Duplex with Finished Lower
New
For Sale
$649,900
24 Tacoma Street, Cranston, RI 02920
Updated two-family property with multiple kitchens, a large garage, and off-street parking.
Property Size3,511 SF
Price / SF$185.10
Days on Market3
Property Features for 24 Tacoma Street
General Information
Standard status
Active
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: Sep 1
Last Checked: Sep 1 at 8:54PM
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.
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 = 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
$58,460
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
9.00%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
