3-Unit Mixed-Use
New
For Sale
$649,900
700 Reservoir Avenue, Cranston, RI 02910
Two month-to-month tenancies provide flexibility alongside the property's existing rental occupancy.
Property Size2,340 SF
Price / SF$277.74
Days on Market6
Property Features for 700 Reservoir Avenue
General Information
Standard status
Active
Size
2,340 SF
Property subtype
MultiFamily
Occupancy
100%
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Century 21 Limitless
(508) 567-3468
Listed By:
Katie Wright · License #RES.0042514
(570) 856-3436
Source:
Lockandkeyre
Added: Sep 30
Changed: Oct 4
Last Checked: Oct 4 at 10:53AM
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 Century 21 Limitless
Investment Insights
Based on property information with market context.
Built in 1920, this 2,613-square-foot mixed-use property contains three rented units. Two tenancies are month-to-month. A newer furnace, hardwood and vinyl flooring, and private off-street parking behind the building are among its features. The property also has potential for two additional units.
Reservoir Avenue places the property within walking distance of shopping, restaurants, and everyday retail destinations.
Reservoir Avenue places the property within walking distance of shopping, restaurants, and everyday retail destinations.
Key Highlights
- Three existing units are rented; two tenants are month‑to‑month
- 2,613 square feet; built in 1920
- Potential to create a fourth and fifth unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,641
Cap Rate
4.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$552,820
$552.8K
Cap Rate 7%
$394,871
$394.9K
Cap Rate 9%
$307,122
$307.1K
Market Conditions
NOI Build-Up for 2,340 SF
Gross rent
$49.1K $21.00/SF
− Vacancy
−$4.9K −$2.10/SF
EGI
$44.2K $18.90/SF
− OpEx
−$16.6K −$7.09/SF
NOI
$27.6K $11.81/SF
Area
Providence County, RI
Vacancy
10.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$552,820
Cap Rate 7%
$394,871
Cap Rate 9%
$307,122
Alternative Uses
Best Use
Mixed Use
$394.9K
$345.5K – $460.7K
NOI $27,641 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$556.6K
$487.0K – $649.4K
NOI $38,962 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,506
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two month-to-month tenancies provide flexibility alongside the property's existing rental occupancy.
Where is this mixed-use property located?
The property is located at 700 Reservoir Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Three existing units are rented; two tenants are month‑to‑month; 2,613 square feet; built in 1920; Potential to create a fourth and fifth unit
