Two-Unit Home with Private
For Sale
$549,900
93 Whipple Avenue, Cranston, RI 02920
Two-level duplex with separate living spaces, hardwood floors, and fenced outdoor areas.
Property Size2,030 SF
Price / SF$270.89
Days on Market36
Property Features for 93 Whipple Avenue
General Information
Standard status
Active
Size
2,030 SF
Property subtype
Multi-Family
Building Details
Year Built
1920
Listing Agency:
The Mello Group, Inc.
(413) 717-0635
Listed By:
Tina Hartley · License #18759
Source:
Lavonnelopes
Added: Jul 26
Changed: Aug 29
Last Checked: Aug 25 at 3:45AM
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 The Mello Group, Inc.
Investment Insights
Based on property information with market context.
Located at 93 Whipple Avenue in Cranston, Rhode Island, this 2,030-square-foot duplex contains two distinct residential units. The first-floor residence has three bedrooms, a full bathroom, an oversized living room, and an eat-in kitchen. Upstairs, the second unit includes two bedrooms, a full bathroom, a large living room, a dining room, and its own porch.
Hardwood flooring extends through the living rooms and bedrooms in both units. Exterior amenities include a fenced backyard and patio. Built in 1920, the property is positioned near shopping, restaurants, schools, and major highways, with a layout suited to two-family occupancy.
Hardwood flooring extends through the living rooms and bedrooms in both units. Exterior amenities include a fenced backyard and patio. Built in 1920, the property is positioned near shopping, restaurants, schools, and major highways, with a layout suited to two-family occupancy.
Key Highlights
- 2,030‑square‑foot duplex at 93 Whipple Avenue, Cranston, RI 02920
- First‑floor unit with 3 bedrooms, full bath, eat‑in kitchen, and oversized living room
- Second‑floor unit includes 2 bedrooms, full bath, dining room, and private porch
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
$33,800
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
6.15%
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%
$676,000
$676.0K
Cap Rate 7%
$482,857
$482.9K
Cap Rate 9%
$375,556
$375.6K
Market Conditions
NOI Build-Up for 2,030 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
$51.6K $25.44/SF
− Vacancy
−$3.4K −$1.65/SF
EGI
$48.3K $23.79/SF
− OpEx
−$14.5K −$7.14/SF
NOI
$33.8K $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%
$676,000
Cap Rate 7%
$482,857
Cap Rate 9%
$375,556
Alternative Uses
Best Use
Multifamily LT 5
$482.9K
$422.5K – $563.3K
NOI $33,800 @ 7.0% cap · market cap 6.15%
Second Best
Apartment 5plus
$383.2K
$335.3K – $447.1K
NOI $26,825 @ 7.0% cap · market cap 4.88%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
885
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?
Duplex - Two-level duplex with separate living spaces, hardwood floors, and fenced outdoor areas.
Where is this duplex located?
The property is located at 93 Whipple Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: 2,030‑square‑foot duplex at 93 Whipple Avenue, Cranston, RI 02920; First‑floor unit with 3 bedrooms, full bath, eat‑in kitchen, and oversized living room; Second‑floor unit includes 2 bedrooms, full bath, dining room, and private porch
