Updated Duplex with Finished Lower
New
For Sale
$649,900
24 Tacoma Street, Cranston, RI 02920
Residential Income, Cranston, RI
Property Size3,511 SF
Lot Size0.15 Acres
Price / SF$185.10
Days on Market2
Property Features for 24 Tacoma Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
A-6
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 2, Basement, Bedroom 1
Parking
8
Parking features
Open
Interior features
Plumbing (Mixed), Insulation (Unknown)
Basement
Full, Storage Space, Finished
Appliances
Gas Water Heater, Dishwasher, Dryer, Oven/Range, Refrigerator, Washer
Subdivision
Thornton
Lot features
Paved Driveway, Paved
Standard status
Active
Size
3,511 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6343
Utilities
Heating system
Baseboard, Natural Gas
Cooling system
Wall Unit(s)
Water source
Public
Amenities
central air mini splits
finished lower level with walkout
laundry room
Building Details
Year built
1928
Floors in Building
3
Number of units
2
Flooring type
Laminate, Tile - Ceramic
Building materials
Brick, Vinyl Siding
Listing Agency:
Re/Max One · RE/MAX International
(401) 943-6111
Listed By:
Richard Perelman · License #REB.0016189
(401) 286-2005
Added: Aug 31
Last Checked: Sep 1 at 1:06AM
MLS# 1421507
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1928 duplex contains 3,511 square feet on a 0.1469-acre lot. The first floor has two bedrooms, while the second floor offers one bedroom. The property includes three granite-countertop kitchens with stainless appliances, three updated bathrooms, ceramic tile and laminate flooring, and freshly painted interiors. Central air mini-splits, gas hot-water baseboard heat, and vinyl siding are also noted. A finished lower level adds a walkout, laundry room, and additional usable space.
The property includes a brick-front exterior and a two-car garage with substantial storage capacity. Exterior parking accommodates no less than 6 cars. The roof, windows, furnace, and electrical systems are described as like new, with more than $45,000 in recent updates. A-6 zoning and public water are also reported.
The property includes a brick-front exterior and a two-car garage with substantial storage capacity. Exterior parking accommodates no less than 6 cars. The roof, windows, furnace, and electrical systems are described as like new, with more than $45,000 in recent updates. A-6 zoning and public water are also reported.
Key Highlights
- 3,511‑square‑foot duplex on a 0.1469‑acre lot
- Two bedrooms on the first floor and one bedroom on the second floor
- Three granite‑countertop kitchens with stainless appliances
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 - Granite kitchens, stainless appliances, and updated mechanical systems support residential income use.
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: 3,511‑square‑foot duplex on a 0.1469‑acre lot; Two bedrooms on the first floor and one bedroom on the second floor; Three granite‑countertop kitchens with stainless appliances
