Renovated Triplex with Walk-Out
New
For Sale
$699,999
67 Kearney Street, Cranston, RI 02920
Two updated apartments are occupied, while a walk-out lower level awaits completion.
Property Size3,606 SF
Price / SF$194.12
Days on Market2
Property Features for 67 Kearney Street
General Information
Standard status
Active
Size
3,606 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
gutted
Additional Details
Multifamily Units
3
Building Details
Year Built
1942
Listing Agency:
Abbott Properties, LLC
Listed By:
Sheridan Group · License #43532
Source:
Onshorerealtors
Added: Sep 2
Last Checked: Sep 2 at 2:01PM
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 Abbott Properties, LLC
Investment Insights
Based on property information with market context.
This three-family property includes two renovated apartments and a separate lower-level unit with its own exterior walk-out. The first- and second-floor residences were updated with modern finishes, refreshed kitchens, stainless steel appliances, and stackable laundry. Both are tenant occupied and described as being in excellent condition. Renovation work was completed in 2019/2020, while the lower level was gutted and remains ready for interior completion.
The property also includes a one-car garage and ample off-street parking. Built in 1942, it offers a three-unit residential configuration with two operating apartments and a third space that can be finished according to the next owner's plans.
The property also includes a one-car garage and ample off-street parking. Built in 1942, it offers a three-unit residential configuration with two operating apartments and a third space that can be finished according to the next owner's plans.
Key Highlights
- Three‑family property with two renovated, tenant‑occupied apartments
- Lower‑level walk‑out unit was gutted and is ready for completion
- Renovation work completed in 2019/2020
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
$60,042
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
8.58%
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%
$1,200,840
$1.2M
Cap Rate 7%
$857,743
$857.7K
Cap Rate 9%
$667,133
$667.1K
Market Conditions
NOI Build-Up for 3,606 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
$91.7K $25.44/SF
− Vacancy
−$6.0K −$1.65/SF
EGI
$85.8K $23.79/SF
− OpEx
−$25.7K −$7.14/SF
NOI
$60.0K $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%
$1,200,840
Cap Rate 7%
$857,743
Cap Rate 9%
$667,133
Alternative Uses
Best Use
Multifamily LT 5
$857.7K
$750.5K – $1.00M
NOI $60,042 @ 7.0% cap · market cap 8.58%
Second Best
Apartment 5plus
$680.7K
$595.7K – $794.2K
NOI $47,652 @ 7.0% cap · market cap 6.81%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
901
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?
Triplex - Two updated apartments are occupied, while a walk-out lower level awaits completion.
Where is this triplex located?
The property is located at 67 Kearney Street Cranston, RI.
What is the asking price?
The asking price for this property is $699,999.
What are key features of this property?
This property features: Three‑family property with two renovated, tenant‑occupied apartments; Lower‑level walk‑out unit was gutted and is ready for completion; Renovation work completed in 2019/2020
