Duplex Property with Detached
New
For Sale
$519,900
1315 New London Avenue, Cranston, RI 02920
MULTI_FAMILY - Cranston, RI
Property Size1,365 SF
Lot Size0.64 Acres
Price / SF$380.88
Days on Market2
Property Features for 1315 New London Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 1, Bathroom 3, Bathroom 1, Bedroom 2, Bathroom 2, Basement
Parking
8
Interior features
Wall (Plaster), Plumbing (Mixed), Insulation (Walls)
Basement
Full, Unfinished
Appliances
Electric Water Heater
Subdivision
Brookfield
Lot features
Paved Driveway
Standard status
Active
Size
1,365 SF
Lot size
0.64 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5921
Utilities
Heating system
Oil, Steam
Cooling system
Window Unit(s)
Water source
Public
Amenities
solar panels
laundry area
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Carpet, Tile - Ceramic, Laminate
Building materials
Plaster, Vinyl Siding
Listing Agency:
Williams & Stuart Real Estate
(401) 942-0200
Listed By:
Shari Soucy · License #RES.0034107
(401) 649-0009
Added: Aug 12
Last Checked: Aug 13 at 4:06AM
MLS# 1420443
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex property includes a three-bedroom Colonial residence and a detached, legal accessory dwelling unit, creating two separate living spaces on a 0.64-acre lot. The main home has an open first-floor arrangement, a bedroom and full bathroom on the first level, laundry space, and a blend of original character with updated finishes. Improvements include vinyl siding, gutters, carpeting, and a water heater. The ADU provides a studio-style layout, private entrance, and separate driveway.
The 1,365-square-foot property was built in 1920 and includes plaster walls, hardwood, carpet, ceramic tile, and laminate flooring. Systems include oil-fired steam heat, window-unit cooling, public water, and an electric water heater. Solar panels are also present.
The 1,365-square-foot property was built in 1920 and includes plaster walls, hardwood, carpet, ceramic tile, and laminate flooring. Systems include oil-fired steam heat, window-unit cooling, public water, and an electric water heater. Solar panels are also present.
Key Highlights
- Three‑bedroom Colonial residence with detached, legal accessory dwelling unit
- 0.64‑acre property with two separate living spaces
- ADU includes studio‑style layout, private entrance, and separate driveway
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$22,728
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.37%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$454,560
$454.6K
Cap Rate 7%
$324,686
$324.7K
Cap Rate 9%
$252,533
$252.5K
Market Conditions
NOI Build-Up for 1,365 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$34.7K $25.44/SF
− Vacancy
−$2.3K −$1.65/SF
EGI
$32.5K $23.79/SF
− OpEx
−$9.7K −$7.14/SF
NOI
$22.7K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$454,560
Cap Rate 7%
$324,686
Cap Rate 9%
$252,533
Alternative Uses
Best Use
Multifamily LT 5
$324.7K
$284.1K – $378.8K
NOI $22,728 @ 7.0% cap · market cap 4.37%
Second Best
Apartment 5plus
$257.7K
$225.5K – $300.6K
NOI $18,038 @ 7.0% cap · market cap 3.47%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
894
Businesses Nearby
Explore this area
Business Placement
Demographics for 02920, RI
37,791
Population
15,052
Households
2.5
Avg Household Size
43
Median Age
32%
College-Educated
88%
High-School Grad
8.9 sq mi
ZIP Area
4,246
Density / Sq Mi
$79,246
Median Household Income
$51,811
Median Earnings
$1,271
Median Rent
$336,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Main residence pairs with a separate accessory dwelling unit, offering flexible living arrangements and distinct access points.
Where is this duplex located?
The property is located at 1315 New London Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $519,900.
What are key features of this property?
This property features: Three‑bedroom Colonial residence with detached, legal accessory dwelling unit; 0.64‑acre property with two separate living spaces; ADU includes studio‑style layout, private entrance, and separate driveway
