6659 Ridge RdMadison, OH 44057

Property Details for 6659 Ridge Rd

Year built

1960

Lot size

0.38 AC

Property size (Sq ft)

5,041 SF

Zone code

B2

Property type

Retail properties

Property subtype

Retail space

APN

01-B-108-A-00-002-0

APU

01B108A000020

Description

This exceptional three-unit retail property, located at 6659 N Ridge Road in Madison, OH, presents a compelling investment opportunity. Boasting 5,041 square feet on a 0.38-acre corner lot, this building benefits from its high visibility and strategic location on a major east/west corridor, ensuring significant daily traffic flow. The property's prime position also captures substantial local north-south traffic. Madison's continued growth further enhances the long-term value proposition. All three units are currently occupied by tenants under lease agreements, providing immediate and consistent cash flow. The anchor tenant enjoys a long-term lease with an upcoming renewal, offering stability and predictability. A recent major renovation has significantly upgraded the building, ensuring its modern appeal and functionality. Convenient parking is available on two sides of the building, enhancing tenant and customer accessibility. Importantly, tenants are responsible for the majority of their utility costs, minimizing operational expenses for the owner. This turnkey investment offers a blend of strong occupancy, a desirable location, and a recently renovated structure, making it an attractive opportunity for discerning investors seeking a stable and profitable retail portfolio addition.

• CAP approach

  CAP return

  Valuation

  6%

  $1,333,107

  6.5%

  $1,230,560

  7%

  $1,142,663

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,188,268

  Geo Method

  $1,188,268

• Alternative Use

  Use

  Valuation

  Residential

  $1,038,024

  Hospitality

  $950,824

  Educational

  $791,074

  Medical

  $818,281

  Retail

  $1,230,560

Location Insight

City

Madison

County

Lake

State

Ohio

Latitude

41.8024

Longitude

-81.0489

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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