Updated Triplex with
For Sale
$689,900
13 Chestnut Ave, Cranston, RI 02910
Three-unit property with refreshed second-floor finishes, multiple parking options, basement laundry hookups, and lead certificates for each unit.
Property Size4,696 SF
Price / SF$146.91
Days on Market19
Property Features for 13 Chestnut Ave
General Information
Standard status
Active
Size
4,696 SF
Total Parking Spaces
3
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,480
Amenities
in-house laundry
green space
Listing Agency:
Transitions Realty
Listed By:
Amy Bedard
(508) 212-2624
Source:
Exprealty
Added: Sep 9
Changed: Sep 26
Last Checked: Sep 26 at 7:59AM
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 Transitions Realty
Investment Insights
Based on property information with market context.
This 4,696-square-foot triplex contains three apartments with varied layouts. The first- and second-floor units each offer double parlors, eat-in kitchens, and two bedrooms. The second-floor apartment has updated flooring, fresh paint, a renovated bathroom, granite countertops, and new kitchen appliances. The third-floor unit includes an eat-in kitchen, living room with hardwood flooring, a carpeted bedroom, and a bonus room.
The property also includes a basement with multiple rooms and washer and dryer hookups, supporting in-house laundry use. Exterior features include green space, a 2-car garage, a 1-car carport, and a large driveway providing off-street parking. Lead certificates are in place for all 3 units, and the property offers highway access.
The property also includes a basement with multiple rooms and washer and dryer hookups, supporting in-house laundry use. Exterior features include green space, a 2-car garage, a 1-car carport, and a large driveway providing off-street parking. Lead certificates are in place for all 3 units, and the property offers highway access.
Key Highlights
- 4,696‑square‑foot triplex with 3 residential units
- Second‑floor apartment updated with new flooring, paint, bathroom improvements, granite countertops, and appliances
- First- and second‑floor units feature double parlors, eat‑in kitchens, and two bedrooms
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
$62,055
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
8.99%
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%
$1,241,100
$1.2M
Cap Rate 7%
$886,500
$886.5K
Cap Rate 9%
$689,500
$689.5K
Market Conditions
NOI Build-Up for 4,696 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
$120.0K $25.56/SF
− Vacancy
−$7.2K −$1.53/SF
EGI
$112.8K $24.03/SF
− OpEx
−$50.8K −$10.81/SF
NOI
$62.1K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
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%
$1,241,100
Cap Rate 7%
$886,500
Cap Rate 9%
$689,500
Alternative Uses
Best Use
Multifamily LT 5
$1.12M
$977.4K – $1.30M
NOI $78,191 @ 7.0% cap · market cap 11.33%
Second Best
Apartment 5plus
$886.5K
$775.7K – $1.03M
NOI $62,055 @ 7.0% cap · market cap 8.99%
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
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,042
Businesses Nearby
Explore this area
Business Placement
Demographics for 02910, RI
21,907
Population
9,319
Households
2.4
Avg Household Size
39
Median Age
30%
College-Educated
90%
High-School Grad
3.4 sq mi
ZIP Area
6,443
Density / Sq Mi
$85,909
Median Household Income
$47,538
Median Earnings
$1,385
Median Rent
$302,400
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?
Triplex - Three-unit property with refreshed second-floor finishes, multiple parking options, basement laundry hookups, and lead certificates for each unit.
Where is this triplex located?
The property is located at 13 Chestnut Ave Cranston, RI.
What is the asking price?
The asking price for this property is $689,900.
What are key features of this property?
This property features: 4,696‑square‑foot triplex with 3 residential units; Second‑floor apartment updated with new flooring, paint, bathroom improvements, granite countertops, and appliances; First- and second‑floor units feature double parlors, eat‑in kitchens, and two bedrooms
