Multifamily Building with Coin
For Sale
$979,900
Pending
35 Brookdale St, Cumberland, RI 02864
Well maintained multifamily with coin-operated laundry and deeded parking, designed for straightforward owner management.
Property Size5,156 SF
Days on Market56
Property Features for 35 Brookdale St
General Information
Standard status
Pending
Size
5,156 SF
Total Parking Spaces
8
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Multifamily Units
4
Parking per Unit
2
Amenities
coin-operated laundry
Building Details
Buildings
1
Listing Agency:
Jack Conway & Co Inc.
(508) 954-2621
Listed By:
Leeann Cerretani
(508) 954-2621
Source:
Exprealty
Added: Jun 13
Changed: Jul 31
Last Checked: Aug 7 at 12:05PM
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 Jack Conway & Co Inc.
Investment Insights
Based on property information with market context.
35 Brookdale St is a well maintained multifamily property presented for investors seeking consistent monthly income. The building contains multiple units, each with a spacious living room, dining area, and large kitchen. Updates have been completed as tenants move out, and two tenants are described as long term.
Residents can use a full coin operated laundry located on the first level. The property includes deeded 8 parking spots, with 2 for each tenant. Heat/hot water are included in the rent, which can simplify operations for an owner.
Recent major system updates include a septic update in 2018, a roof that is 15 years old, and a furnace and hot water heater that are 6 years old. The offering also includes another lot that provides potential for building additional housing, subject to a deed driveway agreement to access the lot. The property is located on a quiet deadend neighborhood street with easy access to major highways.
Residents can use a full coin operated laundry located on the first level. The property includes deeded 8 parking spots, with 2 for each tenant. Heat/hot water are included in the rent, which can simplify operations for an owner.
Recent major system updates include a septic update in 2018, a roof that is 15 years old, and a furnace and hot water heater that are 6 years old. The offering also includes another lot that provides potential for building additional housing, subject to a deed driveway agreement to access the lot. The property is located on a quiet deadend neighborhood street with easy access to major highways.
Key Highlights
- Septic updated in 2018
- Roof is 15 years old
- Furnace and hot water heater are 6 years old
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
$68,134
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
6.95%
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%
$1,362,680
$1.4M
Cap Rate 7%
$973,343
$973.3K
Cap Rate 9%
$757,044
$757.0K
Market Conditions
NOI Build-Up for 5,156 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
$131.8K $25.56/SF
− Vacancy
−$7.9K −$1.53/SF
EGI
$123.9K $24.03/SF
− OpEx
−$55.7K −$10.81/SF
NOI
$68.1K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
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%
$1,362,680
Cap Rate 7%
$973,343
Cap Rate 9%
$757,044
Alternative Uses
Best Use
Apartment 5plus
$973.3K
$851.7K – $1.14M
NOI $68,134 @ 7.0% cap · market cap 6.95%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.23M
$1.07M – $1.43M
NOI $85,850 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
102
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?
Multifamily property - Well maintained multifamily with coin-operated laundry and deeded parking, designed for straightforward owner management.
Where is this multifamily property located?
The property is located at 35 Brookdale St Cumberland, RI.
What is the asking price?
The asking price for this property is $979,900.
What are key features of this property?
This property features: Septic updated in 2018; Roof is 15 years old; Furnace and hot water heater are 6 years old
