Cranston Commercial Building For
For Sale
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761 Park Avenue, Cranston, RI 02910
2732 sq ft commercial building in high-traffic Cranston location.
Property Size2,732 SF
Price / SF$204.94
Days on Market793
Property Features for 761 Park Avenue
General Information
Standard status
Active
Size
2,732 SF
Total Parking Spaces
7
Property subtype
Office
Building Details
Year Built
1946
Buildings
1
Stories
1
Units
1
Listing Agency:
Green Island Realty, Inc.
(401) 286-8898
Listed By:
Feng Lei · License #REC.0016670
Source:
Crexi
Added: Jun 8, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:05AM
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.
This one-level, 2732 square feet building is located on a high-traffic street in Cranston, approximately 10 minutes from downtown Providence. Zoned C1, the building was formerly used as a medical office and a beauty salon. The layout includes 8 rooms, a reception room, and a large waiting room. Recent upgrades include fire code compliance and new interior paint. Off-street parking is available. The building is suitable for various business uses.
Key Highlights
- High‑traffic location in Cranston
- Zoned C1, suitable for various commercial uses
- 2700 square feet of space
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
$35,313
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
6.31%
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%
$706,260
$706.3K
Cap Rate 7%
$504,471
$504.5K
Cap Rate 9%
$392,367
$392.4K
Market Conditions
NOI Build-Up for 2,732 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
$54.7K $20.04/SF
− Vacancy
−$7.7K −$2.81/SF
EGI
$47.1K $17.23/SF
− OpEx
−$11.8K −$4.31/SF
NOI
$35.3K $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 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%
$706,260
Cap Rate 7%
$504,471
Cap Rate 9%
$392,367
Alternative Uses
Best Use
Office B
$504.5K
$441.4K – $588.6K
NOI $35,313 @ 7.0% cap · market cap 6.31%
Second Best
Healthcare Medical
$378.2K
$330.9K – $441.2K
NOI $26,472 @ 7.0% cap · market cap 4.73%
Theoretical Best
Multifamily LT 5
$649.8K
$568.6K – $758.2K
NOI $45,489 @ 7.0% cap · market cap 8.12%
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - 2732 sq ft commercial building in high-traffic Cranston location.
Where is this medical office space located?
The property is located at 761 Park Avenue 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: High‑traffic location in Cranston; Zoned C1, suitable for various commercial uses; 2700 square feet of space
