Medical Office Building with Waiting
For Sale
Contact for pricing
761 Park Ave, Cranston, RI 02910
One-level medical office building zoned C1 with off-street parking, reception and a large waiting room.
Property Size2,700 SF
Price / SF$207.37
Days on Market343
Property Features for 761 Park Ave
General Information
Standard status
Active
Size
2,700 SF
Property subtype
OFFICE
Zoning
C1
Building Details
Buildings
1
Stories
1
Building Size
2,700 SF
Listing Agency:
Green Island Realty, Inc.
Listed By:
Feng Lei · License #REC.0016670
(401) 286-8898
Source:
Moodyscre
Added: Sep 26, 2025
Changed: Sep 3
Last Checked: Sep 1 at 11:21PM
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 Green Island Realty, Inc.
Investment Insights
Based on property information with market context.
One-level medical office building totaling 2,700 square feet, zoned C1. The space has a reception room, a large waiting room, and 8 additional rooms, offering multiple areas for patient or client workflow. The property was recently fire coded, and the interior has been painted and is ready for your business.
The building is located on a high-traffic street in Cranston, about 10 minutes to Downtown of Providence. Off-street parking is available for guests and staff.
The property was previously used as a medical office and a beauty salon, and the building is available for lease.
The building is located on a high-traffic street in Cranston, about 10 minutes to Downtown of Providence. Off-street parking is available for guests and staff.
The property was previously used as a medical office and a beauty salon, and the building is available for lease.
Key Highlights
- 2,700 SF one‑level medical office building
- Zoned C1
- Reception room plus large waiting room
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
$34,900
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
6.23%
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%
$698,000
$698.0K
Cap Rate 7%
$498,571
$498.6K
Cap Rate 9%
$387,778
$387.8K
Market Conditions
NOI Build-Up for 2,700 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
$54.1K $20.04/SF
− Vacancy
−$7.6K −$2.81/SF
EGI
$46.5K $17.23/SF
− OpEx
−$11.6K −$4.31/SF
NOI
$34.9K $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 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%
$698,000
Cap Rate 7%
$498,571
Cap Rate 9%
$387,778
Alternative Uses
Best Use
Office B
$498.6K
$436.3K – $581.7K
NOI $34,900 @ 7.0% cap · market cap 6.23%
Second Best
Healthcare Medical
$373.7K
$327.0K – $436.0K
NOI $26,162 @ 7.0% cap · market cap 4.67%
Theoretical Best
Multifamily LT 5
$642.2K
$562.0K – $749.3K
NOI $44,956 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,101
Businesses Nearby
Under-served
Demand for This Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - One-level medical office building zoned C1 with off-street parking, reception and a large waiting room.
Where is this medical office space located?
The property is located at 761 Park Ave Cranston, RI.
What is the asking price?
The asking price for this property is $559,900.
What are key features of this property?
This property features: 2,700 SF one‑level medical office building; Zoned C1; Reception room plus large waiting room
