Parma, Ohio, a city located on the southern edge of Cleveland, offers a unique opportunity for investors to capitalize on the growing demand for retail properties. With a strong focus on safety, a diverse economy, and a rich history, Parma has become an attractive location for businesses and residents alike. Retail properties in Parma, including shopping centers, restaurants, and office spaces, represent a sound investment opportunity due to the city's growing commercial sector and the presence of companies like General Motors and Cox Cable. The city's distinct shopping districts, such as The Shoppes at Parma, Ukrainian Village, and Polish Village, offer a variety of amenities and attractions that draw visitors and support local businesses. Parma's excellent infrastructure, including major roads like West 130th Street and Ridge Road, and public transportation provided by the Greater Cleveland Regional Transit Authority, make it an ideal location for retail properties. The city's strong educational system, served by the Parma City School District, and the presence of colleges like Bryant & Stratton College and Cuyahoga Community College Western Campus, also contribute to its appeal. With a population of approximately 80,000, Parma offers a sizable market for retail properties, and its proximity to Cleveland Hopkins International Airport and the Cleveland Amtrak Station provides easy access to major cities across the United States and internationally.
Currently, there are 6 retail properties for sale in Parma, offering a range of investment opportunities. The average price per square foot for retail properties in Parma is $382 USD, with an average size of 11,566 square feet. The largest retail property available for sale in Parma is 36,600 square feet. In addition to retail properties, Parma also offers a range of other property types, including shopping centers, restaurants, office properties, and hotels. Shopping centers in Parma, such as The Shoppes at Parma, offer a variety of anchor stores and amenities, while restaurants in the city's Ukrainian Village and Polish Village districts provide a unique dining experience. Office properties in Parma, including those in the city's commercial districts, offer a range of space options for businesses, and hotels in the area cater to visitors and travelers. With its diverse economy, rich history, and excellent infrastructure, Parma is an attractive location for investors looking to capitalize on the growing demand for retail properties and other commercial real estate opportunities.
What is the average cap rate for retail properties in Parma?
When it comes to retail properties in Parma, investors can expect an average cap rate of 6.93%. For those new to commercial real estate investing, understanding the capitalization rate, or cap rate, is crucial - you can learn more about what is a cap rate and how it's calculated in our in-depth article.
How do location and foot traffic affect retail property values?
In Parma, Ohio, the location and foot traffic of retail properties significantly impact their values. For instance, retail properties situated in high-traffic areas like The Shoppes at Parma, Ukrainian Village, and Polish Village, which are surrounded by a population of around 80,000 residents, tend to have higher values due to their proximity to local amenities, infrastructure, and businesses, with an average price per square foot of $382 USD and an average size of 11,566 square feet.
