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37-39 Phenix Ave - Phenix Plaza 1,500 SF Retail Condo Unit Offered at $330,000 in Cranston, RI 02920

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Investment Highlights

Fully equipped and operational restaurant within a high-traffic retail plaza.
Established lease in place, producing a reported 7.7% capitalization rate.
On-site parking and prominent street-level visibility along Phenix Avenue.

Two contiguous units totaling approximately 1,500 sq. ft. under condominium ownership.
Convenient access to I-95 and nearby business and residential communities.
Adaptable layout suitable for future retail or office configurations if desired.

Executive Summary

The property consists of two street-level commercial condominium units located at 37 Phenix Avenue in Cranston, Rhode Island. It is classified under a C-2 zoning designation, with land use identified as commercial condominium. Public records indicate an assessed lot size of approximately 0.82 acres for the plaza. The location is within the Providence metropolitan area, offering access to regional commuter routes and positioned near retail amenities. The property includes two bathrooms and an office area.

1 Unit Available

Unit 6&7
1,500 SF
Retail
$330,000 ($220.00/SF)
$25,410

Sale Type	Investment	No. Parking Spaces	50
Cap Rate	7.70%

Sale Type	Investment
Cap Rate	7.70%
No. Parking Spaces	50

Description

Newly renovated restaurant in two combined commercial condominiums, located in busy Western Cranston plaza.

Sale Notes

This offering features two fully combined commercial condominium units in a well-established retail setting along 37 Phenix Avenue in Western Cranston. Currently configured as a fully equipped restaurant, the property benefits from a five-year lease in place, presenting a stable income stream for investors. Tenants have already been secured, ensuring consistent cash flow supported by a strong 7.7% capitalization rate.

Unit	Unit Size	Condo Use	Price	NOI
Unit 6&7	1,500 SF	Retail	$330,000 ($220.00/SF)	$25,410

Unit Size

1,500 SF

Condo Use

Retail

Price

$330,000 ($220.00/SF)

NOI

$25,410

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Property Facts

The following property facts and amenities apply to the entire building. Details for individual condo units may vary and are listed in the unit information above.

Total Building Size	9,235 SF	Typical Floor Size	9,235 SF
Property Type	Retail (Condo)	Year Built	1980
Property Subtype	Freestanding	Lot Size	0.82 AC
Building Class	C	Parking Ratio	5.95/1,000 SF
Floors	1	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Total Building Size	9,235 SF
Property Type	Retail (Condo)
Property Subtype	Freestanding
Building Class	C
Floors	1
Typical Floor Size	9,235 SF
Year Built	1980
Lot Size	0.82 AC
Parking Ratio	5.95/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.