Duplex Property on Double
New
For Sale
$950,000
17 Clara Lane, Narragansett, RI 02882
Residential Income, Narragansett, RI
Property Size2,920 SF
Lot Size0.48 Acres
Price / SF$325.34
Days on Market2
Property Features for 17 Clara Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-10
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 2, Basement, Bedroom 8, Bathroom 4, Bedroom 7, Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 5, Bathroom 3, Bedroom 6
Parking
8
Parking features
None
Patio and Porch features
Deck
Interior features
Wall (Dry Wall), Plumbing (Mixed), Insulation (Ceiling), Insulation (Walls)
Exterior features
Deck
Basement
Full, Partially Finished
Appliances
Gas Water Heater
Subdivision
Bonnet Shores
Lot features
Paved Driveway, Wooded
Standard status
Active
Size
2,920 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5076
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Amenities
air conditioning
Building Details
Year built
1986
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic, Laminate
Building materials
Dry Wall, Clapboard, Shingles
Listing Agency:
Carty Realty
(401) 783-0044
Listed By:
David Carty · License #REB.0016121
(401) 662-9600
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 2 at 7:06PM
MLS# 1422211
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 duplex property contains two separate residences, each with 4 bedrooms and 2 bathrooms, for a combined 2,920 square feet. Built in 1986, the homes feature central air, forced-air natural gas heating, mixed flooring that includes ceramic tile and laminate, and gas water heaters. Drywall and clapboard and shingle materials are used throughout the improvements, with decks providing outdoor space.
The property occupies 0.48 acres in the Bonnet Shores area of Narragansett, Rhode Island. The parcel is zoned R-10 and includes no designated parking features. One side is leased through the end of May 2027. The property is offered through an LLC.
The property occupies 0.48 acres in the Bonnet Shores area of Narragansett, Rhode Island. The parcel is zoned R-10 and includes no designated parking features. One side is leased through the end of May 2027. The property is offered through an LLC.
Key Highlights
- Two‑residence duplex with 2,920 square feet of building area
- Each residence includes 4 bedrooms and 2 bathrooms
- Situated on a 0.48‑acre double lot in Bonnet Shores
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
$35,221
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
3.71%
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%
$704,420
$704.4K
Cap Rate 7%
$503,157
$503.2K
Cap Rate 9%
$391,344
$391.3K
Market Conditions
NOI Build-Up for 2,920 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
$52.6K $18.00/SF
− Vacancy
−$2.2K −$0.77/SF
EGI
$50.3K $17.23/SF
− OpEx
−$15.1K −$5.17/SF
NOI
$35.2K $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%
$704,420
Cap Rate 7%
$503,157
Cap Rate 9%
$391,344
Alternative Uses
Best Use
Multifamily LT 5
$503.2K
$440.3K – $587.0K
NOI $35,221 @ 7.0% cap · market cap 3.71%
Second Best
Apartment 5plus
$439.1K
$384.2K – $512.3K
NOI $30,736 @ 7.0% cap · market cap 3.24%
Theoretical Best
Healthcare Medical
$583.4K
$510.5K – $680.7K
NOI $40,839 @ 7.0% cap · market cap 4.30%
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
208
Businesses Nearby
Explore this area
Business Placement
Demographics for 02882, RI
12,919
Population
8,870
Households
1.5
Avg Household Size
52
Median Age
64%
College-Educated
98%
High-School Grad
12.8 sq mi
ZIP Area
1,009
Density / Sq Mi
$95,794
Median Household Income
$44,042
Median Earnings
$1,661
Median Rent
$686,000
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 bright residences offer central air, new flooring, and deck access within an R-10 setting.
Where is this duplex located?
The property is located at 17 Clara Lane Narragansett, RI.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Two‑residence duplex with 2,920 square feet of building area; Each residence includes 4 bedrooms and 2 bathrooms; Situated on a 0.48‑acre double lot in Bonnet Shores
