Three-Unit Mixed-Use
New
For Sale
$649,900
700 Reservoir Avenue, Cranston, RI 02910
Commercial/Business,Commercial Sale, Cranston, RI
Property Size2,613 SF
Lot Size0.10 Acres
Price / SF$248.72
Days on Market6
Property Features for 700 Reservoir Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
4
Interior features
Ceiling Height (Less Than 7 Ft), Ceiling Height (7 to 9 Ft)
Basement
Full
Subdivision
Reservoir
Lot features
Paved, Sidewalks, Free Standing
Standard status
Active
Size
2,613 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4672
Utilities
Heating system
Baseboard
Building Details
Year built
1920
Floors in Building
2
Number of units
4
Listing Agency:
Century 21 Limitless · Century 21 Real Estate
(508) 567-3468
Listed By:
Katie Wright · License #RES.0042514
(570) 856-3436
Added: Sep 30
Last Checked: Oct 5 at 6:06PM
MLS# 1424736
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.
Investment Insights
Based on property information with market context.
This 2,613-square-foot mixed-use property contains three existing units, all currently rented. Two tenants are on month-to-month arrangements. A newer furnace and hardwood and vinyl flooring are among the building’s features, and a basement is noted. The structure was built in 1920 and occupies a 0.1-acre lot.
The property is on Reservoir Avenue in Cranston, Rhode Island, within walking distance of shopping, restaurants, and everyday retail. Private off-street parking is located at the rear. The remarks identify the possibility of creating two additional units, though no configuration details are provided.
The property is on Reservoir Avenue in Cranston, Rhode Island, within walking distance of shopping, restaurants, and everyday retail. Private off-street parking is located at the rear. The remarks identify the possibility of creating two additional units, though no configuration details are provided.
Key Highlights
- Three existing units are currently rented
- Two tenants have month‑to‑month arrangements
- Potential to create two additional units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,530
Cap Rate
5.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$690,600
$690.6K
Cap Rate 7%
$493,286
$493.3K
Cap Rate 9%
$383,667
$383.7K
Market Conditions
NOI Build-Up for 2,613 SF
Gross rent
$66.8K $25.56/SF
− Vacancy
−$4.0K −$1.53/SF
EGI
$62.8K $24.03/SF
− OpEx
−$28.3K −$10.81/SF
NOI
$34.5K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$690,600
Cap Rate 7%
$493,286
Cap Rate 9%
$383,667
Alternative Uses
Best Use
Apartment 5plus
$493.3K
$431.6K – $575.5K
NOI $34,530 @ 7.0% cap · market cap 5.31%
Second Best
Mixed Use
$440.9K
$385.8K – $514.4K
NOI $30,866 @ 7.0% cap · market cap 4.75%
Theoretical Best
Multifamily LT 5
$621.5K
$543.9K – $725.1K
NOI $43,508 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three occupied units, rear off-street parking, and a newer furnace serve this mixed-use building.
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 currently rented; Two tenants have month‑to‑month arrangements; Potential to create two additional units
