Marcus & Millichap Sells Park Avenue Plaza Retail Property In Cranston, RI For $4.8M
1375 1401 Park Avenue Cranston, Rhode Island 02920, Usa
$4,800,000
$193/SF
Building Size
24,750 SF
Asset Type
Retail
Closing
Jul 27, 2023
AI
Park Avenue Plaza, a retail property spanning 24,750 square feet in Cranston, Rhode Island, has been sold for $4.8 million. The property is located at 1375-1401 Park Avenue and sits on 2.63 acres of land. The sale price equates to approximately $194 per square foot.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $4,800,000
- Address: 1375-1401 Park Avenue
- Market: Cranston, RI
- Acres: 2.63
The sale of Park Avenue Plaza was facilitated by Marcus & Millichap, with brokers Adam Cohen, Brett Kilar, and Maria DeAngelis representing the parties involved in the transaction. The deal marks a successful endeavor for Marcus & Millichap in arranging the purchase of this retail property.
Players
Bridgeport Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.30%
Cash-on-Cash
-0.94%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93