Legal Two-Unit Residential
For Sale
$1,599,000
Pending
365 West Wrentham Road, Cumberland, RI 02864
Two separate residences on 3 parcels with independent utilities, plus a heated garage and workshop facilities.
Property Size2,919 SF
Lot Size7.84 Acres
Days on Market51
Property Features for 365 West Wrentham Road
General Information
Standard status
Pending
Size
2,919 SF
Lot size
7.84 Acres
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Building Details
Year Built
1978
Tenancy
Multi
Listing Agency:
Lila Delman Compass
(401) 789-6666
Listed By:
Michele Doherty · License #RES.0042281
(401) 835-1616
Source:
Lockandkeyre
Added: Jul 16
Changed: Aug 19
Last Checked: Aug 18 at 4:32AM
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 Lila Delman Compass
Investment Insights
Based on property information with market context.
This legal two-unit residential compound consists of two distinct residences with separate utilities and separate mailing addresses, arranged for privacy and flexible living. The primary Colonial offers multiple bedrooms and baths, along with a finished walkout lower level. A second permitted residence is located above the barn and provides an additional independent living space. Recent updates include new roofs on all structures, a modern granite kitchen, new flooring, fresh paint, new Harvey Elite triple-pane windows, and skylights.
Set on 7.84 private, gated acres, the property includes extensive outbuildings and site amenities such as a separate heated garage, workshop, shed, and chicken coop. The grounds feature an open pasture, a spring-fed pond, irrigation, invisible fencing, and a custom patio with a fire pit.
The offering is presented as a multi-parcel estate with substantial improvements and two legal units within one compound at 365 West Wrentham Road in Cumberland, Rhode Island.
Set on 7.84 private, gated acres, the property includes extensive outbuildings and site amenities such as a separate heated garage, workshop, shed, and chicken coop. The grounds feature an open pasture, a spring-fed pond, irrigation, invisible fencing, and a custom patio with a fire pit.
The offering is presented as a multi-parcel estate with substantial improvements and two legal units within one compound at 365 West Wrentham Road in Cumberland, Rhode Island.
Key Highlights
- Legal 2‑unit compound on 7.84 private, gated acres in Cumberland, comprising 3 parcels
- Primary Colonial: 4BR/5BA with 2,900+ SF plus a 1,300 SF finished walkout lower level
- Second legal residence: 1,260 SF permitted apartment above the barn with separate autonomy and privacy
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
$48,603
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
3.04%
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%
$972,060
$972.1K
Cap Rate 7%
$694,329
$694.3K
Cap Rate 9%
$540,033
$540.0K
Market Conditions
NOI Build-Up for 2,919 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
$74.3K $25.44/SF
− Vacancy
−$4.8K −$1.65/SF
EGI
$69.4K $23.79/SF
− OpEx
−$20.8K −$7.14/SF
NOI
$48.6K $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%
$972,060
Cap Rate 7%
$694,329
Cap Rate 9%
$540,033
Alternative Uses
Best Use
Multifamily LT 5
$694.3K
$607.5K – $810.1K
NOI $48,603 @ 7.0% cap · market cap 3.04%
Second Best
Apartment 5plus
$551.0K
$482.2K – $642.9K
NOI $38,573 @ 7.0% cap · market cap 2.41%
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
25
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 separate residences on 3 parcels with independent utilities, plus a heated garage and workshop facilities.
Where is this duplex located?
The property is located at 365 West Wrentham Road Cumberland, RI.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Legal 2‑unit compound on 7.84 private, gated acres in Cumberland, comprising 3 parcels; Primary Colonial: 4BR/5BA with 2,900+ SF plus a 1,300 SF finished walkout lower level; Second legal residence: 1,260 SF permitted apartment above the barn with separate autonomy and privacy
