Add Listing
    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

    68 Gansett Ave Cranston, RI 02910

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $600,000

    Mixed-use building, 2200 sqft, 0.13 acres

    Property size:
    2,200 SF

    Property Features for 68 Gansett Ave

    General Information

    Property type
    Other commercial real estate
    Square Feet
    2,200 SF
    Lot Size
    5,663 SF

    Building Details

    Year Built
    1958

    We can help!

    Listing Contact
    Patrick Murray

    Listing Agency: Residential Properties Ltd. Listing Agent: Patrick Murray

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This unique 2,200 square foot commercial property at 68 Gansett Avenue in Cranston, RI, presents a compelling investment opportunity. Currently zoned B-1 Residential, it offers significant potential for redevelopment. The property boasts a rich history as a two-story, four-unit multi-family building, and current zoning allows for a duplex or, with updated density regulations, potentially a four-plex. The flexible zoning also accommodates a mixed-use development, ideal for a business owner seeking live-work space. The expansive 5,600 square foot building includes 2,000 square feet of living space, already separated into a vacant unit ready for repurposing. Two separate garages/storage areas provide parking for up to five or six vehicles, with additional off-street parking available. The property benefits from numerous recent updates, including a newer roof and air conditioning unit. Some utilities are separately metered for efficiency. Its prime location across the street from the Peter Pastore Youth Center and a city park adds significant value and appeal. The 0.13-acre lot provides ample space for future development or expansion. This property is ready for a new vision and offers a rare chance to capitalize on its versatile zoning and desirable location. Easy to show.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Cranston
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.45169
    Latitude
    41.78854

    Nearby Similar for Sale

    • $399,000
      0.02 Acres

      Renovated Freestanding Office Building

      Completely renovated office building on a highly visible corner lot.
      838 Reservoir Ave, Cranston, RI 02910
      View Details
    • $399,900
      Pending

      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
    • $415,000
      0.06 Acres

      Renovated Commercial Building on Corner

      Four-unit commercial building, renovated, high-visibility corner location.
      899 Cranston St, Cranston, RI 02920
      View Details
    • Contact for pricing
      2,528 SF

      Cranston Office Space Available

      Second-floor office space with up to ten rooms for lease.
      980 Reservoir Ave, Cranston, RI 02910
      View Details
    • New
      $649,000
      Pending

      Well-Maintained Cranston Two-Family Home

      Two-family home with separate utilities, garage, and income potential.
      43 Woodbine St, Cranston, RI 02910
      View Details
    • Contact for pricing
      30,000 SF

      Adaptable Industrial Space in Cranston

      Flexible industrial space for warehouse, manufacturing, or service uses.
      1425 Cranston St, Cranston, RI 02920
      View Details
    • New
      $565,000
      Pending

      Cranston Two-Family Home Investment

      Two spacious units, potential for expansion, prime Cranston location.
      9 Southern St, Cranston, RI 02920
      View Details
    • Contact for pricing
      9.63 Acres

      Versatile Commercial Condos in Cranston

      Modern, conveniently located workspaces suitable for various businesses.
      2360 Plainfield Pike, Cranston, RI 02921
      View Details
    • Contact for pricing
      9.63 Acres

      Versatile Commercial Condos in Cranston

      Modern, convenient workspaces suitable for various businesses.
      2360 Plainfield Pike, Cranston, RI 02921
      View Details
    • Contact for pricing
      9.63 Acres

      Versatile Commercial Condos in Cranston

      Modern, convenient workspaces suitable for various businesses.
      2360 Plainfield Pike, Cranston, RI 02921
      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
    • Contact for pricing
      0.36 Acres

      Commercial Studios in Central Cranston

      Private studios with cooperative setting benefits in central Cranston.
      505 Atwood Ave, Cranston, RI 02920
      View Details

    FAQs

    What type of property is this?
    Commercial real estate - Mixed-use building, 2200 sqft, 0.13 acres
    Where is this commercial real estate located?
    The property is located at 68 Gansett Ave Cranston, RI.
    What is the asking price?
    The asking price for this property is $600,000.
    (401) 439-7705
    Request Owner's contact information
    68 Gansett Ave Cranston, RI 02910
    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.
    68 Gansett Ave
    Cranston, RI 02910
    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
    68 Gansett Ave Cranston, RI 02910
    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
    Patrick Murray
    Real Estate License ID: REB.0016731
    (401) 439-7705 (401) 783-2474 (401) 965-4520
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!