1005 Reservoir AveCranston, RI 02910

Property Details for 1005 Reservoir Ave

Year built

1950

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.11 AC

Property size (Sq ft)

1,530 SF

Zone code

C1

Property type

Other commercial real estate

Property subtype

Showrooms

APN

CRAN M:9-4 L:2380 U:

APU

CRANM94L2380U

Description

This renovated 5,000 sq ft Cranston, RI storefront at 1005 Reservoir Avenue presents a unique investment opportunity. Built in 1950 and completely renovated in 2021, this property is ideally suited for a salon or barbershop, boasting five hair styling stations, two wash bowls, a dedicated hair color mixing bar, and two private upstairs boutique rooms. Employee amenities include a modernized break room with a full kitchen, a separate employee bathroom, and ample parking. The building features central air and heating, a sound system, security cameras, and is situated on a high-traffic street, minutes from Garden City and other shopping centers. The asking price is $475,000. This turnkey operation is ready for immediate occupancy and offers significant potential for a new owner. The property includes one building on a 5,000 sq ft lot and is zoned for commercial use. All equipment is included in the sale. This is a rare opportunity to acquire a fully equipped and established business in a desirable location. Don't miss out on this exceptional chance to own a thriving salon in a bustling Rhode Island community. The property is located in Providence County, RI, zip code 02910.

• CAP approach

  CAP return

  Valuation

  6%

  $371,843

  6.5%

  $343,240

  7%

  $318,723

• Comparable approach

  Method

  Valuation

  Relative Method

  $503,773

  Geo Method

  $503,773

• Alternative Use

  Use

  Valuation

  Residential

  $289,536

  Hospitality

  $265,213

  Educational

  $220,654

  Medical

  $228,243

  Retail

  $343,240

Location Insight

City

Cranston

County

Providence

State

Rhode Island

Latitude

41.7742

Longitude

-71.4509

CBSA code

39300

CBSA name

PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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