Mixed 1- and 2-Bed Apartment
For Sale
$2,799,000
230 Phenix, Cranston, RI 02920
Seventeen-unit building with 1- and 2-bedroom apartments, 14 currently occupied and producing stated gross income.
Property Size15,278 SF
Price / SF$183.20
Days on Market17
Property Features for 230 Phenix
General Information
Standard status
Active
Size
15,278 SF
Property subtype
Commercial
Building Details
Year Built
1973
Listing Agency:
SMITH AND OAK REAL ESTATE CO.
(401) 464-2617
Listed By:
S & O RHODE ISLAND GROUP
Source:
Corcoran
Added: Jul 22
Changed: Jul 25
Last Checked: Jul 26 at 9:47AM
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 SMITH AND OAK REAL ESTATE CO.
Investment Insights
Based on property information with market context.
This 17-unit multifamily property consists of four 2-bedroom units and thirteen 1-bedroom units. As of today, 14 of 17 units are occupied and producing $280,200 in gross income, reflecting a 6.16% cap rate on in-place rents. Operating expenses are listed at $107,679, including taxes, insurance, utilities, landscaping/snow, cleaning, and routine maintenance.
Located in western Cranston, the building is described as being minutes from downtown Providence. The offering also notes a tenant base supported by nearby major employers, including CVS Health, Citizens Financial Group, Care New England, Brown, IGT, and Amica.
The remarks outline upside through bringing the three vacant units to market rents. Projected gross income is stated at $401,400, with a 10.49% cap rate on the same operating cost base, and approximately $121,200 of additional annual NOI.
Located in western Cranston, the building is described as being minutes from downtown Providence. The offering also notes a tenant base supported by nearby major employers, including CVS Health, Citizens Financial Group, Care New England, Brown, IGT, and Amica.
The remarks outline upside through bringing the three vacant units to market rents. Projected gross income is stated at $401,400, with a 10.49% cap rate on the same operating cost base, and approximately $121,200 of additional annual NOI.
Key Highlights
- 17‑unit multifamily building built in 1973
- Unit mix: four 2‑bedroom and thirteen 1‑bedroom units
- 14 of 17 units currently occupied, producing $280,200 in stated gross income
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
$201,891
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
7.21%
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%
$4,037,820
$4.0M
Cap Rate 7%
$2,884,157
$2.9M
Cap Rate 9%
$2,243,233
$2.2M
Market Conditions
NOI Build-Up for 15,278 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
$390.5K $25.56/SF
− Vacancy
−$23.4K −$1.53/SF
EGI
$367.1K $24.03/SF
− OpEx
−$165.2K −$10.81/SF
NOI
$201.9K $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%
$4,037,820
Cap Rate 7%
$2,884,157
Cap Rate 9%
$2,243,233
Alternative Uses
Best Use
Apartment 5plus
$2.88M
$2.52M – $3.36M
NOI $201,891 @ 7.0% cap · market cap 7.21%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.63M
$3.18M – $4.24M
NOI $254,386 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
675
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Seventeen-unit building with 1- and 2-bedroom apartments, 14 currently occupied and producing stated gross income.
Where is this apartment building located?
The property is located at 230 Phenix Cranston, RI.
What is the asking price?
The asking price for this property is $2,799,000.
What are key features of this property?
This property features: 17‑unit multifamily building built in 1973; Unit mix: four 2‑bedroom and thirteen 1‑bedroom units; 14 of 17 units currently occupied, producing $280,200 in stated gross income
