Two-Unit Duplex with Garage
New
For Sale
$549,900
92 Chestnut Avenue, Cranston, RI 02910
Two residential units offer updated interiors, private outdoor space, and dedicated parking.
Property Size2,072 SF
Price / SF$265.40
Days on Market2
Property Features for 92 Chestnut Avenue
General Information
Standard status
Active
Size
2,072 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
room for additional improvements
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
garage
fenced-in backyard
Building Details
Year Built
1924
Buildings
1
Listing Agency:
Compass
Listed By:
The Modern Collective Group · License #49018
(404) 689-4408
Source:
Lavonnelopes
Added: Sep 7
Last Checked: Sep 7 at 2:41PM
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 Compass
Investment Insights
Based on property information with market context.
This two-unit duplex includes matching layouts with two bedrooms and one full bathroom in each residence. The interiors have received moderate updates, while the overall configuration remains suitable for comfortable occupancy. Each unit is supported by garage parking and separate off-street parking.
The property occupies a corner lot at 92 Chestnut Avenue in Cranston’s Eden Park neighborhood. Outdoor space includes a fenced backyard that can accommodate everyday recreation, gardening, pets, or household gatherings. Built in 1924, the property combines established residential construction with practical features for two households.
The property occupies a corner lot at 92 Chestnut Avenue in Cranston’s Eden Park neighborhood. Outdoor space includes a fenced backyard that can accommodate everyday recreation, gardening, pets, or household gatherings. Built in 1924, the property combines established residential construction with practical features for two households.
Key Highlights
- Two units, each with 2 bedrooms and 1 full bathroom
- Garage parking plus separate off‑street parking for each unit
- Fenced backyard on a corner lot
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
$34,500
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
6.27%
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%
$690,000
$690.0K
Cap Rate 7%
$492,857
$492.9K
Cap Rate 9%
$383,333
$383.3K
Market Conditions
NOI Build-Up for 2,072 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
$52.7K $25.44/SF
− Vacancy
−$3.4K −$1.65/SF
EGI
$49.3K $23.79/SF
− OpEx
−$14.8K −$7.14/SF
NOI
$34.5K $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%
$690,000
Cap Rate 7%
$492,857
Cap Rate 9%
$383,333
Alternative Uses
Best Use
Multifamily LT 5
$492.9K
$431.3K – $575.0K
NOI $34,500 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$391.1K
$342.3K – $456.3K
NOI $27,380 @ 7.0% cap · market cap 4.98%
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
1,084
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
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 residential units offer updated interiors, private outdoor space, and dedicated parking.
Where is this duplex located?
The property is located at 92 Chestnut Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 full bathroom; Garage parking plus separate off‑street parking for each unit; Fenced backyard on a corner lot
