Grocery-Anchored Shopping
For Sale
Contact for pricing
200 Garfield Avenue, Cranston, RI 02920
Retail center with an established anchor, junior anchors, and access to Interstate-95.
Property Size259,225 SF
Price / SF$173.59
Days on Market25
Property Features for 200 Garfield Avenue
General Information
Standard status
Active
Size
259,225 SF
Total Parking Spaces
1006
Property subtype
Retail
Occupancy
96%
Lease Type
NNN
Investment Type
Value Add
Building Details
Year Built
2001
Tenancy
Multi
Listing Agency:
CBRE - Boston
(617) 953-0152
Listed By:
Nat Heald · License #MA 9088276-RE-S
Source:
Crexi
Added: Aug 6
Changed: Aug 29
Last Checked: Aug 29 at 4:24PM
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 CBRE - Boston
Investment Insights
Based on property information with market context.
Cranston Parkade is a 259,225-square-foot shopping center completed in 2001. The property is grocery anchored, includes high-performing junior anchors, and has maintained a 25-year anchor history. Occupancy is 96%.
Located at 200 Garfield Avenue in Cranston, the center is approximately 1 mile from Interstate-95 and 2.5 miles from downtown Providence. The surrounding 5-mile area includes 373,800 people, with average household incomes approaching $103,000. Cranston is identified as a densely populated Providence bedroom community, while greater Providence includes eight universities and colleges and major employers such as Rhode Island State Government, Lifespan Health, CVS Pharmacy, and Citizens Financial.
Located at 200 Garfield Avenue in Cranston, the center is approximately 1 mile from Interstate-95 and 2.5 miles from downtown Providence. The surrounding 5-mile area includes 373,800 people, with average household incomes approaching $103,000. Cranston is identified as a densely populated Providence bedroom community, while greater Providence includes eight universities and colleges and major employers such as Rhode Island State Government, Lifespan Health, CVS Pharmacy, and Citizens Financial.
Key Highlights
- 259,225 SF shopping center built in 2001
- Grocery‑anchored center with high‑performing junior anchors
- 96% occupancy
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
$2,926,547
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
6.50%
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%
$58,530,940
$58.5M
Cap Rate 7%
$41,807,814
$41.8M
Cap Rate 9%
$32,517,189
$32.5M
Market Conditions
NOI Build-Up for 259,225 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
$4.67M $18.00/SF
− Vacancy
−$485.3K −$1.87/SF
EGI
$4.18M $16.13/SF
− OpEx
−$1.25M −$4.84/SF
NOI
$2.93M $11.29/SF
Area
Providence County, RI
Vacancy
10.40%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$58,530,940
Cap Rate 7%
$41,807,814
Cap Rate 9%
$32,517,189
Alternative Uses
Best Use
Retail
$41.81M
$36.58M – $48.78M
NOI $2,926,547 @ 7.0% cap · market cap 6.50%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$61.66M
$53.95M – $71.94M
NOI $4,316,221 @ 7.0% cap · market cap 9.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
632
Businesses Nearby
321k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 27%
Dining 22%
Shops & Services 19%
Apparel 19%
Burlington
Apparel
45,165 visits/mo
0.1 miles
Stop & Shop
Groceries
44,393 visits/mo
0.1 miles
Lowe's
Home Improvements & Furnishings
32,032 visits/mo
0.2 miles
Five Below
Shops & Services
30,941 visits/mo
0.0 miles
Texas Roadhouse
Dining
25,698 visits/mo
0.4 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?
Shopping center - Retail center with an established anchor, junior anchors, and access to Interstate-95.
Where is this shopping center located?
The property is located at 200 Garfield Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $45,000,000.
What are key features of this property?
This property features: 259,225 SF shopping center built in 2001; Grocery‑anchored center with high‑performing junior anchors; 96% occupancy
