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    5781 Rdg Rd Parma, OH 44129-3163
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    Property profile & analytics

    5781 Rdg Rd, Parma, OH 44129-3163

    View on Map
    • Strip malls
    • 19,735 SF
    • 0.50 lot acres
    Off-Market
    Property ID
    US66-0803343
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $590,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Strip malls

    Property Details for 5781 Rdg Rd

    Year built
    1946
    Construction
    WOOD
    Lot size
    0.50 lot acres
    Zone code
    RB
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    443-06-001
    APU
    44306001

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jun 23, 2015 — Mmrc LLC Little,joseph & Kim E Quit Claim Deed · related $354k · Pnc Bk
    Oct 21, 1998 $740,000 Joseph Little 5781 Ridge Road LP Grant Deed $575k · Fifth Third Bank Ne Ohio

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Parma
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.7341
    Latitude
    41.4052
    CBSA code
    17460
    CBSA name
    CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $19,828
    $30,660
    $205,980
    $236,640
    -
    $87,600
    $588,500
    $676,100

    Comparable in this City

    • Value Estimation
      $645,000
      5,200 SF

      7452 Rdg Rd, Unit 76

      SHOPPING CENTER, STRIP CENTER
      7452 Rdg Rd, Parma, OH 44129-6605
      View Details
    • Value Estimation
      $3,055,000
      39,400 SF

      6831 Rdg Rd, Unit 91

      SHOPPING CENTER, STRIP CENTER
      6831 Rdg Rd, Parma, OH 44129-5626
      View Details
    • Value Estimation
      $6,480,000
      80,117 SF

      5773 Snow Rd

      SHOPPING CENTER, STRIP CENTER
      5773 Snow Rd, Cleveland, OH 44129
      View Details
    • Value Estimation
      $1,120,000
      39,005 SF

      5120 Pearl Rd, Unit 5198

      SHOPPING CENTER, STRIP CENTER
      5120 Pearl Rd, Cleveland, OH 44129-1230
      View Details
    • Value Estimation
      $2,040,000
      76,464 SF

      5100 Pearl Rd

      SHOPPING CENTER, STRIP CENTER
      5100 Pearl Rd, Cleveland, OH 44129-1241
      View Details
    • Value Estimation
      $1,215,000
      42,305 SF

      9701 Brookpark Rd

      SHOPPING CENTER, STRIP CENTER
      9701 Brookpark Rd, Parma, OH 44129-6824
      View Details

    Similar Nearby for Sale

    • $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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      2,400 SF

      Parma Storefront Near Highways

      Storefront in Parma near major highways with open layout.
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      25,837 SF

      Retail Buildings on Brookpark Road

      Two buildings totaling 25,837 SF on 3.825 acres.
      9255 Brookpark 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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      41,354 SF

      Air-Conditioned Warehouse/Retail Space Available

      Vacant, air-conditioned warehouse/retail space with ample parking.
      8303 Day Dr, Parma, OH 44129
      View Details
    • $55,000
      1.00 Acre

      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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    Similar Nearby for Lease

    • Contact for pricing
      2,927 SF

      Shoppes at Parma Retail Space

      Retail space available in highly-visited Parma shopping center.
      7671 West Ridgewood Dr, Parma, OH 44129
      View Details
    • Contact for pricing
      761 SF

      Retail Space in Parma Center

      Retail opportunities available in a redeveloped power center.
      7729-7783 W Ridgewood Dr, Parma, OH 44129
      View Details
    • Contact for pricing
      910 SF

      Retail Space in Parma Center

      Retail opportunities available in a redeveloped mixed-use power center.
      7401 W Ridgewood Dr, Parma, OH 44129
      View Details
    • Contact for pricing
      761 SF

      Retail Space in Parma Center

      Retail opportunities available in a redeveloped power center.
      7903-8253 W Ridgewood Dr, Parma, OH 44129
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    • Contact for pricing
      160,000 SF

      Parma Retail Opportunity

      Retail space available in Parma, Ohio.
      7900 Day Dr, Parma, OH 44129
      View Details
    • Contact for pricing
      2,211 SF

      Restaurant Space For Lease

      Restaurant space available in Parma, Ohio.
      8111 Day Dr, Parma, OH 44129
      View Details
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    Parma, OH 44129-3163
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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.

    More about this property
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