Mixed-Use Building with Detached
For Sale
$679,000
1289 Cranston Street, Cranston, RI 02920
Residential Income, Cranston, RI
Property Size3,162 SF
Lot Size0.08 Acres
Price / SF$214.74
Days on Market55
Property Features for 1289 Cranston Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
1
Half bathrooms
2
Rooms
Bathroom 2, Bathroom 3, Bedroom 3, Basement, Bathroom 1, Bedroom 1, Bedroom 2
Parking
4
Basement
Full, Unfinished
Appliances
Gas Water Heater
Standard status
Active
Size
3,162 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4281
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas
Amenities
solar panels
laundry room
Building Details
Year built
1900
Number of units
2
Flooring type
Vinyl, Hardwood, Laminate
Building materials
Aluminum Siding, Brick
Listing Agency:
William Raveis Inspire
(401) 751-8100
Listed By:
Jessica Perez
(401) 692-8183
Added: Jul 15
Changed: Sep 2
Last Checked: Sep 7 at 5:06AM
MLS# 1418736
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.
Located at 1289 Cranston Street in Cranston, this mixed-use property contains 3,162 square feet on a 0.08-acre lot. The commercial component is combined with a townhouse-style residence featuring three bedrooms, 1.5 baths, an open kitchen, living and dining areas, and dedicated laundry space. Hardwood, laminate, and vinyl flooring are present, with natural-gas baseboard heating and two Navien heating and hot water systems.
The property includes fully owned solar panels, public sewer service, and a detached two-car garage. It is situated on the bus line with access to major highways, shopping, and local amenities. The property qualifies for owner-occupied FHA financing, subject to applicable requirements.
The property includes fully owned solar panels, public sewer service, and a detached two-car garage. It is situated on the bus line with access to major highways, shopping, and local amenities. The property qualifies for owner-occupied FHA financing, subject to applicable requirements.
Key Highlights
- 3,162‑square‑foot mixed‑use property on a 0.08‑acre lot
- Townhouse‑style residence with 3 bedrooms and 1.5 baths
- Commercial component paired with residential living space
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
$37,351
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
5.50%
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%
$747,020
$747.0K
Cap Rate 7%
$533,586
$533.6K
Cap Rate 9%
$415,011
$415.0K
Market Conditions
NOI Build-Up for 3,162 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
$66.4K $21.00/SF
− Vacancy
−$6.6K −$2.10/SF
EGI
$59.8K $18.90/SF
− OpEx
−$22.4K −$7.09/SF
NOI
$37.4K $11.81/SF
Area
Providence County, RI
Vacancy
10.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$747,020
Cap Rate 7%
$533,586
Cap Rate 9%
$415,011
Alternative Uses
Best Use
Mixed Use
$533.6K
$466.9K – $622.5K
NOI $37,351 @ 7.0% cap · market cap 5.50%
Second Best
Retail
$510.0K
$446.2K – $595.0K
NOI $35,698 @ 7.0% cap · market cap 5.26%
Theoretical Best
Multifamily LT 5
$752.1K
$658.1K – $877.5K
NOI $52,649 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
832
Businesses Nearby
65k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 69%
Dining 21%
Shops & Services 10%
Burlington
Apparel
45,165 visits/mo
0.5 miles
Taco Bell
Dining
13,414 visits/mo
0.4 miles
Dollar General
Shops & Services
6,666 visits/mo
0.5 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space is paired with a three-bedroom townhouse-style residence and separate vehicle storage.
Where is this mixed-use property located?
The property is located at 1289 Cranston Street Cranston, RI.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: 3,162‑square‑foot mixed‑use property on a 0.08‑acre lot; Townhouse‑style residence with 3 bedrooms and 1.5 baths; Commercial component paired with residential living space
