Mixed-Use Property with Ice Cream
1428 Park Avenue Cranston, RI 02920
1428 Park Avenue, Cranston, RI, 02920
$549,900
For Sale
$549,900
Mixed-use property includes a two-family residence and an established ice cream shop, sold as-is.
Property Size2,495 SF
Price / SF$220.40
Days on Market90
Property Features for 1428 Park Avenue
General Information
- Standard status
- Active
- Size
- 2,495 SF
Building Details
- Year Built
- 1920
Listing agency
RI Real Estate Services
(401) 885-5400
Listed by
Claudia Carvalho
Source
Lockandkeyre
Added: Apr 23 Updated: Jul 20 at 6:24PM Checked: Jul 20 at 6:24PM
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 RI Real Estate Services
Investment Insights
Based on property information with market context.
1428 Park Avenue is a versatile mixed-use property featuring a two-family home and an established ice cream shop. The residential portion consists of two spacious units, each with 2 bedrooms and 1 full bath. Both residential units are currently vacant. For additional convenience, the property includes off-street parking and a detached garage.
The commercial component operates as a local ice cream shop. The property is offered for sale as-is.
Overall, the layout supports both residential rental use and an income-producing neighborhood retail business, with dedicated residential parking and garage space tied to the two-family portion.
The commercial component operates as a local ice cream shop. The property is offered for sale as-is.
Overall, the layout supports both residential rental use and an income-producing neighborhood retail business, with dedicated residential parking and garage space tied to the two-family portion.
Key Highlights
- Mixed‑use property at 1428 Park Avenue includes a two‑family home plus an established ice cream shop
- Two residential units: each has 2 bedrooms and 1 full bath; both units are currently vacant
- Off‑street parking and a detached garage for the residential portion
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $63.5k | $25.44 |
| − Vacancy | −$4.1k | −$1.65 |
| EGI | $59.3k | $23.79 |
| − OpEx | −$17.8k | −$7.14 |
| NOI | $41.5k | $16.65 |
2,495 SF · lease $25.44/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$593.5K
$519.3K – $692.4K
NOI $41,543 @ 7.0% cap · market cap 7.55%
Second Best
Apartment 5plus
$471.0K
$412.1K – $549.5K
NOI $32,970 @ 7.0% cap · market cap 6.00%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Mixed-use property includes a two-family residence and an established ice cream shop, sold as-is.
Where is this mixed-use property located?
The property is located at 1428 Park Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Mixed‑use property at 1428 Park Avenue includes a two‑family home plus an established ice cream shop; Two residential units: each has 2 bedrooms and 1 full bath; both units are currently vacant; Off‑street parking and a detached garage for the residential portion
