Two-Level Spa & Wellness
New
For Sale
$699,900
Avenue, Cranston, RI 02910
Commercial/Business,Commercial Sale, Cranston, RI
Property Size1,778 SF
Lot Size0.10 Acres
Price / SF$393.64
Days on Market2
Property Features for Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
6
Security features
Security Lighting
Interior features
Ceiling Height (7 to 9 Ft)
Basement
Full
Lot features
Corner Lot, Sidewalks, Free Standing, Urban
Standard status
Active
Size
1,778 SF
Lot size
0.10 Acres
Utilities
Sewer type
Public Sewer
Heating system
Zoned, Central, Baseboard, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1938
Number of units
1
Building materials
Frame
Listing Agency:
Re/Max One · RE/MAX International
(401) 943-6111
Listed By:
Joseph Pytka · License #98000388
(860) 235-1642
Added: Sep 4
Last Checked: Sep 5 at 1:06PM
MLS# 1422501
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.
Investment Insights
Based on property information with market context.
This freestanding spa and wellness property contains 1,778 square feet across two levels on a 0.1033-acre corner lot. The layout includes eight styling stations, manicure and pedicure stations, a massage or waxing room, and a basement. A two-car garage and additional parking support the site’s commercial function.
Built in 1938, the frame building has central air conditioning and zoned, central, baseboard natural-gas heating. Public water and public sewer serve the property. The salon has operated under the same ownership for 41 years and is located in Cranston, Rhode Island, with access from Avenue.
Built in 1938, the frame building has central air conditioning and zoned, central, baseboard natural-gas heating. Public water and public sewer serve the property. The salon has operated under the same ownership for 41 years and is located in Cranston, Rhode Island, with access from Avenue.
Key Highlights
- 1,778‑square‑foot spa and wellness property on 0.1033 acres
- Two‑level freestanding building on a corner lot
- Eight styling stations plus manicure and pedicure stations
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,073
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.87%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$401,460
$401.5K
Cap Rate 7%
$286,757
$286.8K
Cap Rate 9%
$223,033
$223.0K
Market Conditions
NOI Build-Up for 1,778 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$32.0K $18.00/SF
− Vacancy
−$3.3K −$1.87/SF
EGI
$28.7K $16.13/SF
− OpEx
−$8.6K −$4.84/SF
NOI
$20.1K $11.29/SF
Area
Providence County, RI
Vacancy
10.40%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$401,460
Cap Rate 7%
$286,757
Cap Rate 9%
$223,033
Alternative Uses
Best Use
Retail
$286.8K
$250.9K – $334.6K
NOI $20,073 @ 7.0% cap · market cap 2.87%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$422.9K
$370.1K – $493.4K
NOI $29,605 @ 7.0% cap · market cap 4.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,279
Businesses Nearby
169k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 64%
Dining 31%
Home Improvements & Furnishings 3%
Electronics 2%
Cumberland Farms
Shops & Services
25,410 visits/mo
0.4 miles
Dunkin' Donuts
Dining
22,372 visits/mo
0.3 miles
Burger King
Dining
14,922 visits/mo
0.3 miles
Dollar Tree
Shops & Services
14,683 visits/mo
0.1 miles
Shell
Shops & Services
14,401 visits/mo
0.4 miles
Demographics for 02910, RI
21,907
Population
9,319
Households
2.4
Avg Household Size
39
Median Age
30%
College-Educated
90%
High-School Grad
3.4 sq mi
ZIP Area
6,443
Density / Sq Mi
$85,909
Median Household Income
$47,538
Median Earnings
$1,385
Median Rent
$302,400
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Suites at 41 Rolfe — 41 Rolfe Square, Cranston, RI 02910
- Ying Yan — PARK AVE PROFESSIONAL BUILDING, 1020 Park Ave #107, Cranston, RI 02910
- NewLife Advisors — 133 elsie st, cranston, ri 02910
- Santosha Yoga & Holistic Health Center — 275 Reservoir Ave, Providence, RI 02907
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Freestanding salon building with treatment space, styling stations, a garage, and additional parking.
Where is this spa & wellness property located?
The property is located at Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 1,778‑square‑foot spa and wellness property on 0.1033 acres; Two‑level freestanding building on a corner lot; Eight styling stations plus manicure and pedicure stations
