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    6215 Ridge Rd Geneva, OH 44041
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    Property profile & analytics

    6215 Ridge Rd, Geneva, OH 44041

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    • Apartment buildings
    • 1.39 lot acres
    Off-Market
    Property ID
    US66-2310657
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 6215 Ridge Rd

    Year built
    1953
    Lot size
    1.39 lot acres
    Property type
    Apartment buildings

    Description

    This exceptional investment opportunity presents a well-maintained six-unit multi-family building situated on a spacious 1.39-acre lot in Geneva, OH. The property boasts a recently installed roof on the east side, covering three generously sized two-bedroom apartments. Each of these units features hot water heating and individual window air conditioning units. The west side of the building comprises three additional units: one three-bedroom apartment and two one-bedroom apartments. A significant advantage is the presence of coin-operated laundry facilities in the common basement area on the west side, generating an estimated annual income of $3,000. The current owner is responsible for water, common area electricity, exterior lighting, and dumpster service, while tenants are responsible for their individual utility costs. The property currently generates monthly rental income exceeding $4,000, making it a truly turnkey investment. Its prime location offers convenient access to local restaurants, wineries, and is a short drive from Lake Erie, Geneva-on-the-Lake, and Ashtabula Harbor, ensuring a strong and consistent rental market. This property is priced at $349,900 and represents a compelling opportunity for investors seeking a stable and profitable income stream. The building's layout and amenities provide a desirable living environment for tenants, contributing to its strong occupancy rate and consistent rental income.

    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
    Geneva
    County
    Ashtabula
    State
    Ohio
    Longitude
    -80.97779
    Latitude
    41.80025

    Comparable in this City

    • Contact for pricing
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    • $164,900
      0.38 Acres

      Fully Leased Duplex Investment

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    • $155,000
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      Geneva Multifamily Property with Updates

      Two homes on one lot, recently remodeled, great investment potential.
      161 West St, Geneva, OH 44041
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      2,760 SF

      Income-Producing Duplex with Commercial Building

      Turnkey duplex and commercial building with income potential.
      559 E Main St, Geneva, OH 44041
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    • $175,000
      Pending

      Two Cottages Near Geneva-on-the-Lake

      Two cottages with 6 bedrooms near Geneva-on-the-Lake main strip.
      4970 Presidential Ave, Geneva on the Lake, OH 44041
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    • $349,500
      1,600 SF

      Two-Unit Property Near Lake Erie

      Two-unit property in a seasonal resort, steps from Lake Erie.
      4772 Lake Rd E, Geneva, OH 44041
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,875 SF

      Mixed-Use Investment Opportunity

      Warehouse, office, and apartments for sale in Geneva, OH.
      670 Sherman St, Geneva, OH 44041
      View Details
    • $164,900
      0.38 Acres

      Fully Leased Duplex Investment

      Reliable income producer with month-to-month leases in place.
      254 S Eagle St, Geneva, OH 44041
      View Details
    • $155,000
      688 SF

      Geneva Multifamily Property with Updates

      Two homes on one lot, recently remodeled, great investment potential.
      161 West St, Geneva, OH 44041
      View Details
    • Contact for pricing
      2,760 SF

      Income-Producing Duplex with Commercial Building

      Turnkey duplex and commercial building with income potential.
      559 E Main St, Geneva, OH 44041
      View Details
    • $175,000
      Pending

      Two Cottages Near Geneva-on-the-Lake

      Two cottages with 6 bedrooms near Geneva-on-the-Lake main strip.
      4970 Presidential Ave, Geneva on the Lake, OH 44041
      View Details
    • $349,500
      1,600 SF

      Two-Unit Property Near Lake Erie

      Two-unit property in a seasonal resort, steps from Lake Erie.
      4772 Lake Rd E, Geneva, OH 44041
      View Details

    Similar Nearby for Lease

    • New
      $1,300 /Mo
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      Office Space with Ample Parking

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      5400 Old Orchard Dr, Geneva, OH 44041
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      19,200 SF

      Retail Development Near SPIRE Institute

      Proposed retail development near I-90 and SPIRE Institute.
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    • $5 SF/Yr
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      Historic Downtown Office Space Available

      Office space with grand architecture, high ceilings, and elevator access.
      17 W Main St, Geneva, OH 44041
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    • New
      $2,175 /Mo
      79,715 SF

      In-Line Retail Suite with Parking

      Well-maintained in-line retail space in a neighborhood shopping plaza with strong co-tenants and ample customer parking.
      1020-1032 South Broadway, Geneva, OH 44041
      View Details
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    Geneva, OH 44041
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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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