Updated Triplex with
New
For Sale
$699,900
82 Chestnut Avenue, Cranston, RI 02910
MULTI_FAMILY - Cranston, RI
Property Size3,324 SF
Lot Size0.14 Acres
Price / SF$210.56
Days on Market2
Property Features for 82 Chestnut Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B1
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bathroom 1, Bathroom 2, Basement, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 2, Bathroom 3
Parking
8
Parking features
Open
Window features
Insulated Windows, Storm Window(s)
Interior features
Wall (Paneled), Stairs, Plumbing (Mixed), Insulation (Unknown)
Basement
Storage Space, Unfinished, Full
Appliances
Gas Water Heater, Microwave, Oven/Range, Refrigerator, Washer
Subdivision
Eden Park
Lot features
Paved Driveway
Standard status
Active
Size
3,324 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8223
Utilities
Sewer type
Public Sewer
Heating system
Space Heater, Steam, Natural Gas, Central
Water source
Public
Amenities
coin-op washer/dryer
fenced yard
original hardwood floors
original knotty pine paneling
storage area/man cave
Building Details
Year built
1914
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Vinyl, Laminate
Building materials
Paneled, Vinyl Siding
Listing Agency:
Residential Properties Ltd.
(401) 333-9333
Listed By:
Debby Smith
(401) 368-2354
Added: Aug 12
Last Checked: Aug 13 at 3:06AM
MLS# 1420375
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,324-square-foot triplex, built in 1914, contains two two-bedroom, one-bath apartments on the first and second floors and a one-bedroom, one-bath apartment on the third. Each unit has separate gas and electric meters and its own hot water tank. The property includes a basement with coin-operated laundry, updated electrical and plumbing components, and heating systems approximately 9 years old. Hardwood, vinyl, and laminate flooring are present throughout, along with original knotty pine paneling in portions of the building.
All three apartments are currently rented without leases. Parking accommodates two vehicles per unit, with garage space and an additional space in front for the first- and second-floor apartments, plus two spaces beside the garage for the third-floor unit. The detached garage also includes an attached storage area. The 0.1377-acre parcel has public water and public sewer, B1 zoning, and a yard fenced on three sides. Located at 82 Chestnut Avenue in Cranston, the property provides highway access and proximity to shopping and dining.
All three apartments are currently rented without leases. Parking accommodates two vehicles per unit, with garage space and an additional space in front for the first- and second-floor apartments, plus two spaces beside the garage for the third-floor unit. The detached garage also includes an attached storage area. The 0.1377-acre parcel has public water and public sewer, B1 zoning, and a yard fenced on three sides. Located at 82 Chestnut Avenue in Cranston, the property provides highway access and proximity to shopping and dining.
Key Highlights
- 3,324 SF triplex on a 0.1377‑acre parcel
- Two 2‑bedroom, 1‑bath units plus one 1‑bedroom, 1‑bath unit
- All units currently rented without leases
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
$55,346
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
7.91%
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%
$1,106,920
$1.1M
Cap Rate 7%
$790,657
$790.7K
Cap Rate 9%
$614,956
$615.0K
Market Conditions
NOI Build-Up for 3,324 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
$84.6K $25.44/SF
− Vacancy
−$5.5K −$1.65/SF
EGI
$79.1K $23.79/SF
− OpEx
−$23.7K −$7.14/SF
NOI
$55.3K $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%
$1,106,920
Cap Rate 7%
$790,657
Cap Rate 9%
$614,956
Alternative Uses
Best Use
Multifamily LT 5
$790.7K
$691.8K – $922.4K
NOI $55,346 @ 7.0% cap · market cap 7.91%
Second Best
Apartment 5plus
$627.5K
$549.1K – $732.1K
NOI $43,925 @ 7.0% cap · market cap 6.28%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,084
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?
Triplex - Three separately metered apartments offer flexible layouts, tenant laundry, garage storage, and convenient access to shopping and dining.
Where is this triplex located?
The property is located at 82 Chestnut Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 3,324 SF triplex on a 0.1377‑acre parcel; Two 2‑bedroom, 1‑bath units plus one 1‑bedroom, 1‑bath unit; All units currently rented without leases
