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Marcus & Millichap Sells Park Avenue Plaza Retail Property In Cranston, RI For $4.8M

Property Image
SOLD
$4,800,000
Brett Kilar
Adam Cohen
Maria DeAngelis

Rhode Island

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Retail24,750 SF
Sold 07/27/2023
the dealplayerscompscontact
Property Image
SOLD

Marcus & Millichap Sells Park Avenue Plaza Retail Property In Cranston, RI For $4.8M

1375 1401 Park Avenue Cranston, Rhode Island 02920, Usa

See Similar Deals
Retail24,750 SF
Sold 07/27/2023
Brett Kilar
Adam Cohen
Maria DeAngelis
the dealplayerscompscontact
Contact now

Summary

RHODE ISLAND
Asset Type:Retail
Price Per Square Foot:$193
Total Square Footage:24,750 SF
Transaction Type:Sale

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

Adam Cohen
Marcus & Millichap
Adam Cohen
10 deals$47.1M volume(818) 212-2250
BROKER
Brett Kilar
Marcus & Millichap
Brett Kilar
9 deals$42.8M volume(617) 896-7233
BROKER
Maria DeAngelis
Marcus & Millichap
Maria DeAngelis
3 deals$7.6M volume(203) 672-3329
BROKER

Details

SOLD
IMAGE: Brett Kilar, Maria DeAngelis & Adam Cohen DATE: 07/27/2023 ADDRESS: 1375-1401 Park Avenue MARKET: Cranston, RI ASSET TYPE: Retail ~ ACRES: 2.63 BROKERS: Adam Cohen, Brett Kilar & Maria DeAngelis - Marcus & Millichap SALE PRICE: $4,800,000 SF: 24,750 ~ PPSF: $194 NOTE: Marcus & Millichap has announced the successful sale of Park Avenue Plaza, a retail property spanning 24,750 square feet in Cranston, Rhode Island, fetching $4.8 million.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$256,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$17,053.38
Cash-on-Cash Return-1.27%
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