68 Gansett AveCranston, RI 02910

Property Details for 68 Gansett Ave

Year built

1958

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.13 AC

Property size (Sq ft)

4,018 SF

Zone code

B1

Property type

Showrooms

APN

CRAN M:7-5 L:2036 U:

APU

CRANM75L2036U

Description

This unique 2,200 square foot commercial property at 68 Gansett Avenue in Cranston, RI, presents a compelling investment opportunity. Currently zoned B-1 Residential, it offers significant potential for redevelopment. The property boasts a rich history as a two-story, four-unit multi-family building, and current zoning allows for a duplex or, with updated density regulations, potentially a four-plex. The flexible zoning also accommodates a mixed-use development, ideal for a business owner seeking live-work space. The expansive 5,600 square foot building includes 2,000 square feet of living space, already separated into a vacant unit ready for repurposing. Two separate garages/storage areas provide parking for up to five or six vehicles, with additional off-street parking available. The property benefits from numerous recent updates, including a newer roof and air conditioning unit. Some utilities are separately metered for efficiency. Its prime location across the street from the Peter Pastore Youth Center and a city park adds significant value and appeal. The 0.13-acre lot provides ample space for future development or expansion. This property is ready for a new vision and offers a rare chance to capitalize on its versatile zoning and desirable location. Easy to show.

• CAP approach

  CAP return

  Valuation

  6%

  $976,514

  6.5%

  $901,398

  7%

  $837,012

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,322,980

  Geo Method

  $1,322,980

• Alternative Use

  Use

  Valuation

  Residential

  $760,363

  Hospitality

  $696,488

  Educational

  $579,470

  Medical

  $599,399

  Retail

  $901,398

Location Insight

City

Cranston

County

Providence

State

Rhode Island

Latitude

41.7886

Longitude

-71.4517

CBSA code

39300

CBSA name

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

Property Tax & Assessments

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