Freestanding Office
For Sale
$549,900
1006 Reservoir Ave, Cranston, RI 02910
Freestanding office property with a two-level main suite, waiting area, signage, and a vacant upper floor.
Property Size2,712 SF
Price / SF$202.77
Days on Market23
Property Features for 1006 Reservoir Ave
General Information
Standard status
Active
Size
2,712 SF
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Office Units
3
Building Details
Year Built
1930
Buildings
1
Tenancy
Multi
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Alea French
Source:
Alpernandmesenbourg
Added: Aug 10
Changed: Aug 30
Last Checked: Aug 31 at 7:44PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Real Broker, LLC
Investment Insights
Based on property information with market context.
This freestanding office property contains three units and 2,712 SF of building area. The primary office occupies two floors and includes a waiting area finished with durable flooring. A vacant second-floor space offers large windows and a full bathroom, providing additional office configuration within the building. Constructed in 1930, the property also includes exterior signage and sits on a highly visible lot.
The property is located at 1006 Reservoir Ave in Cranston, with access to Providence, Rhode Island Airport, rail service, interstates, and Garden City. Its central setting and substantial daily vehicle activity support prominent exposure for office users.
The property is located at 1006 Reservoir Ave in Cranston, with access to Providence, Rhode Island Airport, rail service, interstates, and Garden City. Its central setting and substantial daily vehicle activity support prominent exposure for office users.
Key Highlights
- Three‑unit freestanding office building with 2,712 SF
- Main office configuration spans two floors
- Vacant upper‑level space with large windows and a full bathroom
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
$35,055
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
6.37%
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%
$701,100
$701.1K
Cap Rate 7%
$500,786
$500.8K
Cap Rate 9%
$389,500
$389.5K
Market Conditions
NOI Build-Up for 2,712 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
$54.3K $20.04/SF
− Vacancy
−$7.6K −$2.81/SF
EGI
$46.7K $17.23/SF
− OpEx
−$11.7K −$4.31/SF
NOI
$35.1K $12.93/SF
Area
Providence County, RI
Vacancy
14.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
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%
$701,100
Cap Rate 7%
$500,786
Cap Rate 9%
$389,500
Alternative Uses
Best Use
Office B
$500.8K
$438.2K – $584.3K
NOI $35,055 @ 7.0% cap · market cap 6.37%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$645.1K
$564.5K – $752.6K
NOI $45,156 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,110
Businesses Nearby
Explore this area
Business Placement
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Freestanding office property with a two-level main suite, waiting area, signage, and a vacant upper floor.
Where is this office building located?
The property is located at 1006 Reservoir Ave Cranston, RI.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Three‑unit freestanding office building with 2,712 SF; Main office configuration spans two floors; Vacant upper‑level space with large windows and a full bathroom
