Two Adjoining Commercial
For Sale
$649,000
Pending
121 Calder, Cranston, RI 02920
Two M1-zoned buildings with parking, ideal for industrial use.
Property Size3,752 SF
Days on Market175
Property Features for 121 Calder
General Information
Standard status
Pending
Size
3,752 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,158
Amenities
Forced Air Heating
Building Details
Year Built
1986
Listing Agency:
JPAR PRIME REAL ESTATE
(401) 388-4830
Listed By:
PAULA DECUBELLIS
Source:
Corcoran
Added: Feb 27
Changed: Aug 14
Last Checked: Aug 14 at 7:23AM
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 JPAR PRIME REAL ESTATE
Investment Insights
Based on property information with market context.
Two abutting commercial properties located at 121 and 129 Calder Street in Cranston offer a combined footprint suitable for business owners, contractors, or investors seeking light industrial space. 121 Calder Street is a 1,302-square-foot commercial building currently zoned M1 (Light Industrial) and utilized for light industrial purposes. It features a garage, functional layout, and ample on-site parking, making it well-suited for storage, trade services, small-scale manufacturing, or operational headquarters. 129 Calder Street offers a 2,450-square-foot commercial building, also zoned M1 and currently used for light industrial purposes. This larger structure provides additional workspace, a garage area, and generous parking, creating flexibility for expanded operations, equipment storage, fleet parking, or investment potential. Together, these properties provide a chance to secure two adjoining buildings with substantial parking and versatile space in a strategic location. The total property size is 3,752 square feet. This package delivers exceptional potential for expanding a current business, operating from one building and leasing the other, or investing in a flexible commercial asset.
Key Highlights
- Two Adjoining Commercial Buildings: Ideal combined footprint for business owners, contractors, or investors.
- M1 Light Industrial Zoning: Both properties are zoned M1, allowing for a variety of light industrial uses.
- Ample On‑Site Parking: Both properties provide generous parking space, suitable for equipment, fleet, or customer parking.
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
$23,197
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
3.57%
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%
$463,940
$463.9K
Cap Rate 7%
$331,386
$331.4K
Cap Rate 9%
$257,744
$257.7K
Market Conditions
NOI Build-Up for 3,752 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
$37.4K $9.96/SF
− Vacancy
−$1.7K −$0.45/SF
EGI
$35.7K $9.51/SF
− OpEx
−$12.5K −$3.33/SF
NOI
$23.2K $6.18/SF
Area
Providence County, RI
Vacancy
4.50%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
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%
$463,940
Cap Rate 7%
$331,386
Cap Rate 9%
$257,744
Alternative Uses
Best Use
Flex RnD
$331.4K
$290.0K – $386.6K
NOI $23,197 @ 7.0% cap · market cap 3.57%
Second Best
Industrial
$279.7K
$244.8K – $326.3K
NOI $19,580 @ 7.0% cap · market cap 3.02%
Theoretical Best
Multifamily LT 5
$892.5K
$780.9K – $1.04M
NOI $62,473 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,021
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02920, RI
37,791
Population
15,052
Households
2.5
Avg Household Size
43
Median Age
32%
College-Educated
88%
High-School Grad
8.9 sq mi
ZIP Area
4,246
Density / Sq Mi
$79,246
Median Household Income
$51,811
Median Earnings
$1,271
Median Rent
$336,900
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- SIFU Catering — 24 Haven Ave, Cranston, RI 02920
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- Haven Brothers Mobile, LLC — 37 Libera St, Cranston, RI 02920
- Hong Kong Buffet — 1776 Cranston St, Cranston, RI 02920
Frequently Asked Questions
What type of property is this?
Flex space - Two M1-zoned buildings with parking, ideal for industrial use.
Where is this flex space located?
The property is located at 121 Calder Cranston, RI.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Two Adjoining Commercial Buildings: Ideal combined footprint for business owners, contractors, or investors.; M1 Light Industrial Zoning: Both properties are zoned M1, allowing for a variety of light industrial uses.; Ample On‑Site Parking: Both properties provide generous parking space, suitable for equipment, fleet, or customer parking.
