New Construction Duplex with
For Sale
$879,800
Pending
29 Prospect St, Cumberland, RI 02864
Two townhouse-style residences offer private outdoor areas, garages, and flexible finished living space.
Property Size3,176 SF
Days on Market150
Property Features for 29 Prospect St
General Information
Standard status
Pending
Size
3,176 SF
Total Parking Spaces
2
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Parking per Unit
1
Building Details
Buildings
1
Listing Agency:
Boucher Real Estate
(401) 766-2200
Listed By:
Duane Boucher · License #REC.0014815
(401) 529-1663
Source:
Exprealty
Added: Apr 8
Changed: Sep 4
Last Checked: Aug 31 at 7:44PM
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 Boucher Real Estate
Investment Insights
Based on property information with market context.
New construction duplex totaling 3,176 SF, configured as two townhouse-style residences. Each unit includes two bedrooms, one-and-a-half bathrooms, an open living, dining, and kitchen arrangement, a laundry closet, and a full walkout basement. A one-car garage, rear patio, and deck serve each residence.
The property is located at 29 Prospect St in Cumberland, RI, on a quiet street with wooded land behind the building. The two-unit layout and repeatable floor plans create a straightforward configuration for residential income ownership.
The property is located at 29 Prospect St in Cumberland, RI, on a quiet street with wooded land behind the building. The two-unit layout and repeatable floor plans create a straightforward configuration for residential income ownership.
Key Highlights
- New construction duplex with two townhouse‑style units
- Each unit includes 2 bedrooms and 1.5 bathrooms
- Each residence has a full walkout basement
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
$52,882
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
6.01%
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%
$1,057,640
$1.1M
Cap Rate 7%
$755,457
$755.5K
Cap Rate 9%
$587,578
$587.6K
Market Conditions
NOI Build-Up for 3,176 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
$80.8K $25.44/SF
− Vacancy
−$5.3K −$1.65/SF
EGI
$75.5K $23.79/SF
− OpEx
−$22.7K −$7.14/SF
NOI
$52.9K $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%
$1,057,640
Cap Rate 7%
$755,457
Cap Rate 9%
$587,578
Alternative Uses
Best Use
Multifamily LT 5
$755.5K
$661.0K – $881.4K
NOI $52,882 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$599.6K
$524.6K – $699.5K
NOI $41,969 @ 7.0% cap · market cap 4.77%
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
387
Businesses Nearby
Explore this area
Business Placement
Demographics for 02864, RI
36,376
Population
14,735
Households
2.5
Avg Household Size
43
Median Age
43%
College-Educated
92%
High-School Grad
26.5 sq mi
ZIP Area
1,373
Density / Sq Mi
$118,737
Median Household Income
$62,041
Median Earnings
$1,251
Median Rent
$394,800
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 - Two townhouse-style residences offer private outdoor areas, garages, and flexible finished living space.
Where is this duplex located?
The property is located at 29 Prospect St Cumberland, RI.
What is the asking price?
The asking price for this property is $879,800.
What are key features of this property?
This property features: New construction duplex with two townhouse‑style units; Each unit includes 2 bedrooms and 1.5 bathrooms; Each residence has a full walkout basement
