Three-Unit Mixed-Use
2 Gansett Avenue Cranston, RI 02920
2 Gansett Avenue, Cranston, RI, 02920
$459,000
For Sale
$459,000
Updated ground-floor storefront with two rental apartments above, supported by separate utilities and a compliant alarm system.
Property Size2,586 SF
Price / SF$177.49
Days on Market49
Property Features for 2 Gansett Avenue
General Information
- Standard status
- Active
- Size
- 2,586 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1920
Listing agency
RE/MAX New Horizons
(401) 996-2537
Listed by
Ronald Deleon
(401) 996-2537
Source
Xome
Added: Jun 4 Updated: Jul 10 at 2:00PM Checked: Jun 20 at 4:51AM
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 RE/MAX New Horizons
Investment Insights
Based on property information with market context.
This well-maintained three-unit mixed-use building features an updated commercial storefront on the first floor and two apartment units on the second and third floors. The ground-level space is equipped with gas-forced hot-air heat, making it suitable for a range of business uses. Each apartment offers two bedrooms and comes fully applianced. The rental units are described as being on a month-to-month basis and include gas baseboard heating, gas hot water, and separate utilities. An updated, hardwired, fire-code compliant alarm system is also in place.
The property is positioned for strong exposure at a prominent four-corner intersection, supporting the visibility of the street-level storefront. The combination of commercial frontage and residential units within the same structure can provide a flexible operating and occupancy profile depending on how the space is used.
For tenants, owner-occupants, and investors, this layout can accommodate a business on the first floor while maintaining additional income-producing residential units above. The month-to-month rental terms, in-unit heating and hot water using gas, and separate utility setup are practical details for day-to-day management. Financing may be available, as the property is stated to qualify for FHA financing and conventional loans.
The property is positioned for strong exposure at a prominent four-corner intersection, supporting the visibility of the street-level storefront. The combination of commercial frontage and residential units within the same structure can provide a flexible operating and occupancy profile depending on how the space is used.
For tenants, owner-occupants, and investors, this layout can accommodate a business on the first floor while maintaining additional income-producing residential units above. The month-to-month rental terms, in-unit heating and hot water using gas, and separate utility setup are practical details for day-to-day management. Financing may be available, as the property is stated to qualify for FHA financing and conventional loans.
Key Highlights
- Three‑unit mixed‑use building with an updated ground‑floor commercial storefront and two residential apartments above
- Corner lot with C2 zoning and highway/public transport access
- Two‑bedroom apartments on the 2nd and 3rd floors, each fully applianced and rented on a month‑to‑month basis
Local Financial Insights For Apartment 5plus
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 | $66.1k | $25.56 |
| − Vacancy | −$4.0k | −$1.53 |
| EGI | $62.1k | $24.03 |
| − OpEx | −$28.0k | −$10.81 |
| NOI | $34.2k | $13.21 |
2,586 SF · lease $25.56/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$615.1K
$538.2K – $717.6K
NOI $43,058 @ 7.0% cap · market cap 9.38%
Second Best
Apartment 5plus
$488.2K
$427.2K – $569.6K
NOI $34,173 @ 7.0% cap · market cap 7.45%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Simbas
Clothing Store
Miranda's party store
Event Planning
Ross Nails And Spa
Nail Salon
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Updated ground-floor storefront with two rental apartments above, supported by separate utilities and a compliant alarm system.
Where is this mixed-use property located?
The property is located at 2 Gansett Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $459,000.
What are key features of this property?
This property features: Three‑unit mixed‑use building with an updated ground‑floor commercial storefront and two residential apartments above; Corner lot with C2 zoning and highway/public transport access; Two‑bedroom apartments on the 2nd and 3rd floors, each fully applianced and rented on a month‑to‑month basis
