Three-Unit Mixed-Use
New
For Sale
$649,900
700 Reservoir Avenue, Cranston, RI 02910
Residential Income, Cranston, RI
Property Size2,340 SF
Lot Size0.10 Acres
Price / SF$277.74
Days on Market6
Property Features for 700 Reservoir Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bedroom 2, Bathroom 3, Bathroom 4, Bedroom 4, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 5
Parking
4
Parking features
None
Interior features
Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (Walls)
Basement
Full, Unfinished, Storage Space
Appliances
Oven, Range, Refrigerator, Gas Water Heater
Subdivision
Reservoir
Lot features
Paved Driveway, Sidewalks
Standard status
Active
Size
2,340 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4672
Utilities
Heating system
Baseboard, Natural Gas
Building Details
Year built
1920
Floors in Building
3
Number of units
4
Flooring type
Tile - Ceramic, Hardwood, Vinyl
Building materials
Dry Wall, Plaster, Vinyl Siding
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# 1424352
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 mixed-use property contains three units across 2,340 square feet on a 0.1-acre lot. The existing units are rented, and two tenants have month-to-month arrangements. The property dates to 1920 and has a newer furnace, natural gas baseboard heat, and hardwood, vinyl, and ceramic tile flooring. The remarks identify the possibility of adding a fourth and fifth unit.
At 700 Reservoir Avenue in Cranston, the property is within walking distance of shopping, restaurants, and everyday retail. Appliances include an oven, range, refrigerator, and gas water heater.
At 700 Reservoir Avenue in Cranston, the property is within walking distance of shopping, restaurants, and everyday retail. Appliances include an oven, range, refrigerator, and gas water heater.
Key Highlights
- Three existing units are rented; two tenants are on month‑to‑month agreements
- 2,340 square feet on a 0.1‑acre lot
- Possible conversion to a fourth and fifth unit, as described in the remarks
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,962
Cap Rate
6.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$779,240
$779.2K
Cap Rate 7%
$556,600
$556.6K
Cap Rate 9%
$432,911
$432.9K
Market Conditions
NOI Build-Up for 2,340 SF
Gross rent
$59.5K $25.44/SF
− Vacancy
−$3.9K −$1.65/SF
EGI
$55.7K $23.79/SF
− OpEx
−$16.7K −$7.14/SF
NOI
$39.0K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$779,240
Cap Rate 7%
$556,600
Cap Rate 9%
$432,911
Alternative Uses
Best Use
Multifamily LT 5
$556.6K
$487.0K – $649.4K
NOI $38,962 @ 7.0% cap · market cap 6.00%
Second Best
Apartment 5plus
$441.7K
$386.5K – $515.4K
NOI $30,922 @ 7.0% cap · market cap 4.76%
Theoretical Best
—
—
same as Best Use
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
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 - All three current units are rented, with two leases on a month-to-month basis.
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 on month‑to‑month agreements; 2,340 square feet on a 0.1‑acre lot; Possible conversion to a fourth and fifth unit, as described in the remarks
