Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1428 Park Ave Cranston, RI 02920

    Sponsored
    For Sale
    $575,000

    COMMERCIAL - Cranston, RI

    Type:Apartment
    Lot size:
    0.14 Acres
    Days on Market:
    19
    Last Refresh:
    Jan 25 at 6:06 am

    Property Features for 1428 Park Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Apartment
    Standard status
    Active
    Rooms
    Basement
    Parking
    4
    Interior features
    Ceiling Height (7 to 9 Ft)
    Lot size
    0.14 Acres

    Building Details

    Year built
    1920
    Number of units
    2
    Building materials
    Brick, Frame

    We can help!

    Listing Contact
    Claudia Carvalho

    RI Real Estate Services (401) 465-0417

    Listing agent Claudia Carvalho (401) 787-7630

    Listing date Jan 7, 2026

    MLS# 1390507

    Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Mixed-Use Property with Ice Cream Shop

    Located in Cranston, Rhode Island, the property at 1428 Park Avenue presents a mixed-use opportunity. It features a two-family home and an established ice cream shop. The residential portion consists of two units, each containing two bedrooms and one full bath. Both units are currently rented on a month-to-month basis, providing rental income. Tenants have access to off-street parking and a detached garage. The commercial space is occupied by a local ice cream shop, also leased on a month-to-month basis. The lot size is 0.14 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cranston
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.45946
    Latitude
    41.78972

    Nearby Similar for Sale

    • $899,000
      0.34 Acres

      Versatile Commercial Property in Cranston

      Updated commercial property with income potential in a prime location.
      150 Burnside St, Cranston, RI 02910
      View Details
    • New
      $399,900
      8,500 SF

      Mixed-Use Property on High-Traffic Corner

      Retail and industrial space on a high-traffic, signalized corner.
      634 Park Ave, Cranston, RI 02910
      View Details
    • $550,000
      Pending

      Cranston Two-Family Home For Sale

      Two-unit property with garage, yard, and convenient location.
      1250 Cranston St, Cranston, RI 02905
      View Details
    • $665,000
      0.28 Acres

      New Construction Townhouse Style Duplex

      New construction duplex with modern design, ideal for investors.
      235 Main St, Cranston, RI 02921
      View Details
    • $364,900
      Pending

      Cranston Multi-Family Home For Sale

      Two-family home near Highway 95, Roger Williams Park, and Providence.
      545 Park Ave, Cranston, RI 02910
      View Details
    • $565,000
      0.15 Acres

      Cranston Two-Family Home Investment

      Two spacious units, potential for expansion, prime Cranston location.
      9 Southern St, Cranston, RI 02920
      View Details
    • $449,500
      0.12 Acres

      Well-Maintained Cranston Multi-Family Home

      Two-family home with separate utilities and ample parking.
      66 Clemence St, Cranston, RI 02920
      View Details
    • $539,900
      Pending

      Spacious Cranston Two-Family Home

      Two-family home in Cranston with strong rental demand.
      638 Pontiac Ave, Cranston, RI 02910
      View Details
    • $539,900
      Pending

      Spacious Two-Family Home, Cranston

      Two-family home in desirable neighborhood with investment potential.
      36 Blackamore Ave, Cranston, RI 02910
      View Details
    • $459,900
      Pending

      Cranston Two-Family Home For Sale

      Two-family home in Park View neighborhood near Roger Williams Park.
      5 Lakeside Ave, Cranston, RI 02910
      View Details
    • $559,000
      Pending

      Classic Cranston Two-Family Home

      Well-maintained two-family in Knightsville, ready for investment or owner-occupancy.
      1574 Cranston St, Cranston, RI 02920
      View Details
    • New
      $629,900
      0.11 Acres

      Updated Three-Family Home in Cranston

      Updated three-family home with income potential in Cranston, Rhode Island.
      1303 Cranston St, Cranston, RI 02920
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property featuring a two-family home and established ice cream shop.
    Where is this mixed-use property located?
    The property is located at 1428 Park Ave Cranston, RI.
    What is the asking price?
    The asking price for this property is $575,000.
    What are key features of this property?
    This property features: - Established ice cream shop provides immediate commercial rental income.; - Two residential units offer immediate and reliable rental income.; - Versatile mixed-use property with both residential and commercial spaces.
    (401) 885-5400
    Request Owner's contact information
    1428 Park Ave Cranston, RI 02920
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1428 Park Ave
    Cranston, RI 02920
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    1428 Park Ave Cranston, RI 02920
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Claudia Carvalho
    (401) 885-5400
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.