Multifamily Property with Separate Living
For Sale
$374,000
Pending
192 Farmington Avenue, Cranston, RI 02920
Four-bedroom home with two full bathrooms, a renovated kitchen, enclosed porch, and adaptable lower-level space.
Property Size1,351 SF
Days on Market40
Property Features for 192 Farmington Avenue
General Information
Standard status
Pending
Size
1,351 SF
Property subtype
Multifamily
Building Details
Year Built
1920
Listing Agency:
RE/MAX ONE
(401) 943-6111
Listed By:
Marko Harrington
Source:
Lockandkeyre
Added: Jul 24
Changed: Aug 31
Last Checked: Aug 31 at 3:13PM
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 ONE
Investment Insights
Based on property information with market context.
Built in 1920, this 4-bedroom, 2-bath multifamily property is arranged with distinct living areas across two levels. The main floor includes a living room, formal dining room, enclosed porch, renovated kitchen, and an updated full bathroom. The lower level adds substantial usable space that can support extended-family living, recreation, a home office, exercise space, or guest accommodations.
An oversized outbuilding provides additional room for storage, workshop activities, and hobbies. The property is located at 192 Farmington Avenue in Cranston, near shopping, restaurants, schools, parks, and major highways. The combination of multiple living areas, updated interior features, and flexible lower-level space supports a range of residential configurations.
An oversized outbuilding provides additional room for storage, workshop activities, and hobbies. The property is located at 192 Farmington Avenue in Cranston, near shopping, restaurants, schools, parks, and major highways. The combination of multiple living areas, updated interior features, and flexible lower-level space supports a range of residential configurations.
Key Highlights
- 4 bedrooms and 2 full bathrooms
- Separate living areas arranged across two levels
- Renovated kitchen and 2 updated full bathrooms
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
$17,853
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
4.77%
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%
$357,060
$357.1K
Cap Rate 7%
$255,043
$255.0K
Cap Rate 9%
$198,367
$198.4K
Market Conditions
NOI Build-Up for 1,351 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
$34.5K $25.56/SF
− Vacancy
−$2.1K −$1.53/SF
EGI
$32.5K $24.03/SF
− OpEx
−$14.6K −$10.81/SF
NOI
$17.9K $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%
$357,060
Cap Rate 7%
$255,043
Cap Rate 9%
$198,367
Alternative Uses
Best Use
Apartment 5plus
$255.0K
$223.2K – $297.6K
NOI $17,853 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$321.4K
$281.2K – $374.9K
NOI $22,495 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
642
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?
Multifamily property - Four-bedroom home with two full bathrooms, a renovated kitchen, enclosed porch, and adaptable lower-level space.
Where is this multifamily property located?
The property is located at 192 Farmington Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $374,000.
What are key features of this property?
This property features: 4 bedrooms and 2 full bathrooms; Separate living areas arranged across two levels; Renovated kitchen and 2 updated full bathrooms
