Duplex with Detached
16 Wakefield Avenue, Cranston, RI 02920
For Sale
$575,000
A tenant-occupied second residence provides rental income alongside a separate, owner-occupiable unit.
Property Size3,712 SF
Price / SF$154.90
Days on Market10
Property Features for 16 Wakefield Avenue
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Additional Details
Multifamily Units
Tenant in Place
Building Details
Year Built
Listing Agency:
Williams & Stuart Real Estate
(401) 942-0200
Listed By:
Leslie Heller · License #RES.0046032
(401) 714-2728
Source:
Lockandkeyre
Added: Oct 29
Changed: Nov 6
Last Checked: Nov 6 at 9:35AM
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
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Investment Insights
Based on property information with market context.
This 3,712-square-foot duplex, built in 1958, has two distinct residences. The first includes a main-level bedroom and bath, hardwood flooring, a brick fireplace, and an updated kitchen with a dining area. A finished lower-level suite is currently used as a primary bedroom, while separate unfinished basement space provides storage. The second residence is arranged on one level, with an updated kitchen and dining nook, a full bath, and a room used as a den. It is tenant-occupied.
Two tankless gas boilers serve the property. Additional features include stainless steel appliances, a detached two-car garage, and a private backyard. The property is in western Cranston, a short commute from downtown Providence and area amenities.
Two tankless gas boilers serve the property. Additional features include stainless steel appliances, a detached two-car garage, and a private backyard. The property is in western Cranston, a short commute from downtown Providence and area amenities.
Key Highlights
- 3,712‑square‑foot duplex built in 1958
- Two separate residences; the second unit is tenant‑occupied
- First unit has a finished lower‑level suite and additional unfinished basement storage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,052
Cap Rate
8.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$981,040
$981.0K
Cap Rate 7%
$700,743
$700.7K
Cap Rate 9%
$545,022
$545.0K
Market Conditions
NOI Build-Up for 3,712 SF
Gross rent
$94.9K $25.56/SF
− Vacancy
−$5.7K −$1.53/SF
EGI
$89.2K $24.03/SF
− OpEx
−$40.1K −$10.81/SF
NOI
$49.1K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$981,040
Cap Rate 7%
$700,743
Cap Rate 9%
$545,022
Alternative Uses
Best Use
Multifamily LT 5
$883.0K
$772.6K – $1.03M
NOI $61,807 @ 7.0% cap · market cap 10.75%
Second Best
Apartment 5plus
$700.7K
$613.2K – $817.5K
NOI $49,052 @ 7.0% cap · market cap 8.53%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
756
Businesses Nearby
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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
$336,900
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Cranston, RI
Properties on Market for Duplexes in Cranston
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - A tenant-occupied second residence provides rental income alongside a separate, owner-occupiable unit.
Where is this duplex located?
The property is located at 16 Wakefield Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 3,712‑square‑foot duplex built in 1958; Two separate residences; the second unit is tenant‑occupied; First unit has a finished lower‑level suite and additional unfinished basement storage
