Updated Duplex with Solar
New
For Sale
$780,000
37 Old Oak Ave, Cranston, RI 02910
Two refreshed residences include flexible bonus areas, basement offices, parking, and outdoor entertaining space.
Property Size2,294 SF
Price / SF$340.02
Days on Market7
Property Features for 37 Old Oak Ave
General Information
Standard status
Active
Size
2,294 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
solar panels
outdoor entertaining space
Building Details
Year Built
1920
Listing Agency:
Innovations Realty
Listed By:
Madelynn Duarte
Source:
Rhodeislandhomesforsale
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 26 at 7:19AM
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 Innovations Realty
Investment Insights
Based on property information with market context.
This 1920-built duplex at 37 Old Oak Avenue includes two three-bedroom residences with updated interiors and practical layouts. The property also provides accessory space currently used as a private man cave, along with a finished basement configured with separate office areas. A newer roof and solar panels serving each unit add to the overall physical improvements.
Off-street parking and outdoor entertaining space support day-to-day usability for both residences. The property is currently tenant-occupied and sits near shopping, dining, and major highways in Cranston, Rhode Island.
Off-street parking and outdoor entertaining space support day-to-day usability for both residences. The property is currently tenant-occupied and sits near shopping, dining, and major highways in Cranston, Rhode Island.
Key Highlights
- Two three‑bedroom units with updated interiors
- Solar panels serving each unit
- Finished basement with partitioned office areas
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
$38,196
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
4.90%
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%
$763,920
$763.9K
Cap Rate 7%
$545,657
$545.7K
Cap Rate 9%
$424,400
$424.4K
Market Conditions
NOI Build-Up for 2,294 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
$58.4K $25.44/SF
− Vacancy
−$3.8K −$1.65/SF
EGI
$54.6K $23.79/SF
− OpEx
−$16.4K −$7.14/SF
NOI
$38.2K $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%
$763,920
Cap Rate 7%
$545,657
Cap Rate 9%
$424,400
Alternative Uses
Best Use
Multifamily LT 5
$545.7K
$477.5K – $636.6K
NOI $38,196 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$433.1K
$378.9K – $505.2K
NOI $30,314 @ 7.0% cap · market cap 3.89%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
616
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two refreshed residences include flexible bonus areas, basement offices, parking, and outdoor entertaining space.
Where is this duplex located?
The property is located at 37 Old Oak Ave Cranston, RI.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: Two three‑bedroom units with updated interiors; Solar panels serving each unit; Finished basement with partitioned office areas
