Updated Two-Unit
For Sale
$574,900
16 Sherwood Street, Cranston, RI 02920
Updated two-unit duplex with open layouts, granite countertops, hardwood floors, and multiple recently serviced mechanical components.
Property Size1,936 SF
Price / SF$296.95
Days on Market24
Property Features for 16 Sherwood Street
General Information
Standard status
Active
Size
1,936 SF
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Weichert REALTORS-Atlantic Prp
(401) 783-2550
Listed By:
Mike Navoian
Source:
Lockandkeyre
Added: Jul 15
Changed: Jul 22
Last Checked: Jul 24 at 1:36PM
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 Weichert REALTORS-Atlantic Prp
Investment Insights
Based on property information with market context.
Updated two-unit duplex featuring open floor plans, granite countertops, and hardwood floors throughout. The property is configured as a 6-bedroom home across two units, offering flexible living and rental options.
Located at 16 Sherwood Street in Cranston’s Knightsville area, the property is described as walkable to nearby restaurants, with easy access to the highway. The remarks also note that Garden City and Chapel View are approximately 10 minutes away.
Mechanically, the home includes a mix of newer components intended to reduce near-term maintenance concerns, including 3- and 7-year-old boilers, a 4-year-old tankless hot water heater for Unit 1, and a 3-year-old hot water heater for Unit 2. Additional items cited are a 6-year-old roof and a brand new exterior fence.
Located at 16 Sherwood Street in Cranston’s Knightsville area, the property is described as walkable to nearby restaurants, with easy access to the highway. The remarks also note that Garden City and Chapel View are approximately 10 minutes away.
Mechanically, the home includes a mix of newer components intended to reduce near-term maintenance concerns, including 3- and 7-year-old boilers, a 4-year-old tankless hot water heater for Unit 1, and a 3-year-old hot water heater for Unit 2. Additional items cited are a 6-year-old roof and a brand new exterior fence.
Key Highlights
- Updated 6‑bedroom, two‑unit duplex with open floor plans
- Granite countertops and hardwood floors throughout
- Unit 1 includes a 4‑year‑old tankless hot water heater
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
$32,235
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
5.61%
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%
$644,700
$644.7K
Cap Rate 7%
$460,500
$460.5K
Cap Rate 9%
$358,167
$358.2K
Market Conditions
NOI Build-Up for 1,936 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
$49.3K $25.44/SF
− Vacancy
−$3.2K −$1.65/SF
EGI
$46.1K $23.79/SF
− OpEx
−$13.8K −$7.14/SF
NOI
$32.2K $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%
$644,700
Cap Rate 7%
$460,500
Cap Rate 9%
$358,167
Alternative Uses
Best Use
Multifamily LT 5
$460.5K
$402.9K – $537.3K
NOI $32,235 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$365.5K
$319.8K – $426.4K
NOI $25,583 @ 7.0% cap · market cap 4.45%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
965
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 - Updated two-unit duplex with open layouts, granite countertops, hardwood floors, and multiple recently serviced mechanical components.
Where is this duplex located?
The property is located at 16 Sherwood Street Cranston, RI.
What is the asking price?
The asking price for this property is $574,900.
What are key features of this property?
This property features: Updated 6‑bedroom, two‑unit duplex with open floor plans; Granite countertops and hardwood floors throughout; Unit 1 includes a 4‑year‑old tankless hot water heater
