AC multifamily development site within a power center.
      8608 Day Dr, Cleveland, OH 44129
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    Similar Nearby for Lease

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      13,500 SF

      Restaurant Space Near Shoppes at Parma

      Second-generation restaurant space with a full liquor license available.
      8555 Day Dr, Parma, OH 44129
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      2,211 SF

      Restaurant Space For Lease

      Restaurant space available in Parma, Ohio.
      8111 Day Dr, Parma, OH 44129
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    • $2,000 /Mo
      16,988 SF

      Prime Parma Commercial Building Available

      4,226 SF commercial building for lease in Parma, OH.
      5370 Ridge Rd, Parma, OH 44129
      View Details
    • $30 SF/Yr
      87,120 SF

      Versatile Commercial Space in Parma

      Customizable spaces available for lease in a high-traffic Parma location.
      6731 Ridge Rd, Parma, OH 44129
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    • Contact for pricing

      Retail Pad Site Available

      Retail pad site available in Brook Ridge Plaza.
      7400 Brookpark Rd, Brooklyn, OH 44129
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    • Contact for pricing

      Retail Space Available For Rent

      Retail space for rent at 6805 Ridge Rd, Parma, OH
      6805 Ridge Rd, Parma, OH 44129
      View Details
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    Parma, OH 44129
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    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.

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    7671 Ridgewood Dr, Parma, OH, 44129

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