Updated Duplex with Newer
For Sale
$499,900
Pending
15 Saratoga Road, North Kingstown, RI 02852
Two apartments feature upgraded kitchens, updated baths, ductless heat pumps, and in-unit laundry equipment.
Property Size1,728 SF
Days on Market58
Property Features for 15 Saratoga Road
General Information
Standard status
Pending
Size
1,728 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Amenities
air conditioning
in-unit washer/dryer
deck
Building Details
Year Built
1943
Buildings
1
Listing Agency:
RE/MAX Professionals
(401) 884-6050
Listed By:
David Splaine · License #RES.0028076
(401) 885-7900
Source:
Lockandkeyre
Added: Jul 8
Changed: Aug 31
Last Checked: Aug 31 at 3:55PM
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 RE/MAX Professionals
Investment Insights
Based on property information with market context.
This two-family property contains 1,728 square feet across two apartments and was built in 1943. Both units offer kitchens with stone countertops and newer stainless-steel appliances, along with updated bathrooms and predominantly hardwood, vinyl laminate, or ceramic tile flooring. Ductless heat pump systems installed two years ago provide air conditioning and supplemental heat in each apartment.
Washers and dryers convey with both units. The property also includes a recently installed deck, replacement windows throughout, and a roof that is 10 years old. The septic system was replaced in 1996. RI Lead Certificates of Conformance will be provided by closing. Located on Saratoga Road in North Kingstown’s Yorktown neighborhood.
Washers and dryers convey with both units. The property also includes a recently installed deck, replacement windows throughout, and a roof that is 10 years old. The septic system was replaced in 1996. RI Lead Certificates of Conformance will be provided by closing. Located on Saratoga Road in North Kingstown’s Yorktown neighborhood.
Key Highlights
- Two‑family property with 1,728 square feet and two apartments
- Ductless heat pump units installed two years ago in both apartments
- Kitchens include stone counters and young stainless appliances
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
$20,843
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
4.17%
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%
$416,860
$416.9K
Cap Rate 7%
$297,757
$297.8K
Cap Rate 9%
$231,589
$231.6K
Market Conditions
NOI Build-Up for 1,728 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
$31.1K $18.00/SF
− Vacancy
−$1.3K −$0.77/SF
EGI
$29.8K $17.23/SF
− OpEx
−$8.9K −$5.17/SF
NOI
$20.8K $12.06/SF
Area
Washington County, RI
Vacancy
4.27%
Lease Rate
$18.00 /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%
$416,860
Cap Rate 7%
$297,757
Cap Rate 9%
$231,589
Alternative Uses
Best Use
Multifamily LT 5
$297.8K
$260.5K – $347.4K
NOI $20,843 @ 7.0% cap · market cap 4.17%
Second Best
Apartment 5plus
$259.8K
$227.4K – $303.2K
NOI $18,189 @ 7.0% cap · market cap 3.64%
Theoretical Best
Healthcare Medical
$345.3K
$302.1K – $402.8K
NOI $24,168 @ 7.0% cap · market cap 4.83%
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
256
Businesses Nearby
Explore this area
Business Placement
Demographics for 02852, RI
23,579
Population
10,589
Households
2.2
Avg Household Size
47
Median Age
49%
College-Educated
96%
High-School Grad
30.8 sq mi
ZIP Area
766
Density / Sq Mi
$112,457
Median Household Income
$60,020
Median Earnings
$1,188
Median Rent
$461,700
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 apartments feature upgraded kitchens, updated baths, ductless heat pumps, and in-unit laundry equipment.
Where is this duplex located?
The property is located at 15 Saratoga Road North Kingstown, RI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Two‑family property with 1,728 square feet and two apartments; Ductless heat pump units installed two years ago in both apartments; Kitchens include stone counters and young stainless appliances
