Building Details

Year Built 1900

Buildings 2

Tenancy Multi

Listing Agency: ERA Empire Real Estate Show Phone

Listed By: Jimmy Ranieri · License #REC.0016826 Show Phone

Source: Lockandkeyre

Added: Oct 14 Changed: Oct 16 Last Checked: Oct 16 at 7:29AM

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Investment Insights

Based on property information with market context.

This two-building office property contains eight individually occupied executive suites, along with shared common areas, a kitchenette, and bathroom facilities. A separate private office on the first floor has upgraded finishes and can be used independently. The buildings have received extensive renovations, including updated mechanical systems and structural improvements, with modern finishes throughout.

The property is located in Rolfe Square in Cranston. Built in 1900, it has a total area of 5,209 square feet and includes 11 monthly rental income streams.

Key Highlights

• Two‑building office property totaling 5,209 square feet
• Eight individually occupied executive suites
• Separate first‑floor private office with upgraded finishes

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$67,330

Cap Rate

4.99%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,346,600 $1.3M

Cap Rate 7%

$961,857 $961.9K

Cap Rate 9%

$748,111 $748.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,209 SF

Gross rent

$104.4K $20.04/SF

− Vacancy

−$14.6K −$2.81/SF

EGI

$89.8K $17.23/SF

− OpEx

−$22.4K −$4.31/SF

NOI

$67.3K $12.93/SF

Area

Providence County, RI

Vacancy

14.00%

Lease Rate

$20.04 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,346,600

Cap Rate 7%

$961,857

Cap Rate 9%

$748,111

Alternative Uses

Best Use

Office B

$961.9K

$841.6K – $1.12M (±1% cap)

NOI $67,330 @ 7.0% cap · market cap 4.99%

Second Best

—

—

no second resolved use

Theoretical Best

Multifamily LT 5

$1.24M

$1.08M – $1.45M (±1% cap)

NOI $86,732 @ 7.0% cap · market cap 6.42%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

The Suites at 41 Rolfe Gym & Fitness Center

Suggested Use

Top Pick Parking Lot & Garage Travel Agency Carpet & Flooring Store Bakery HVAC Service Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

8

Office units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,195

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

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Two renovated buildings offer shared common areas, a kitchenette, and bathroom facilities.

Where is this office building located?

The property is located at 41 Rolfe Square Cranston, RI.

What is the asking price?

The asking price for this property is $1,350,000.

What are key features of this property?

This property features: Two‑building office property totaling 5,209 square feet; Eight individually occupied executive suites; Separate first‑floor private office with upgraded finishes