Duplex with Finished Lower
For Sale
$649,900
Pending
24 Tacoma Street, Cranston, RI 02920
Updated two-family property with multiple kitchens, a large garage, and off-street parking.
Property Size3,511 SF
Days on Market48
Property Features for 24 Tacoma Street
General Information
Standard status
Pending
Size
3,511 SF
Property subtype
MultiFamily
Units
Unit Mix
1 x 2BR, 1 x 1BR
Multifamily Units
2
Amenities
central air mini splits
laundry room
finished lower level
garage
off-street parking
Building Details
Year Built
1928
Listing Agency:
RE/MAX ONE
(401) 943-6111
Listed By:
Richard Perelman · License #REB.0016189
(401) 286-2005
Source:
Lockandkeyre
Added: Aug 31
Changed: Oct 16
Last Checked: Oct 16 at 8:03AM
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
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Investment Insights
Based on property information with market context.
This 1928 duplex includes a two-bedroom first-floor unit and a one-bedroom second-floor unit, along with three granite-counter kitchens, stainless appliances, and three updated bathrooms. Interior improvements include ceramic tile and laminate flooring, fresh paint, central air mini-splits, and a finished lower level with a private walkout. The lower level also contains a generous laundry room.
The property has vinyl siding with a brick front, a two-car garage with substantial storage capacity, and parking for at least six vehicles. Major building components have been updated, including the roof, windows, furnace, gas forced-hot-water baseboard heating, and electrical systems. Located at 24 Tacoma Street in Cranston, Rhode Island, the property combines separate residential layouts with extensive utility and storage space.
The property has vinyl siding with a brick front, a two-car garage with substantial storage capacity, and parking for at least six vehicles. Major building components have been updated, including the roof, windows, furnace, gas forced-hot-water baseboard heating, and electrical systems. Located at 24 Tacoma Street in Cranston, Rhode Island, the property combines separate residential layouts with extensive utility and storage space.
Key Highlights
- Two‑family layout with 2 bedrooms on the first floor and 1 bedroom on the second floor
- Three granite‑counter kitchens with stainless appliances
- Three updated bathrooms and refreshed tile and laminate flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,460
Cap Rate
9.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,169,200
$1.2M
Cap Rate 7%
$835,143
$835.1K
Cap Rate 9%
$649,556
$649.6K
Market Conditions
NOI Build-Up for 3,511 SF
Gross rent
$89.3K $25.44/SF
− Vacancy
−$5.8K −$1.65/SF
EGI
$83.5K $23.79/SF
− OpEx
−$25.1K −$7.14/SF
NOI
$58.5K $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 Rate 5%
$1,169,200
Cap Rate 7%
$835,143
Cap Rate 9%
$649,556
Alternative Uses
Best Use
Multifamily LT 5
$835.1K
$730.8K – $974.3K
NOI $58,460 @ 7.0% cap · market cap 9.00%
Second Best
Apartment 5plus
$662.8K
$580.0K – $773.3K
NOI $46,396 @ 7.0% cap · market cap 7.14%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
551
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Updated two-family property with multiple kitchens, a large garage, and off-street parking.
Where is this duplex located?
The property is located at 24 Tacoma Street Cranston, RI.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Two‑family layout with 2 bedrooms on the first floor and 1 bedroom on the second floor; Three granite‑counter kitchens with stainless appliances; Three updated bathrooms and refreshed tile and laminate flooring
