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    Property profile & analytics

    551 Park Ave Cranston, RI 02910

    • Showrooms
    • 6,560 SF
    • 0.12 lot acres
    For Sale
    View listing
    $1,300,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US76-0071126
    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

    • Showrooms

    Property Details for 551 Park Ave

    Year built
    1900
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.12 lot acres
    Property size
    6,560 SF
    Zone code
    B2
    Property type
    Showrooms
    APN
    CRAN M:3-2 L:1625 U:
    APU
    CRANM32L1625U

    Description

    This exceptional 16,680 square foot Class C commercial property, located at 551 Park Ave in Cranston, Rhode Island (zip code 02910), presents a unique investment opportunity for owner-users or investors. The property is situated at the high-traffic four-way intersection of Park and Elmwood Avenues, providing excellent visibility and accessibility. The building's functionality is split between industrial and retail space. The retail component consists of four units, all currently leased at market rates, ensuring a steady income stream for the new owner. The landlord will remain on a market rate lease upon sale. The property's convenient location offers easy access to major highways, enhancing its appeal to a wide range of businesses. This versatile property is ideal for a business seeking both industrial space and retail presence, or for an investor looking for a strong return on investment. The asking price for this prime Cranston commercial property is $1,300,000. The property is categorized as Industrial, Office, and Retail, with a Storefront subtype. Providence County location provides access to a robust workforce and consumer base. This is a rare opportunity to acquire a well-positioned, income-generating property in a thriving Rhode Island market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $835,000
      Market price range: $835k - $1.64M
      AI Estimate
      $457,000
      Market price range: $457k - $1.09M

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

    Location Insight

    • Map
    • Local Demand
    City
    Cranston
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.4214
    Latitude
    41.7763
    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
    $4,746
    $79,300
    $88,100
    $167,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $3,660,000
      20,091 SF

      100 Sabra St

      SHOW ROOM, WAREHOUSE • 20,091 SF
      100 Sabra St, Cranston, RI 02910-1031
      View Details
    • Value Estimation
      $13,260,000
      105,000 SF

      1500 Elmwood Ave

      SHOW ROOM, WAREHOUSE • 105,000 SF
      1500 Elmwood Ave, Cranston, RI 02910-3818
      View Details
    • Value Estimation
      $1,165,000
      6,137 SF

      615 Reservoir Ave

      SHOW ROOM, WAREHOUSE • 6,137 SF
      615 Reservoir Ave, Cranston, RI 02910-1633
      View Details
    • Value Estimation
      $3,875,000
      24,999 SF

      48 Molter St

      SHOW ROOM, WAREHOUSE • 24,999 SF
      48 Molter St, Cranston, RI 02910-1064
      View Details
    • Value Estimation
      $665,000
      3,648 SF

      1022 Reservoir Ave

      SHOW ROOM, WAREHOUSE • 3,648 SF
      1022 Reservoir Ave, Cranston, RI 02910-5122
      View Details
    • Value Estimation by Request
      2,520 SF

      708 Reservoir Ave

      SHOW ROOM, WAREHOUSE • 2,520 SF
      708 Reservoir Ave, Cranston, RI 02910-3237
      View Details

    Similar Nearby for Sale

    • $475,000

      Prime Cranston Storefront Opportunity

      Turnkey Salon, High Traffic Location
      1005 Reservoir Ave, Cranston, RI 02910
      View Details
    • $2,700,000
      10,000 SF

      Prime Cranston Retail/Office Opportunity

      High-visibility Cranston location suitable for medical, retail, or office use.
      1037 Reservoir Ave, Cranston, RI 02910
      View Details
    • $619,000
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      Cranston Commercial Building For Sale

      Highly visible commercial building with existing kitchen infrastructure.
      840 Park Ave, Cranston, RI 02910
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    • New
      $399,900
      Pending

      Mixed-Use Property on High-Traffic Corner

      Retail and industrial space on a high-traffic, signalized corner.
      634 Park Ave, Cranston, RI 02910
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    • $559,900
      2,700 SF

      Cranston Commercial Building For Sale

      2700 SF commercial building in high-traffic Cranston location.
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    • $800,000

      Gansett Ave Restaurant - $800K

      Turn-key Restaurant, Prime Location
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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
      View Details
    • $15 SF/Yr
      10,570 SF

      Retail Space on Park Avenue

      Freestanding retail building with high visibility and ample parking.
      1010 Park Ave, Cranston, RI 02910
      View Details
    • $0.72 SF/Yr

      Retail Space with Loading Dock

      Centrally located retail space featuring a loading dock and private bathroom.
      1296 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
    • $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
    • $850 /Mo

      Cranston Office Space For Rent

      Centrally located Cranston office space available for lease.
      995 Park Ave, Cranston, RI 02910
      View Details
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    551 Park Ave
    Cranston, RI 02910
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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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