Mixed-Use Property with Ice Cream
1428 Park Avenue, Cranston, RI 02920
- Added:
- Apr 23, 2026
- Days on Market:
- 41
- Last Refresh:
- Jun 2 at 6:06 pm
Property Features for 1428 Park Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Rooms
- Basement
- Parking
- 5
- Interior features
- Ceiling Height (7 to 9 Ft)
- Basement
- Full
- Standard status
- Pending
- Size
- 2,495 SF
- Lot size
- 0.14 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 8913
Building Details
- Year built
- 1920
- Floors in Building
- 2
- Number of units
- 2
- Building materials
- Frame
Listing agent Claudia Carvalho (401) 465-0417
Listing office Ri Real Estate Services 631 Main Street, East Greenwich, RI (401) 885-5400
Listing date Apr 23, 2026
MLS# 1409048
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.
HighLights
- Mixed‑use property at 1428 Park Avenue includes a two‑family home plus an established ice cream shop
- Two 2‑bedroom, 1‑bath residential units; both units are currently vacant
- Ice cream shop occupies the commercial space and is an established local business
- Off‑street parking plus a detached garage for the residential portion
- Frame construction with ceiling height ranging from 7 to 9 ft
Overview
1428 Park Avenue is a versatile mixed-use property featuring a two-family home plus an established ice cream shop. The residential portion includes two spacious units, each with two bedrooms and one full bath. Both residential units are currently vacant, providing immediate opportunity for an owner-occupant or a hands-on investor. The property also includes off-street parking and a detached garage for added convenience. The commercial component is currently operated as an ice cream shop and is being sold as-is.
Located in Cranston, the property combines neighborhood retail and residential living in one asset. Its mixed setup can support straightforward use for a retail operator who also wants rental income from the attached residential units. The ice cream shop’s established presence adds continuity for buyers looking to continue the business or repurpose the commercial space, subject to applicable approvals.
This property is well-suited for investors seeking a multifamily and retail combination, or for buyers who want to live in one unit while running a neighborhood-serving shop. With both residential units vacant and the commercial space included, it offers flexibility in how income is structured and managed, while maintaining the convenience of on-site parking and a detached garage. The sale is offered as-is.
Located in Cranston, the property combines neighborhood retail and residential living in one asset. Its mixed setup can support straightforward use for a retail operator who also wants rental income from the attached residential units. The ice cream shop’s established presence adds continuity for buyers looking to continue the business or repurpose the commercial space, subject to applicable approvals.
This property is well-suited for investors seeking a multifamily and retail combination, or for buyers who want to live in one unit while running a neighborhood-serving shop. With both residential units vacant and the commercial space included, it offers flexibility in how income is structured and managed, while maintaining the convenience of on-site parking and a detached garage. The sale is offered as-is.
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 Profile
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Cranston
- County
- Providence
- State
- Rhode Island
- Longitude
- -71.461894
- Latitude
- 41.783184
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Own a two-family residence with an established ice cream shop, offering flexible mixed-use income potential.
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 2‑bedroom, 1‑bath residential units; both units are currently vacant; Ice cream shop occupies the commercial space and is an established local business
