Three-Unit Residential
New
For Sale
$779,000
822 Atwood Avenue, Cranston, RI 02920
MULTI_FAMILY - Cranston, RI
Property Size2,808 SF
Lot Size0.15 Acres
Price / SF$277.42
Days on Market1
Property Features for 822 Atwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
C2
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 3, Bedroom 4, Basement
Parking
6
Parking features
None
Window features
Insulated Windows
Patio and Porch features
Porch
Interior features
Wall (Cermaic), Wall (Dry Wall), Wall (Plaster), Attic, Internal Expansion, Rough Bath, Stairs, Plumbing (Mixed), Insulation (Ceiling), Insulation (Floors), Insulation (Walls)
Exterior features
Porch
Basement
Storage Space, Full, Unfinished
Appliances
Electric Water Heater
Lot features
Corner Lot, Paved
Standard status
Active
Size
2,808 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5580
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
2026
Floors in Building
2
Number of units
3
Flooring type
Tile - Ceramic, Hardwood, Vinyl
Building materials
Ceramic, Dry Wall, Plaster, Vinyl Siding
Listing Agency:
Era Empire Real Estate
(401) 217-4442
Listed By:
Jimmy Ranieri
(401) 413-5620
Added: Aug 14
Last Checked: Aug 14 at 2:06PM
MLS# 1420573
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 2,808-square-foot triplex redevelopment is under construction and configured for three residential units. Approved plans provide a two-bedroom, one-bath apartment on the first floor and two one-bedroom apartments upstairs. The property includes a basement, porch, ceramic, vinyl, and hardwood flooring, plus drywall and plaster finishes.
The site consists of two C2-zoned lots totaling 0.1469 acres at 822 Atwood Avenue in Cranston. Building systems include forced-air natural-gas heat, central air conditioning, and an electric water heater. Parking is not provided, while the planned 2026 construction date and redevelopment status offer a clearly defined residential configuration.
The site consists of two C2-zoned lots totaling 0.1469 acres at 822 Atwood Avenue in Cranston. Building systems include forced-air natural-gas heat, central air conditioning, and an electric water heater. Parking is not provided, while the planned 2026 construction date and redevelopment status offer a clearly defined residential configuration.
Key Highlights
- Approved plans for three residential units: one two‑bedroom apartment and two one‑bedroom apartments
- 2,808 square feet across two C2‑zoned lots
- 0.1469‑acre site at 822 Atwood Avenue, Cranston, RI 02920
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
$46,755
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
6.00%
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%
$935,100
$935.1K
Cap Rate 7%
$667,929
$667.9K
Cap Rate 9%
$519,500
$519.5K
Market Conditions
NOI Build-Up for 2,808 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
$71.4K $25.44/SF
− Vacancy
−$4.6K −$1.65/SF
EGI
$66.8K $23.79/SF
− OpEx
−$20.0K −$7.14/SF
NOI
$46.8K $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%
$935,100
Cap Rate 7%
$667,929
Cap Rate 9%
$519,500
Alternative Uses
Best Use
Multifamily LT 5
$667.9K
$584.4K – $779.3K
NOI $46,755 @ 7.0% cap · market cap 6.00%
Second Best
Apartment 5plus
$530.1K
$463.8K – $618.4K
NOI $37,106 @ 7.0% cap · market cap 4.76%
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
Location Intelligence
Trade Area within ½ mile
814
Businesses Nearby
Explore this area
Business Placement
Demographics for 02920, RI
37,791
Population
15,052
Households
2.5
Avg Household Size
43
Median Age
32%
College-Educated
88%
High-School Grad
8.9 sq mi
ZIP Area
4,246
Density / Sq Mi
$79,246
Median Household Income
$51,811
Median Earnings
$1,271
Median Rent
$336,900
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 - C2-zoned redevelopment with approved plans for three residential units and a two-bedroom first-floor apartment.
Where is this triplex located?
The property is located at 822 Atwood Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $779,000.
What are key features of this property?
This property features: Approved plans for three residential units: one two‑bedroom apartment and two one‑bedroom apartments; 2,808 square feet across two C2‑zoned lots; 0.1469‑acre site at 822 Atwood Avenue, Cranston, RI 02920
