Duplex with Two-Car
For Sale
$539,900
184 Gladstone Street, Cranston, RI 02920
Well-maintained duplex with hardwood floors, basement storage, and a fenced backyard with a two-car garage.
Property Size3,254 SF
Price / SF$165.92
Days on Market14
Property Features for 184 Gladstone Street
General Information
Standard status
Active
Size
3,254 SF
Total Parking Spaces
2
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Building Details
Year Built
1961
Tenancy
Multi
Listing Agency:
Century 21 Limitless
(508) 567-3468
Listed By:
Ramon Betances
Source:
Lockandkeyre
Added: Jul 27
Changed: Aug 8
Last Checked: Aug 8 at 10:02AM
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 Century 21 Limitless
Investment Insights
Based on property information with market context.
This well-maintained duplex offers flexible living and rental options, with spacious living areas and hardwood floors. The home also includes ample basement storage, which can be useful for day-to-day organization and year-round belongings. A large two-car garage adds practical vehicle and storage space, and the fenced-in backyard provides an enclosed outdoor area.
Built in 1961, the property totals 3,254 SF. The duplex configuration supports an owner-occupant lifestyle with the option to generate income from the second unit.
Convenient to shopping, dining, highways, and local amenities, the location is designed to support everyday accessibility for residents.
Built in 1961, the property totals 3,254 SF. The duplex configuration supports an owner-occupant lifestyle with the option to generate income from the second unit.
Convenient to shopping, dining, highways, and local amenities, the location is designed to support everyday accessibility for residents.
Key Highlights
- Duplex format with the option to live in one unit and rent the other
- 3,254 SF overall size
- Built in 1961
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
$43,000
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
7.96%
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%
$860,000
$860.0K
Cap Rate 7%
$614,286
$614.3K
Cap Rate 9%
$477,778
$477.8K
Market Conditions
NOI Build-Up for 3,254 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
$83.2K $25.56/SF
− Vacancy
−$5.0K −$1.53/SF
EGI
$78.2K $24.03/SF
− OpEx
−$35.2K −$10.81/SF
NOI
$43.0K $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 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%
$860,000
Cap Rate 7%
$614,286
Cap Rate 9%
$477,778
Alternative Uses
Best Use
Multifamily LT 5
$774.0K
$677.3K – $903.0K
NOI $54,181 @ 7.0% cap · market cap 10.04%
Second Best
Apartment 5plus
$614.3K
$537.5K – $716.7K
NOI $43,000 @ 7.0% cap · market cap 7.96%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
715
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 - Well-maintained duplex with hardwood floors, basement storage, and a fenced backyard with a two-car garage.
Where is this duplex located?
The property is located at 184 Gladstone Street Cranston, RI.
What is the asking price?
The asking price for this property is $539,900.
What are key features of this property?
This property features: Duplex format with the option to live in one unit and rent the other; 3,254 SF overall size; Built in 1961
