7
See all 7 photos
$375,000
Est. payment /mo
7,409 Sqft Lot
Price Dropped by $20K
5767 Ridge RD Parma, OH 44129
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Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Subdivision Ridgewood Gardens
MLS Listing ID 5187728
HOA Y/N No
Year Built 1944
Annual Tax Amount $6,109
Tax Year 2025
Lot Size 7,409 Sqft
Acres 0.1701
Property Sub-Type Mixed Use
Property Description
This mixed-use building offers a compelling investment with three ground-floor commercial units and three upstairs apartments. The three residential units are currently tenanted, providing immediate cash flow, but all rents (commercial and residential) are below market rate, presenting an immediate upside.
A key value-add opportunity is the seller's current occupancy of one apartment and two retail units. Upon closing, a new owner can immediately lease these three spaces at market rates, substantially increasing the Gross Potential Income (GPI). Furthermore, a third retail unit, currently used for low-yield storage (historically a bakery), can be converted into a high-yield retail storefront.
This is a clear "Opportunity Knocks" scenario for an investor to acquire a stable asset with defined, actionable strategies for immediate and significant capitalization rate improvement.
A key value-add opportunity is the seller's current occupancy of one apartment and two retail units. Upon closing, a new owner can immediately lease these three spaces at market rates, substantially increasing the Gross Potential Income (GPI). Furthermore, a third retail unit, currently used for low-yield storage (historically a bakery), can be converted into a high-yield retail storefront.
This is a clear "Opportunity Knocks" scenario for an investor to acquire a stable asset with defined, actionable strategies for immediate and significant capitalization rate improvement.
Location
State OH
County Cuyahoga
Rooms
Basement Full, Concrete, Storage Space
Interior
Heating Forced Air, Gas
Fireplace No
Exterior
Parking Features On Site
Water Access Desc Public
Roof Type Flat
Total Parking Spaces 8
Building
Sewer Public Sewer
Water Public
Schools
School District Parma Csd - 1824
Others
Tax ID 443-06-004
Listed by Richard Farina Jr. • Russell Real Estate Services • rfarina555@gmail.com, 216-870-3210
NEARBY SCHOOL & BUSINESS
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