Duplex with Patio and
For Sale
$620,000
Pending
10 Denver Avenue, Cranston, RI 02905
MULTI_FAMILY - Cranston, RI
Property Size2,544 SF
Lot Size0.08 Acres
Days on Market52
Property Features for 10 Denver Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
A6
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 2, Basement, Bedroom 6, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 1
Parking
6
Patio and Porch features
Patio, Deck, Porch
Interior features
Wall (Plaster), Attic, Attic Storage, Stairs, Plumbing (Mixed), Insulation (Unknown)
Exterior features
Deck, Patio, Porch
Basement
Partially Finished, Full, Storage Space
Appliances
Gas Water Heater, Dryer, Microwave, Oven/Range, Refrigerator, Washer
Subdivision
Edgewood
Lot features
Extra Lot, Paved Driveway
Standard status
Pending
Size
2,544 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6315
Utilities
Heating system
Baseboard, Natural Gas
Water source
Public
Amenities
full basement
common laundry
storage
patio
covered porch
deck
Building Details
Year built
1922
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Hardwood, Tile - Ceramic
Building materials
Plaster, Clapboard, Wood
Additional Structures
Storage
Listing Agency:
Real Broker, Llc
(855) 450-0442
Listed By:
David Cherry
(401) 641-1879
Added: Jun 23
Changed: Aug 4
Last Checked: Aug 13 at 3:06AM
MLS# 1415381
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.
10 Denver Avenue is a two-family duplex built in 1922, situated on a 0.08-acre lot and totaling 2,544 square feet. Each unit offers three bedrooms and one bathroom, with updated kitchens and a mix of hardwood and ceramic tile flooring. The home is heated with natural gas and baseboard systems.
A full basement provides common laundry and storage. Exterior features include a patio, porch, and a deck on the second level, with additional outdoor space for everyday use.
The sale also includes the neighboring lot, #1157, where a detached garage and a six-car driveway are located. There is an option to explore converting the former garage into an ADU for additional rental use, subject to city approval. The property is about a three-minute drive to Roger Williams Park and roughly five minutes to the shops and restaurants in Pawtuxet Village, with quick access to I-95. Water service is public.
A full basement provides common laundry and storage. Exterior features include a patio, porch, and a deck on the second level, with additional outdoor space for everyday use.
The sale also includes the neighboring lot, #1157, where a detached garage and a six-car driveway are located. There is an option to explore converting the former garage into an ADU for additional rental use, subject to city approval. The property is about a three-minute drive to Roger Williams Park and roughly five minutes to the shops and restaurants in Pawtuxet Village, with quick access to I-95. Water service is public.
Key Highlights
- Duplex built in 1922 on 0.08‑acre lot totaling 2,544 SF
- Zoned A6
- Two units, each with three bedrooms and one bathroom
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
$42,359
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
6.83%
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%
$847,180
$847.2K
Cap Rate 7%
$605,129
$605.1K
Cap Rate 9%
$470,656
$470.7K
Market Conditions
NOI Build-Up for 2,544 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
$64.7K $25.44/SF
− Vacancy
−$4.2K −$1.65/SF
EGI
$60.5K $23.79/SF
− OpEx
−$18.2K −$7.14/SF
NOI
$42.4K $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%
$847,180
Cap Rate 7%
$605,129
Cap Rate 9%
$470,656
Alternative Uses
Best Use
Multifamily LT 5
$605.1K
$529.5K – $706.0K
NOI $42,359 @ 7.0% cap · market cap 6.83%
Second Best
Apartment 5plus
$480.3K
$420.2K – $560.3K
NOI $33,618 @ 7.0% cap · market cap 5.42%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
464
Businesses Nearby
Explore this area
Business Placement
Demographics for 02905, RI
26,334
Population
10,361
Households
2.5
Avg Household Size
34
Median Age
29%
College-Educated
77%
High-School Grad
3.7 sq mi
ZIP Area
7,117
Density / Sq Mi
$57,126
Median Household Income
$36,799
Median Earnings
$1,103
Median Rent
$322,700
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 - Two-family duplex zoned A6 with updated kitchens, hardwood and ceramic floors, plus patio, porch, and deck.
Where is this duplex located?
The property is located at 10 Denver Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $620,000.
What are key features of this property?
This property features: Duplex built in 1922 on 0.08‑acre lot totaling 2,544 SF; Zoned A6; Two units, each with three bedrooms and one bathroom
