This is something like a dorm-style compressor fridge, right?
The fridge compartment should be able to get below 40, and the freezer section cold enough to at least make ice cubes. My experience with many of these little fridges is that there's a very fine line (if any) between "ice cream stays solid in the freezer" and "milk freezes in the fridge."
Anyhow, assuming you have set the thermostat control down, I'd check that there's adequate provision for airflow over the coils in the back (if it has them) and that they are not choked up with dust. If there are not coils in the back, the condenser may be more or less part of the outside case of the fridge, and if it's in a tight cabinet, that would hinder cooling.
If there are coils in the back and they're in the airspace that formerly had the back of an RV fridge and it's hot outside, that could also be a contributing factor towards lack of cooling (along the lines of what jfkmk wrote).