Two-Unit Residential Income
For Sale
$479,900
Pending
217 Pontiac Avenue, Cranston, RI 02910
Two-family home features two 2-bedroom, 1-bath units, plus a porch, driveway parking, and detached two-car garage.
Property Size1,743 SF
Days on Market44
Property Features for 217 Pontiac Avenue
General Information
Standard status
Pending
Size
1,743 SF
Property subtype
Multifamily
Building Details
Year Built
1928
Listing Agency:
Century 21 Signature Prop.
(508) 999-4541
Listed By:
Eddie Veiga
Source:
Lockandkeyre
Added: Jul 9
Changed: Aug 19
Last Checked: Aug 20 at 4:26AM
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 Signature Prop.
Investment Insights
Based on property information with market context.
This two-family residential income property includes two separate units, each offering two bedrooms and one full bathroom. The home features a welcoming front porch and driveway parking, and it is complemented by a detached two-car garage.
The property is located in Cranston’s Auburn neighborhood near Rolfe Square, Park Ave, and Reservoir Ave, with access to local shops, restaurants, public transportation, and everyday amenities.
Being sold as-is, the property presents an opportunity for an owner-occupant or investor seeking a multi-family with the ability to add value with some TLC.
The property is located in Cranston’s Auburn neighborhood near Rolfe Square, Park Ave, and Reservoir Ave, with access to local shops, restaurants, public transportation, and everyday amenities.
Being sold as-is, the property presents an opportunity for an owner-occupant or investor seeking a multi-family with the ability to add value with some TLC.
Key Highlights
- 2‑family home built in 1928 in Cranston’s Auburn neighborhood
- Two units total: each offers 2 bedrooms and 1 full bathroom
- Front porch plus driveway parking
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
$29,022
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
6.05%
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%
$580,440
$580.4K
Cap Rate 7%
$414,600
$414.6K
Cap Rate 9%
$322,467
$322.5K
Market Conditions
NOI Build-Up for 1,743 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
$44.3K $25.44/SF
− Vacancy
−$2.9K −$1.65/SF
EGI
$41.5K $23.79/SF
− OpEx
−$12.4K −$7.14/SF
NOI
$29.0K $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%
$580,440
Cap Rate 7%
$414,600
Cap Rate 9%
$322,467
Alternative Uses
Best Use
Multifamily LT 5
$414.6K
$362.8K – $483.7K
NOI $29,022 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$329.0K
$287.9K – $383.9K
NOI $23,033 @ 7.0% cap · market cap 4.80%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,231
Businesses Nearby
Explore this area
Business Placement
Demographics for 02910, RI
21,907
Population
9,319
Households
2.4
Avg Household Size
39
Median Age
30%
College-Educated
90%
High-School Grad
3.4 sq mi
ZIP Area
6,443
Density / Sq Mi
$85,909
Median Household Income
$47,538
Median Earnings
$1,385
Median Rent
$302,400
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-family home features two 2-bedroom, 1-bath units, plus a porch, driveway parking, and detached two-car garage.
Where is this duplex located?
The property is located at 217 Pontiac Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: 2‑family home built in 1928 in Cranston’s Auburn neighborhood; Two units total: each offers 2 bedrooms and 1 full bathroom; Front porch plus driveway parking
