Listed By
Agency Name: Russell Real Estate Services
Agency Contact: rfarina555@gmail.com, 216-870-3210
Shown By
Agent Name: Denise Evans
Agent Phone: (330) 575-1832
Agency Title: Cutler Real Estate
TOUR PROPERTY
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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.
Property Features
Property Type: Commercial - Business
Basement: Yes
Basement: Full, Concrete, Storage Space
Days on Market: 15
Heating: Forced Air, Gas
Lot Size: 0.17 Acres
Roof Type: Flat
Taxes: $6,109 / year
Year Built: 1944
Feature Descriptions
Parcel#: 443-06-004
Parking: On Site
Sewer: Public Sewer
Units: 3
Water: Public
Local Schools
School District: Parma City
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5767 Ridge Road | MLS# 5187728
This commercial property located at 5767 Ridge Road, Parma, OH 44129 is currently listed for sale with an asking price of $375,000. Ridge Road is located within the Parma City school district. Search Parma real estate on devans.cutlerhomes.com today.