Two-Family Duplex with
New
For Sale
$500,000
28 Carman Street, Cranston, RI 02910
Separate heating systems and mixed hardwood and ceramic flooring serve both residences.
Property Size2,616 SF
Price / SF$191.13
Days on Market6
Property Features for 28 Carman Street
General Information
Standard status
Active
Size
2,616 SF
Property subtype
Multifamily
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
backyard
Building Details
Year Built
1924
Buildings
1
Listing Agency:
eXp Realty
(888) 315-3445
Listed By:
Slocum Home Team
Source:
Lockandkeyre
Added: Aug 17
Changed: Aug 21
Last Checked: Aug 21 at 10:06AM
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 eXp Realty
Investment Insights
Based on property information with market context.
Located at 28 Carman Street in Cranston, this two-family property contains 2,616 square feet and was built in 1924. Each residence offers two bedrooms, one full bathroom, hardwood and ceramic flooring, and its own heating system. The building’s residential layout provides distinct living spaces within a duplex configuration.
The first-floor residence is expected to be delivered vacant, while the second-floor unit is occupied under a month-to-month tenancy. A spacious backyard adds outdoor area to the property. The combination of separate utilities for heating, two-bedroom unit layouts, and flexible first-floor occupancy supports both owner-occupant and rental use.
The first-floor residence is expected to be delivered vacant, while the second-floor unit is occupied under a month-to-month tenancy. A spacious backyard adds outdoor area to the property. The combination of separate utilities for heating, two-bedroom unit layouts, and flexible first-floor occupancy supports both owner-occupant and rental use.
Key Highlights
- Two‑family duplex with 2,616 square feet
- Both units include 2 bedrooms and 1 full bath
- Separate heating systems serve each residence
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
$43,558
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
8.71%
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%
$871,160
$871.2K
Cap Rate 7%
$622,257
$622.3K
Cap Rate 9%
$483,978
$484.0K
Market Conditions
NOI Build-Up for 2,616 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
$66.6K $25.44/SF
− Vacancy
−$4.3K −$1.65/SF
EGI
$62.2K $23.79/SF
− OpEx
−$18.7K −$7.14/SF
NOI
$43.6K $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%
$871,160
Cap Rate 7%
$622,257
Cap Rate 9%
$483,978
Alternative Uses
Best Use
Multifamily LT 5
$622.3K
$544.5K – $726.0K
NOI $43,558 @ 7.0% cap · market cap 8.71%
Second Best
Apartment 5plus
$493.8K
$432.1K – $576.2K
NOI $34,569 @ 7.0% cap · market cap 6.91%
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
406
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 - Separate heating systems and mixed hardwood and ceramic flooring serve both residences.
Where is this duplex located?
The property is located at 28 Carman Street Cranston, RI.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Two‑family duplex with 2,616 square feet; Both units include 2 bedrooms and 1 full bath; Separate heating systems serve each residence
