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    Property profile & analytics

    6242 Rdg Rd Parma, OH 44129-4469

    • Residential income homes
    • 2,916 SF
    • 0.35 lot acres
    OFF-MARKET
    Value Estimations
    $290,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2543279
    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.

    Current Use by Public Records

    • Residential income homes

    Property Details for 6242 Rdg Rd

    Year built
    1945
    Construction
    WOOD
    Lot size
    0.35 lot acres
    Property size
    2,916 SF
    Zone code
    MF-1
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    449-13-007
    APU
    44913007

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $285,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $258,000
      Market price range: $122k - $305k
      AI Estimate
      $422,000
      Market price range: $183k - $534k

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

    Location Insight

    • Map
    • Local Demand
    City
    Parma
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.735
    Latitude
    41.3938
    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
    $5,069
    $24,850
    $33,460
    $58,310
    -
    $71,000
    $95,600
    $166,600

    Comparable in this City

    • Value Estimation
      $135,000
      2,754 SF

      6539 Roycroft Dr

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,754 SF
      6539 Roycroft Dr, Parma, OH 44129-5532
      View Details
    • Value Estimation
      $285,000
      2,916 SF

      6342 Rdg Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,916 SF
      6342 Rdg Rd, Parma, OH 44129-5045
      View Details
    • Value Estimation
      $265,000
      4,230 SF

      5519 Pearl Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,230 SF
      5519 Pearl Rd, Parma, OH 44129-2552
      View Details
    • Value Estimation
      $285,000
      2,160 SF

      5400 Charles Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,160 SF
      5400 Charles Ave, Parma, OH 44129-3855
      View Details
    • Value Estimation
      $200,000
      0.12 Acres

      Whittington Dr

      APARTMENT HOUSE (5+ UNITS) • 0.12 Acres
      Whittington Dr, Parma, OH 44129
      View Details
    • Value Estimation
      $230,000
      2.42 Acres

      Ames Rd

      APARTMENT HOUSE (5+ UNITS) • 2.42 Acres
      Ames Rd, Parma, OH 44129
      View Details

    Similar Nearby for Sale

    • $249,900
      1,872 SF

      Parma Duplex: Investor or Owner

      Two-unit property in Parma with separate utilities and entrances.
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      View Details
    • $325,000
      2,850 SF

      Updated Duplex with Modern Finishes

      Updated duplex featuring remodeled units, private porches, and ample storage.
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    • $350,000
      Pending

      Parma Brick Duplex with Updates

      Meticulously maintained duplex with newer roof, separate entrances, and sunroom.
      6234 N Canterbury Rd, Cleveland, OH 44129
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    • $275,000
      2,153 SF

      Parma Colonial with Income Potential

      Unique colonial in Parma ideal for flexible living options.
      6507 Luelda Ave, Parma, OH 44129
      View Details
    • New
      $310,000
      Pending

      Well-Maintained Duplex Near Ridgewood Golf

      Parma duplex near amenities and Ridgewood Golf Course.
      6474 Ridge Rd, Cleveland, OH 44129
      View Details
    • Contact for pricing
      6.20 Acres

      Parma Development Land - 6.2 Acres

      Prime Parma location, high-traffic retail area.
      8608 Day Dr, Parma, OH 44129
      View Details

    Similar Nearby for Lease

    • $1,040 /Mo

      Spacious Parma Multi-Family Home

      Two-bedroom, one-bathroom multi-family home available for rent in Parma.
      6151 Wareham Dr, Parma, OH 44129
      View Details
    • Contact for pricing
      101,000 SF

      Brook Ridge Plaza Pad Site

      Prime Retail Pad, I-480 & Ridge Rd
      7400 Brookpark Rd, Cleveland, OH 44129
      View Details
    • $18 SF/Yr
      3,541 SF

      Class A Office Building

      Three-story office building with lush landscaping and wooded surroundings.
      7100 Pleasant Valley Rd, Independence, OH 44129
      View Details
    • Contact for pricing
      3,387 SF

      Restaurant Space For Lease

      Restaurant space available in Parma, Ohio.
      8111 Day Dr, Parma, OH 44129
      View Details
    • Contact for pricing
      39,400 SF

      Ridge Road Retail Plaza Opportunity

      Parma, Ohio retail spaces available
      6805 Rdg Rd, Parma, OH 44129
      View Details
    • $18 SF/Yr
      756,000 SF

      Parma Power Center Retail Space

      High-traffic retail spaces available. Prime NE Ohio location.
      7671 Ridgewood Dr, Parma, OH 44129
      View Details
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    6242 Rdg Rd
    Parma, OH 44129-4469
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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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