1380 Plainfield StCranston, RI 02920

Property Details for 1380 Plainfield St

Lot size

0.14 AC

Zone code

C2

Property type

Investment properties

Property subtype

Live-work space

APN

CRAN M:12-2 L:334 U:

APU

CRANM122L334U

Description

This exceptional investment opportunity in Cranston, RI, presents a mixed-use property comprising two buildings on a 0.14-acre lot at 1380 Plainfield Street. The residential building boasts twelve bedrooms and six bathrooms, each unit equipped with its own gas meter, electric meter, heating system, and water heater. Amenities include on-site parking, a full basement, and three outdoor decks. Both roofs were replaced less than five years ago. The commercial building features two separately metered units currently leased to a mattress store and a tattoo parlor, each with its own heating system. Both the residential and commercial buildings have full basements. Currently, all rental rates are below market value, presenting a significant opportunity for increased income. One residential unit is vacant and readily rentable. The property is conveniently located on the corner of Plainfield Street and Clemence Street, a high-demand rental area near public transportation, shopping, and schools, situated on the Cranston West/Johnston line. This property is ideally suited for a 1031 exchange, and owner financing may be available to qualified buyers. The total square footage is 6,780. Serious inquiries only. Notice is required for showings of occupied units.

• CAP approach

  CAP return

  Valuation

  6%

  $1,015,456

  6.5%

  $937,344

  7%

  $870,391

• Comparable approach

  Method

  Valuation

  Relative Method

  $802,514

  Geo Method

  $802,514

• Alternative Use

  Use

  Valuation

  Residential

  $1,162,307

  Hospitality

  $1,064,667

  Educational

  $885,790

  Medical

  $916,254

  Retail

  $1,377,896

Location Insight

City

Cranston

County

Providence

State

Rhode Island

Latitude

41.7962

Longitude

-71.4817

CBSA code

39300

CBSA name

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

Property Tax & Assessments

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