Two-Family Home with Bonus
For Sale
$549,900
Pending
1640 Cranston Street, Cranston, RI 02930
Residential Income, Cranston, RI
Property Size2,416 SF
Lot Size0.09 Acres
Days on Market47
Property Features for 1640 Cranston Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Basement, Bedroom 4, Bedroom 5, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking
6
Parking features
None
Patio and Porch features
Deck
Interior features
Attic, Plumbing (Mixed)
Exterior features
Deck
Basement
Full, Storage Space, Unfinished
Appliances
Gas Water Heater, Dishwasher, Dryer, Microwave, Oven/Range, Refrigerator
Lot features
Corner Lot
Standard status
Pending
Size
2,416 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5331
Utilities
Heating system
Natural Gas, Forced Air, Baseboard
Cooling system
Central Air
Amenities
private in-unit laundry
private deck
central A/C
hardwood floors
updated kitchen
bonus private office
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Hardwood
Listing Agency:
Re/Max Real Estate Center · RE/MAX International
(508) 543-3922
Listed By:
Miguel Camara
(774) 501-8701
Added: Jul 14
Changed: Aug 20
Last Checked: Aug 29 at 7:06PM
MLS# 1416628
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,416-square-foot duplex, built in 1920, includes two residential units plus a private office with a half bath. The upper residence measures approximately 1,208 square feet and has three bedrooms, one full bathroom, hardwood flooring, an updated kitchen, a separate entrance, and deck access. The first-floor unit provides two bedrooms and one bathroom, with central A/C. Both units offer private laundry and separate utilities, while the additional office area can support workspace, storage, hobbies, or other uses.
The property occupies a 0.0881-acre corner lot in Cranston. Outdoor space includes a private deck, and the surrounding area provides access to restaurants, shops, churches, everyday amenities, and a nearby bike path. Appliances include a gas water heater, dishwasher, dryer, microwave, oven/range, and refrigerator.
The property occupies a 0.0881-acre corner lot in Cranston. Outdoor space includes a private deck, and the surrounding area provides access to restaurants, shops, churches, everyday amenities, and a nearby bike path. Appliances include a gas water heater, dishwasher, dryer, microwave, oven/range, and refrigerator.
Key Highlights
- 2,416‑square‑foot two‑family property on a 0.0881‑acre corner lot
- Upper unit offers approximately 1,208 square feet, 3 bedrooms, 1 full bath, hardwood floors, and an updated kitchen
- First‑floor unit provides a 2‑bedroom, 1‑bath layout with central A/C
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
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,021
Businesses Nearby
Explore this area
Business Placement
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 - Corner-lot duplex with separate utilities, in-unit laundry, a deck, and flexible office space.
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: 2,416‑square‑foot two‑family property on a 0.0881‑acre corner lot; Upper unit offers approximately 1,208 square feet, 3 bedrooms, 1 full bath, hardwood floors, and an updated kitchen; First‑floor unit provides a 2‑bedroom, 1‑bath layout with central A/C
