Duplex with Barn
New
For Sale
$750,000
1128 Great Road, Lincoln, RI 02865
Residential Income, Lincoln, RI
Property Size3,840 SF
Lot Size2.35 Acres
Price / SF$195.31
Days on Market2
Property Features for 1128 Great Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RS-20
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Basement, Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 1, Bathroom 3, Bedroom 6
Parking
8
Parking features
None
Window features
Insulated Windows
Patio and Porch features
Porch
Interior features
Wall (Dry Wall), Wall (Paneled), Wall (Wood), Attic Storage, Plumbing (Mixed), Insulation (Unknown)
Exterior features
Porch
Fireplace
1
Basement
Partial, Unfinished
Appliances
Dishwasher, Dryer, Oven/Range, Refrigerator, Washer
Subdivision
Lime Rock
Lot features
Barn, Paved Driveway
Standard status
Active
Size
3,840 SF
Lot size
2.35 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
6456
Utilities
Heating system
Oil, Baseboard
Water source
Well
Amenities
in-unit laundry
fireplace
private patio
Building Details
Year built
1953
Floors in Building
2
Number of units
2
Flooring type
Carpet, Tile - Ceramic
Building materials
Dry Wall, Paneled, Wood Wall(s), Shingles, Wood
Additional Structures
Storage
Listing Agency:
Beretta Realty Company
Listed By:
Michael Glynn
(401) 724-7980
Added: Sep 9
Last Checked: Sep 10 at 5:06AM
MLS# 1422641
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 3,840-square-foot duplex contains two distinct residences on a 2.35-acre parcel. The larger unit spans two levels with four bedrooms, two full bathrooms, a living room with built-in shelving, a separate dining room, in-unit laundry, and sliders opening to a patio. The second residence provides one-level living with two bedrooms, one full bathroom, a living room with fireplace, and its own laundry facilities.
Built in 1953, the property also includes a barn-style outbuilding for storage and utility use. The home is set back from Great Road in Lincoln, RI, and uses well water, oil heat, and baseboard heating. RS-20 zoning applies to the property.
Built in 1953, the property also includes a barn-style outbuilding for storage and utility use. The home is set back from Great Road in Lincoln, RI, and uses well water, oil heat, and baseboard heating. RS-20 zoning applies to the property.
Key Highlights
- 3,840 square feet on 2.35 acres
- Two‑unit configuration with 4‑bedroom and 2‑bedroom residences
- Main unit includes two full bathrooms and two levels
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
$63,938
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
8.53%
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%
$1,278,760
$1.3M
Cap Rate 7%
$913,400
$913.4K
Cap Rate 9%
$710,422
$710.4K
Market Conditions
NOI Build-Up for 3,840 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
$97.7K $25.44/SF
− Vacancy
−$6.3K −$1.65/SF
EGI
$91.3K $23.79/SF
− OpEx
−$27.4K −$7.14/SF
NOI
$63.9K $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%
$1,278,760
Cap Rate 7%
$913,400
Cap Rate 9%
$710,422
Alternative Uses
Best Use
Multifamily LT 5
$913.4K
$799.2K – $1.07M
NOI $63,938 @ 7.0% cap · market cap 8.53%
Second Best
Apartment 5plus
$724.9K
$634.3K – $845.7K
NOI $50,744 @ 7.0% cap · market cap 6.77%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
357
Businesses Nearby
Explore this area
Business Placement
Demographics for 02865, RI
17,902
Population
7,079
Households
2.5
Avg Household Size
45
Median Age
48%
College-Educated
92%
High-School Grad
16.5 sq mi
ZIP Area
1,085
Density / Sq Mi
$117,042
Median Household Income
$59,949
Median Earnings
$1,206
Median Rent
$427,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Six-bedroom layout includes separate laundry, a fireplace, patio access, and substantial grounds.
Where is this duplex located?
The property is located at 1128 Great Road Lincoln, RI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 3,840 square feet on 2.35 acres; Two‑unit configuration with 4‑bedroom and 2‑bedroom residences; Main unit includes two full bathrooms and two levels
