5767 Ridge Road, Parma, OH 44129
- $320,000
- Sold Price
- $320,000
- List Price
- $349,000
- Status
- CLOSED
- MLS#
- 5187728
- Year Built
- 1944
- Closing Date
- Aug 05, 2026
- Region
- Parma
- Township
- Parma
- Subdivision / Building
- Ridgewood Gardens
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.
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Additional Information
- Taxes
- $6,109
- Acres
- 0.17
- Sewer
- Public Sewer
- Roof
- Flat
- Water
- Public
- Heating
- Forced Air, Gas
- School District
- Parma CSD - 1824
Mortgage Calculator
Listing Courtesy of: Richard Farina Jr., rfarina555@gmail.com With Russell Real Estate Services
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