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

    247 Garfield Ave Cranston, RI 02920-7815

    • Showrooms
    • 138,360 SF
    • 13.83 lot acres
    OFF-MARKET
    Value Estimations
    $18,705,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US76-0227416
    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

    • Lowe's ProServices / Building Supply / Industrial Manufacturer
    • Lowe's Garden Center / Garden Center
    • Lowe's Home Improvement / Building Supply / Hardware & Home Improvement
    • Minute Key / Locksmith / (Bike/Boat/Book/etc) Store
    • Installation Services / General Contractor

    Property Details for 247 Garfield Ave

    Year built
    2001
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    13.83 lot acres
    Property size
    138,360 SF
    Zone code
    C4
    Property type
    Showrooms
    APN
    CRAN M:7-3 L:1109 U:
    APU
    CRANM73L1109U

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $27,240,000
      6.5%
      $25,145,000
      7%
      $23,350,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $17,269,000
      Market price range: $12.2M - $29.2M
      AI Estimate
      $13,706,000
      Market price range: $8.35M - $22.8M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $19,110,000
      Current use
      OFFICE BUILDING
      $26,490,000
      Change: +39% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Cranston
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.4441
    Latitude
    41.7967
    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
    $415,169
    $5,376,400
    $9,268,000
    $14,644,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,475,000
      10,296 SF

      2 Stafford Ct

      SHOW ROOM, WAREHOUSE • 10,296 SF
      2 Stafford Ct, Cranston, RI 02920-4464
      View Details
    • Value Estimation
      $1,885,000
      10,150 SF

      205 Atwood Ave

      SHOW ROOM, WAREHOUSE • 10,150 SF
      205 Atwood Ave, Cranston, RI 02920-4047
      View Details
    • Value Estimation
      $1,760,000
      19,900 SF

      800 Oaklawn Ave

      SHOW ROOM, WAREHOUSE • 19,900 SF
      800 Oaklawn Ave, Cranston, RI 02920-2822
      View Details
    • Value Estimation
      $1,420,000
      13,305 SF

      19 Sharpe Dr

      SHOW ROOM, WAREHOUSE • 13,305 SF
      19 Sharpe Dr, Cranston, RI 02920-4402
      View Details
    • Value Estimation
      $3,735,000
      23,274 SF

      40 Sockanosset Cross Rd

      SHOW ROOM, WAREHOUSE • 23,274 SF
      40 Sockanosset Cross Rd, Cranston, RI 02920-5566
      View Details
    • Value Estimation by Request
      819 SF

      628 Dyer Ave

      SHOW ROOM, WAREHOUSE • 819 SF
      628 Dyer Ave, Cranston, RI 02920-6923
      View Details

    Similar Nearby for Sale

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      0.14 Acres

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      Mixed-use property featuring a two-family home and established ice cream shop.
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      Prime Cranston location, high visibility, 4,200 sq ft.
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      Retail Property For Sale

      Single tenant, 100% occupied retail property for sale.
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    Similar Nearby for Lease

    • Contact for pricing
      1,296 SF

      Retail Space Near Atwood Avenue

      Retail space available in a high-traffic Cranston location.
      255 Atwood Ave, Cranston, RI 02920
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      Cranston RI Office/Warehouse Space

      Prime Cranston location, flexible space available.
      100 Sockanosset Cross Rd, Cranston, RI 02920
      View Details
    • Contact for pricing
      2,857 SF

      Office Space in Chapel View

      Office space for rent in a convenient Cranston location.
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      View Details
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      1,529 SF

      Cranston Office Space For Lease

      Multi-tenanted office building, ideal for medical or general office use.
      35 Sockanosset Cross Rd, Cranston, RI 02920
      View Details
    • Contact for pricing
      2,285 SF

      Office Space in Chapel View

      Office space for rent in Cranston, Rhode Island.
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      View Details
    • Contact for pricing
      6,138 SF

      Cranston Office Space Available

      6,138 sqft office space for rent in Cranston, RI.
      2000 Chapel View Blvd, Cranston, RI 02920
      View Details

    Property Visit Statistics

    • Visits by month
      51.5k
    • Visitors by month
      32.2k
    • Avg Time on site
      26 min
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    247 Garfield Ave
    Cranston, RI 02920-7815
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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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