Duplex with Detached
New
For Sale
$519,900
1315 New London Avenue, Cranston, RI 02920
Two distinct living spaces include a detached legal accessory dwelling unit with its own entrance and driveway.
Property Size1,365 SF
Price / SF$380.88
Days on Market6
Property Features for 1315 New London Avenue
General Information
Standard status
Active
Size
1,365 SF
Property subtype
Multifamily
Units
Unit Mix
1 x 3BR/2BA, 1 x studio
Multifamily Units
2
Amenities
solar panels
Building Details
Year Built
1920
Buildings
2
Construction
Colonial
Listing Agency:
Williams & Stuart Real Estate
(401) 942-0200
Listed By:
Shari Soucy
Source:
Lockandkeyre
Added: Aug 12
Changed: Aug 17
Last Checked: Aug 17 at 6:14AM
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 Williams & Stuart Real Estate
Investment Insights
Based on property information with market context.
This 1920 duplex property at 1315 New London Avenue includes a three-bedroom, two-bath Colonial home and a detached legal accessory dwelling unit. The main residence offers an open first-floor arrangement, along with a first-floor bedroom, full bathroom, and laundry area. Recent improvements include vinyl siding, gutters, a water heater, and carpeting.
The ADU provides a separate studio-style living space with a private entrance and its own driveway. Solar panels are also included, while the two-dwelling configuration supports flexible living arrangements within a single property.
The ADU provides a separate studio-style living space with a private entrance and its own driveway. Solar panels are also included, while the two-dwelling configuration supports flexible living arrangements within a single property.
Key Highlights
- Three‑bedroom, two‑bath Colonial residence
- Detached legal ADU with studio‑style layout
- Separate ADU entrance and driveway
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
$22,728
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
4.37%
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%
$454,560
$454.6K
Cap Rate 7%
$324,686
$324.7K
Cap Rate 9%
$252,533
$252.5K
Market Conditions
NOI Build-Up for 1,365 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
$34.7K $25.44/SF
− Vacancy
−$2.3K −$1.65/SF
EGI
$32.5K $23.79/SF
− OpEx
−$9.7K −$7.14/SF
NOI
$22.7K $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%
$454,560
Cap Rate 7%
$324,686
Cap Rate 9%
$252,533
Alternative Uses
Best Use
Multifamily LT 5
$324.7K
$284.1K – $378.8K
NOI $22,728 @ 7.0% cap · market cap 4.37%
Second Best
Apartment 5plus
$257.7K
$225.5K – $300.6K
NOI $18,038 @ 7.0% cap · market cap 3.47%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
894
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?
Duplex - Two distinct living spaces include a detached legal accessory dwelling unit with its own entrance and driveway.
Where is this duplex located?
The property is located at 1315 New London Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $519,900.
What are key features of this property?
This property features: Three‑bedroom, two‑bath Colonial residence; Detached legal ADU with studio‑style layout; Separate ADU entrance and driveway
