Two-Family Residential Income
For Sale
$549,900
Pending
1640 Cranston Street, Cranston, RI 02930
Well-maintained two-family home with separate utilities, private laundry, and six off-street parking spaces on a corner lot.
Property Size2,416 SF
Days on Market62
Property Features for 1640 Cranston Street
General Information
Standard status
Pending
Size
2,416 SF
Total Parking Spaces
6
Property subtype
MultiFamily
Additional Details
Multifamily Units
2
Amenities
private in-unit laundry
hardwood floors
updated kitchen
private entry
private deck
central A/C
private office with half bath
usable outdoor space
bike path access
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Re/Max Real Estate Center
(508) 543-3922
Listed By:
Miguel Camara · License #RES.0049307
(774) 501-8701
Source:
Lockandkeyre
Added: Jul 14
Changed: Sep 13
Last Checked: Sep 13 at 10:39AM
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 Real Estate Center
Investment Insights
Based on property information with market context.
This well-maintained two-family residential income property offers separate living spaces with private in-unit laundry and separate utilities. The second-floor unit includes approximately 1,208 square feet with three bedrooms and one full bath, hardwood floors, an updated kitchen, a private entry, and access to a private deck.
The first-floor unit features a 2-bedroom, 1-bath layout with central A/C. A notable addition is a bonus private office with a half bath, providing flexible space for work, storage, or other uses.
Set on a corner lot, the property includes usable outdoor space and six off-street parking spaces. The location is described as convenient to local restaurants, shops, churches, everyday amenities, and nearby bike path access.
The first-floor unit features a 2-bedroom, 1-bath layout with central A/C. A notable addition is a bonus private office with a half bath, providing flexible space for work, storage, or other uses.
Set on a corner lot, the property includes usable outdoor space and six off-street parking spaces. The location is described as convenient to local restaurants, shops, churches, everyday amenities, and nearby bike path access.
Key Highlights
- Two‑family property built in 1920 on a corner lot with six off‑street parking spaces
- Second‑floor unit features ~1,208 SF with 3 bedrooms, 1 full bath, hardwood floors, updated kitchen, private entry, and access to a private deck
- Both units offer private in‑unit laundry and separate utilities
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
$40,228
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
7.32%
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%
$804,560
$804.6K
Cap Rate 7%
$574,686
$574.7K
Cap Rate 9%
$446,978
$447.0K
Market Conditions
NOI Build-Up for 2,416 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
$61.5K $25.44/SF
− Vacancy
−$4.0K −$1.65/SF
EGI
$57.5K $23.79/SF
− OpEx
−$17.2K −$7.14/SF
NOI
$40.2K $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%
$804,560
Cap Rate 7%
$574,686
Cap Rate 9%
$446,978
Alternative Uses
Best Use
Multifamily LT 5
$574.7K
$502.9K – $670.5K
NOI $40,228 @ 7.0% cap · market cap 7.32%
Second Best
Apartment 5plus
$456.1K
$399.1K – $532.1K
NOI $31,926 @ 7.0% cap · market cap 5.81%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,021
Businesses Nearby
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained two-family home with separate utilities, private laundry, and six off-street parking spaces on a corner lot.
Where is this duplex located?
The property is located at 1640 Cranston Street 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‑family property built in 1920 on a corner lot with six off‑street parking spaces; Second‑floor unit features ~1,208 SF with 3 bedrooms, 1 full bath, hardwood floors, updated kitchen, private entry, and access to a private deck; Both units offer private in‑unit laundry and separate utilities
