Mixed-Use Building with Medical
For Sale
Contact for pricing
1302 Elmwood Avenue, Cranston, RI 02910
Medical office space and renovated residential units are housed in a B2-zoned building with central HVAC, updated windows, and parking.
Property Size3,588 SF
Price / SF$169.98
Days on Market178
Property Features for 1302 Elmwood Avenue
General Information
Standard status
Active
Size
3,588 SF
Total Parking Spaces
7
Property subtype
Mixed Use, Office, Industrial
Zoning
B2
Units
Multifamily Units
2
Office Units
1
Amenities
wheelchair accessibility ramp
high ceilings
central heating and cooling
hard wired fire system
newer windows
private entry
Building Details
Year Built
1988
Buildings
1
Stories
2
Units
3
Listing Agency:
Pyramid Realty Inc
(401) 323-4315
Listed By:
Martha Habib
Source:
Crexi
Added: Feb 12
Changed: Aug 7
Last Checked: Aug 9 at 1:48PM
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 Pyramid Realty Inc
Investment Insights
Based on property information with market context.
Built in 1988, this B2-zoned mixed-use property has been converted from former residential use and is arranged to support both office and living space. The first floor is currently configured as a medical office with a reception and waiting area, six office rooms, and a large tiled bathroom. The layout includes a wheelchair-accessible ramp at the rear and a centrally managed heating and cooling system, along with a hard-wired fire system.
The second floor was renovated and offers a three-to-four bedroom unit with laminate flooring, high ceilings, and windows providing natural light. A lower-level unit adds an open floor plan with two private rooms, a bath, and a renovated kitchen with an oversized dinette. Each unit has a private entry, and the entire interior has been professionally painted, with newer windows throughout.
On-site parking accommodates approximately 7–8 vehicles, supporting convenient day-to-day access for office use and residents.
The second floor was renovated and offers a three-to-four bedroom unit with laminate flooring, high ceilings, and windows providing natural light. A lower-level unit adds an open floor plan with two private rooms, a bath, and a renovated kitchen with an oversized dinette. Each unit has a private entry, and the entire interior has been professionally painted, with newer windows throughout.
On-site parking accommodates approximately 7–8 vehicles, supporting convenient day-to-day access for office use and residents.
Key Highlights
- 1988 B2‑zoned building with mixed‑use setup: first‑floor medical office plus renovated residential units
- First floor medical office includes reception/waiting area, 6 office rooms, and a large tiled bathroom (nearly 1,200 SF)
- Wheelchair‑accessible rear ramp and private entry for each unit
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
$47,414
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
7.77%
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%
$948,280
$948.3K
Cap Rate 7%
$677,343
$677.3K
Cap Rate 9%
$526,822
$526.8K
Market Conditions
NOI Build-Up for 3,588 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
$91.7K $25.56/SF
− Vacancy
−$5.5K −$1.53/SF
EGI
$86.2K $24.03/SF
− OpEx
−$38.8K −$10.81/SF
NOI
$47.4K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
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%
$948,280
Cap Rate 7%
$677,343
Cap Rate 9%
$526,822
Alternative Uses
Best Use
Multifamily LT 5
$853.5K
$746.8K – $995.7K
NOI $59,742 @ 7.0% cap · market cap 9.80%
Second Best
Apartment 5plus
$677.3K
$592.7K – $790.2K
NOI $47,414 @ 7.0% cap · market cap 7.77%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
2
Residential units
Location Intelligence
Trade Area within ½ mile
550
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?
Mixed-use property - Medical office space and renovated residential units are housed in a B2-zoned building with central HVAC, updated windows, and parking.
Where is this mixed-use property located?
The property is located at 1302 Elmwood Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $609,900.
What are key features of this property?
This property features: 1988 B2‑zoned building with mixed‑use setup: first‑floor medical office plus renovated residential units; First floor medical office includes reception/waiting area, 6 office rooms, and a large tiled bathroom (nearly 1,200 SF); Wheelchair‑accessible rear ramp and private entry for each unit
