Triplex Development with C2
For Sale
$899,000
822 Atwood Avenue, Cranston, RI 02920
MULTI_FAMILY - Cranston, RI
Property Size2,808 SF
Lot Size0.15 Acres
Price / SF$320.16
Days on Market67
Property Features for 822 Atwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
C2
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 4, Bathroom 3, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 1, Basement
Parking
6
Parking features
None
Window features
Insulated Windows
Patio and Porch features
Porch
Interior features
Wall (Cermaic), Wall (Dry Wall), Wall (Plaster), Attic, Internal Expansion, Rough Bath, Stairs, Plumbing (Mixed), Insulation (Ceiling), Insulation (Floors), Insulation (Walls)
Exterior features
Porch
Basement
Unfinished, Full, Storage Space
Appliances
Electric Water Heater
Subdivision
Thorton
Lot features
Paved
Standard status
Active
Size
2,808 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5580
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
2026
Floors in Building
2
Number of units
3
Flooring type
Hardwood, Tile - Ceramic, Vinyl
Building materials
Ceramic, Dry Wall, Plaster, Vinyl Siding
Listing Agency:
Era Empire Real Estate
(401) 217-4442
Listed By:
Jimmy Ranieri
(401) 413-5620
Added: Jun 2
Changed: Aug 4
Last Checked: Aug 7 at 11:06PM
MLS# 1414237
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.
Triplex development at 822 Atwood Avenue in Cranston is under construction and has approved plans for three residential units. The layout includes a first-floor apartment with two bedrooms and one full bath, plus two efficient one-bedroom units on the second floor. The redevelopment is described as comprehensive, with Year Built listed as 2026, and the property is currently marked as under construction.
The site totals 0.1469 acres and is associated with two commercially zoned C-2 lots, supporting flexible residential or mixed-use application considerations. Interior features referenced include stairs, rough bath, and mixed plumbing, along with attic and insulation throughout.
Mechanical and comfort features include a natural gas forced-air heating system and central air cooling. Exterior amenities include a porch. Electric water heating is listed, and parking is noted as none.
The site totals 0.1469 acres and is associated with two commercially zoned C-2 lots, supporting flexible residential or mixed-use application considerations. Interior features referenced include stairs, rough bath, and mixed plumbing, along with attic and insulation throughout.
Mechanical and comfort features include a natural gas forced-air heating system and central air cooling. Exterior amenities include a porch. Electric water heating is listed, and parking is noted as none.
Key Highlights
- Approved plans for three residential units: 2‑bed 1‑bath first‑floor plus two 1‑bedroom units on the second floor
- C2 zoning with two commercially zoned C‑2 lots for flexible residential or mixed‑use applications
- Under construction triplex redevelopment with Year Built listed as 2026
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
$46,755
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
5.20%
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%
$935,100
$935.1K
Cap Rate 7%
$667,929
$667.9K
Cap Rate 9%
$519,500
$519.5K
Market Conditions
NOI Build-Up for 2,808 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
$71.4K $25.44/SF
− Vacancy
−$4.6K −$1.65/SF
EGI
$66.8K $23.79/SF
− OpEx
−$20.0K −$7.14/SF
NOI
$46.8K $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%
$935,100
Cap Rate 7%
$667,929
Cap Rate 9%
$519,500
Alternative Uses
Best Use
Multifamily LT 5
$667.9K
$584.4K – $779.3K
NOI $46,755 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$530.1K
$463.8K – $618.4K
NOI $37,106 @ 7.0% cap · market cap 4.13%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
814
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?
Triplex - Under-construction triplex development approved for three units on C2-zoned lots, with central air and natural gas forced-air heat.
Where is this triplex located?
The property is located at 822 Atwood Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Approved plans for three residential units: 2‑bed 1‑bath first‑floor plus two 1‑bedroom units on the second floor; C2 zoning with two commercially zoned C‑2 lots for flexible residential or mixed‑use applications; Under construction triplex redevelopment with Year Built listed as 2026
