Professional Office Suite
For Sale
$185,000
1119 Reservoir Avenue #B, Cranston, RI 02910
Office suite condominium with three private offices, an admin/waiting area, and a private bath in a four-suite building.
Property Size784 SF
Price / SF$235.97
Days on Market70
Property Features for 1119 Reservoir Avenue #B
General Information
Standard status
Active
Size
784 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Building Details
Year Built
1988
Listing Agency:
Albert Realty Inc., REALTORS
(401) 944-3377
Listed By:
Scaralia Group
(401) 464-6464
Source:
Lockandkeyre
Added: Jul 20
Changed: Sep 26
Last Checked: Sep 26 at 9:07AM
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 Albert Realty Inc., REALTORS
Investment Insights
Based on property information with market context.
This professional office suite condominium is located in an intimate building with only four suites. The space includes three private offices, an administration or waiting area, and a private bath, providing a straightforward layout for professional use.
The property is described as offering high traffic count and strong visibility, positioned just outside Garden City Center. The location also provides convenient access to major highways and nearby amenities.
Immediate occupancy is available, and the suite is noted as easy to show.
The property is described as offering high traffic count and strong visibility, positioned just outside Garden City Center. The location also provides convenient access to major highways and nearby amenities.
Immediate occupancy is available, and the suite is noted as easy to show.
Key Highlights
- Office suite condominium built in 1988
- Suite includes three private offices, an administration/waiting area, and a private bath
- Located in a four‑suite professional office building
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
$10,134
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
5.48%
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%
$202,680
$202.7K
Cap Rate 7%
$144,771
$144.8K
Cap Rate 9%
$112,600
$112.6K
Market Conditions
NOI Build-Up for 784 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
$15.7K $20.04/SF
− Vacancy
−$2.2K −$2.81/SF
EGI
$13.5K $17.23/SF
− OpEx
−$3.4K −$4.31/SF
NOI
$10.1K $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%
$202,680
Cap Rate 7%
$144,771
Cap Rate 9%
$112,600
Alternative Uses
Best Use
Office B
$144.8K
$126.7K – $168.9K
NOI $10,134 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$186.5K
$163.2K – $217.6K
NOI $13,054 @ 7.0% cap · market cap 7.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
815
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 units - Office suite condominium with three private offices, an admin/waiting area, and a private bath in a four-suite building.
Where is this office units located?
The property is located at 1119 Reservoir Avenue #B Cranston, RI.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Office suite condominium built in 1988; Suite includes three private offices, an administration/waiting area, and a private bath; Located in a four‑suite professional office building
