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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1016 Park Ave Cranston, RI 02910-3244

    • Showrooms
    • 3,876 SF
    • 0.22 lot acres
    OFF-MARKET
    Value Estimations
    $345,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US76-0089115
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • RI ChainBreakers / Dance School
    • Labor Ready / Employment Agency / Temp Agency

    Property Details for 1016 Park Ave

    Year built
    1970
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.22 lot acres
    Property size
    3,876 SF
    Zone code
    C4
    Property type
    Showrooms
    APN
    CRAN M:9-5 L:95 U:
    APU
    CRANM95L95U

    Description

    This exceptional property at 1016 Park Avenue offers a rare opportunity to acquire a totally renovated, single-tenant commercial office building. Situated near the corner of Park Avenue and Reservoir Avenue, this 9,700 square foot lot boasts a 1,800 square foot building, perfectly suited for a variety of professional uses, including medical, executive, or traditional office spaces. The building features two 1800 sq ft units, available for lease individually or together, providing flexibility for potential tenants to customize the layout to meet their specific business needs. Ample parking is provided with 20 spaces available on-site. The property is zoned C4, allowing for a range of commercial uses. Separate utilities are a key feature, offering cost efficiency and control. This is a modified gross lease opportunity, presenting a compelling investment prospect in a highly desirable location. The building's recent renovation ensures modern amenities and a professional aesthetic. Don't miss this chance to secure a prime commercial space in a thriving area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $290,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $397,000
      Market price range: $270k - $647k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Cranston
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.443
    Latitude
    41.7816
    CBSA code
    39300
    CBSA name
    PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $11,045
    $127,600
    $262,000
    $389,600
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $490,000
      16,655 SF

      48 Rolfe Sq

      SHOW ROOM, WAREHOUSE • 16,655 SF
      48 Rolfe Sq, Cranston, RI 02910-3411
      View Details
    • Value Estimation
      $270,000
      1,668 SF

      1053 Park Ave

      SHOW ROOM, WAREHOUSE • 1,668 SF
      1053 Park Ave, Cranston, RI 02910-3239
      View Details
    • Value Estimation
      $765,000
      28,958 SF

      550 Pontiac Ave

      SHOW ROOM, WAREHOUSE • 28,958 SF
      550 Pontiac Ave, Cranston, RI 02910-4710
      View Details
    • Value Estimation
      $470,000
      13,696 SF

      575 7th Mile Rd

      SHOW ROOM, WAREHOUSE • 13,696 SF
      575 7th Mile Rd, Cranston, RI 02910
      View Details
    • Value Estimation
      $300,000
      1,770 SF

      455 Reservoir Ave

      SHOW ROOM, WAREHOUSE • 1,770 SF
      455 Reservoir Ave, Cranston, RI 02910-1728
      View Details
    • Value Estimation
      $1,555,000
      9,575 SF

      888 Reservoir Ave

      SHOW ROOM, WAREHOUSE • 9,575 SF
      888 Reservoir Ave, Cranston, RI 02910-4414
      View Details

    Similar Nearby for Sale

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      Cranston Commercial Building For Sale

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    • $2,700,000
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      High-visibility Cranston location suitable for medical, retail, or office use.
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    • New
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      8,500 SF

      Mixed-Use Property on High-Traffic Corner

      Retail and industrial space on a high-traffic, signalized corner.
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      Cranston Commercial Building For Sale

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    Similar Nearby for Lease

    • $15 SF/Yr
      3,800 SF

      Spacious Retail Space on Park Avenue

      First floor retail space with high visibility and ample parking.
      684 Park Ave, Cranston, RI 02910
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    • $15 SF/Yr
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      Retail Space on Park Avenue

      Freestanding retail building with high visibility and ample parking.
      1010 Park Ave, Cranston, RI 02910
      View Details
    • Contact for pricing
      7,650 SF

      Retail Space Near I-95

      Retail property located on a busy section of Reservoir Avenue.
      460 Reservoir Ave, Cranston, RI 02910
      View Details
    • $3,850 /Mo
      2,100 SF

      Stand-Alone Building with Fenced Space

      2100 SF stand-alone building with fenced outdoor space.
      445 Niantic Ave, Cranston, RI 02910
      View Details
    • $9 SF/Yr
      55,023 SF

      Weingeroff Blvd Warehouse Space Available

      10,296 SF Warehouse, Ample Parking
      1 Weingeroff Blvd, Cranston, RI 02910
      View Details
    • $11 SF/Yr
      3,300 SF

      Cranston Office Space For Rent

      3,300 SF office space in business park location.
      100 Niantic Ave, Cranston, RI 02910
      View Details
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    1016 Park Ave
    Cranston, RI 02910-3244
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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