Well-Maintained Two-Family
For Sale
$679,000
22 Aiken St, Pawtucket, RI 02861
Two spacious units each offer 3 bedrooms and 1 full bath, with hardwood flooring and off-street parking.
Property Size2,184 SF
Price / SF$310.90
Days on Market54
Property Features for 22 Aiken St
General Information
Standard status
Active
Size
2,184 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2005
Listing Agency:
First Choice Real Estate Group
Listed By:
Terry Cipolla
(401) 821-2901
Source:
Alpernandmesenbourg
Added: Jul 20
Changed: Sep 5
Last Checked: Sep 9 at 11:46PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of First Choice Real Estate Group
Investment Insights
Based on property information with market context.
This well-maintained two-family duplex offers two separate residential units. Each apartment features 3 bedrooms and 1 full bath, with hardwood floors and generous storage, along with updates that reflect ongoing care. The exterior is described as low-maintenance, supporting straightforward day-to-day ownership.
The property is located in Pawtucket, Rhode Island, and is described as being just minutes from MA and the T, with an easy commute to Boston and Providence. Shopping, dining, and everyday amenities are noted as being nearby.
Each unit’s layout provides meaningful living space and functional storage within a duplex configuration, supported by the availability of ample off-street parking.
The property is located in Pawtucket, Rhode Island, and is described as being just minutes from MA and the T, with an easy commute to Boston and Providence. Shopping, dining, and everyday amenities are noted as being nearby.
Each unit’s layout provides meaningful living space and functional storage within a duplex configuration, supported by the availability of ample off-street parking.
Key Highlights
- Two‑family property built in 2005 with two spacious units
- Each unit features 3 bedrooms, 1 full bath, and over 1,000 sq ft of living space
- Hardwood floors in both apartments
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
$36,365
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
5.36%
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%
$727,300
$727.3K
Cap Rate 7%
$519,500
$519.5K
Cap Rate 9%
$404,056
$404.1K
Market Conditions
NOI Build-Up for 2,184 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
$55.6K $25.44/SF
− Vacancy
−$3.6K −$1.65/SF
EGI
$51.9K $23.79/SF
− OpEx
−$15.6K −$7.14/SF
NOI
$36.4K $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%
$727,300
Cap Rate 7%
$519,500
Cap Rate 9%
$404,056
Alternative Uses
Best Use
Multifamily LT 5
$519.5K
$454.6K – $606.1K
NOI $36,365 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$412.3K
$360.8K – $481.0K
NOI $28,861 @ 7.0% cap · market cap 4.25%
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
802
Businesses Nearby
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Business Placement
Demographics for 02861, RI
27,833
Population
11,928
Households
2.3
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
3.6 sq mi
ZIP Area
7,731
Density / Sq Mi
$83,044
Median Household Income
$47,384
Median Earnings
$1,278
Median Rent
$285,200
Median Home Value
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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 - Two spacious units each offer 3 bedrooms and 1 full bath, with hardwood flooring and off-street parking.
Where is this duplex located?
The property is located at 22 Aiken St Pawtucket, RI.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: Two‑family property built in 2005 with two spacious units; Each unit features 3 bedrooms, 1 full bath, and over 1,000 sq ft of living space; Hardwood floors in both apartments
