Freestanding Commercial Kitchen
For Sale
$599,900
840 Park Avenue, Cranston, RI 02910
Commercial/Business,Commercial Sale, Cranston, RI
Property Size3,552 SF
Lot Size0.10 Acres
Price / SF$168.89
Days on Market259
Property Features for 840 Park Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Security features
Security Lighting
Interior features
Ceiling Height (9 to 12 Ft)
Basement
Full
Subdivision
Rolfe Square
Lot features
Corner, Sidewalks, Strip Store
Standard status
Active
Size
3,552 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8565
Utilities
Heating system
Baseboard, Central, Forced Air
Cooling system
Wall Unit(s), Central Air
Amenities
dual kitchen hoods with full Ansul system
generator
newer roof
Building Details
Year built
1940
Number of units
2
Building materials
Brick, Frame
Listing Agency:
Re/Max Preferred · RE/MAX International
(401) 353-2200
Listed By:
Richard Zompa · License #REB.0014356
(401) 353-2600
Added: Dec 5, 2025
Changed: Aug 19
Last Checked: Aug 21 at 1:06AM
MLS# 1401323
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 freestanding brick-and-frame commercial kitchen property contains 3,552 square feet across two levels. The main level measures approximately 1,776 square feet and is currently configured for catering operations, while the lower level adds approximately 1,776 square feet of finished office area and storage. Existing food-service improvements include dual kitchen hoods with a full Ansul system, along with a generator. Ceiling heights range from 9 to 12 feet.
The building occupies the corner of Park Avenue and Pontiac Avenue in Cranston, with abundant on-street parking serving nearby businesses. Constructed in 1940, the property also includes baseboard, central, and forced-air heating, plus wall-unit and central air-conditioning systems. The existing layout combines kitchen, office, and storage functions within a compact commercial building.
The building occupies the corner of Park Avenue and Pontiac Avenue in Cranston, with abundant on-street parking serving nearby businesses. Constructed in 1940, the property also includes baseboard, central, and forced-air heating, plus wall-unit and central air-conditioning systems. The existing layout combines kitchen, office, and storage functions within a compact commercial building.
Key Highlights
- 3,552 square feet across two levels, with approximately 1,776 square feet on each level
- Dual kitchen hoods equipped with a full Ansul system
- Lower level includes finished office space and storage
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
$43,023
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
7.17%
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%
$860,460
$860.5K
Cap Rate 7%
$614,614
$614.6K
Cap Rate 9%
$478,033
$478.0K
Market Conditions
NOI Build-Up for 3,552 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
$63.9K $18.00/SF
− Vacancy
−$6.6K −$1.85/SF
EGI
$57.4K $16.15/SF
− OpEx
−$14.3K −$4.04/SF
NOI
$43.0K $12.11/SF
Area
Providence County, RI
Vacancy
10.28%
Lease Rate
$18.00 /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%
$860,460
Cap Rate 7%
$614,614
Cap Rate 9%
$478,033
Alternative Uses
Best Use
Specialty Retail
$614.6K
$537.8K – $717.1K
NOI $43,023 @ 7.0% cap · market cap 7.17%
Second Best
Retail
$572.9K
$501.3K – $668.4K
NOI $40,101 @ 7.0% cap · market cap 6.68%
Theoretical Best
Multifamily LT 5
$844.9K
$739.3K – $985.7K
NOI $59,143 @ 7.0% cap · market cap 9.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,279
Businesses Nearby
169k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 64%
Dining 31%
Home Improvements & Furnishings 3%
Electronics 2%
Cumberland Farms
Shops & Services
25,410 visits/mo
0.4 miles
Dunkin' Donuts
Dining
22,372 visits/mo
0.3 miles
Burger King
Dining
14,922 visits/mo
0.3 miles
Dollar Tree
Shops & Services
14,683 visits/mo
0.1 miles
Shell
Shops & Services
14,401 visits/mo
0.4 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial kitchen - Food-service infrastructure and flexible lower-level space support a range of commercial kitchen operations.
Where is this commercial kitchen located?
The property is located at 840 Park Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 3,552 square feet across two levels, with approximately 1,776 square feet on each level; Dual kitchen hoods equipped with a full Ansul system; Lower level includes finished office space and storage
