Freestanding Three-Unit Office
For Sale
$549,900
1006 Reservoir Avenue, Cranston, RI 02910
Commercial/Business,Commercial Sale, Cranston, RI
Property Size2,712 SF
Lot Size0.11 Acres
Price / SF$202.77
Days on Market115
Property Features for 1006 Reservoir Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
6
Basement
Full
Lot features
Urban
Standard status
Active
Size
2,712 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7185
Building Details
Year built
1930
Number of units
3
Listing Agency:
Real Broker, Llc
(855) 450-0442
Listed By:
Alea French
(401) 545-3528
Added: Apr 29
Changed: Aug 19
Last Checked: Aug 21 at 1:06PM
MLS# 1411258
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 office building contains three units and 2712 square feet of space on a 0.1148-acre lot. The primary office arrangement extends across two floors and includes a reception or waiting area with durable flooring. The upper level is currently vacant and features large windows along with a full bathroom.
Built in 1930, the property offers dedicated signage and exposure to a high daily car count. Its Cranston address provides access to Providence, T.F. Green Airport, rail service, interstates, and Garden City. The building’s multi-unit configuration and existing office improvements support continued professional office use.
Built in 1930, the property offers dedicated signage and exposure to a high daily car count. Its Cranston address provides access to Providence, T.F. Green Airport, rail service, interstates, and Garden City. The building’s multi-unit configuration and existing office improvements support continued professional office use.
Key Highlights
- Three‑unit freestanding office building with 2712 square feet
- Two‑floor primary office layout with waiting area and durable flooring
- Vacant second floor includes 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
Yes
Paved road 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Two-story office layout includes a waiting area, large windows, and a full bathroom in the vacant second-floor space.
Where is this office building located?
The property is located at 1006 Reservoir Avenue 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 2712 square feet; Two‑floor primary office layout with waiting area and durable flooring; Vacant second floor includes large windows and a full bathroom
