Two-Family Home with Additional
255 Farmington Avenue, Cranston, RI 02920
MULTI_FAMILY - Cranston, RI
Property size:
2,129 SFLot size:
0.17 AcresPrice / SF:
$300/SF- Added:
- Jun 18, 2026
- Days on Market:
- 10
- Last Refresh:
- Jun 27 at 4:06 pm
Property Features for 255 Farmington Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 3
- Bathrooms
- 2
- Rooms
- Bathroom 2, Bedroom 3, Basement, Bedroom 1, Bathroom 1, Bedroom 2
- Parking
- 9
- Patio and Porch features
- Patio, Porch
- Interior features
- Plumbing (Mixed), Insulation (Unknown)
- Exterior features
- Balcony, Patio, Porch
- Basement
- Full, Storage Space, Unfinished
- Appliances
- Gas Water Heater, Dishwasher, Dryer, Range Hood, Microwave, Oven/Range, Refrigerator, Washer
- Standard status
- Active
- Size
- 2,129 SF
- Lot size
- 0.17 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 4826
Utilities
- Sewer type
- Public Sewer
- Heating system
- Baseboard, Steam, Natural Gas
- Water source
- Public
Building Details
- Year built
- 1920
- Number of units
- 3
- Flooring type
- Laminate, Tile - Ceramic, Hardwood
- Building materials
- Vinyl Siding
Listing agent Michael Russo License #REB.0017244 (401) 465-0417
Listing office Ri Real Estate Services 631 Main Street, East Greenwich, RI (401) 885-5400
Listing date Jun 18, 2026
MLS# 1415792
Listing URL
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.
HighLights
- 2‑family home built in 1920 with vinyl siding, offering a first‑floor unit and a second‑floor unit
- Second‑floor unit has a 2nd‑floor balcony and is vacant and ready to be rented
- First‑floor unit features high ceilings, natural light, hardwood floors, and stainless appliances
- First‑floor unit includes use of the full basement with laundry and storage
- Includes gas water heater plus natural gas heating with steam and baseboard systems
- Appliances included: refrigerator, oven/range, microwave, dishwasher, washer/dryer, and range hood
Overview
This well-maintained two-family home offers two separate living spaces, including a first-floor unit in excellent condition and a vacant second-floor unit ready to rent. The first-floor unit features high ceilings, natural light, hardwood floors, and stainless appliances, along with the use of the full basement for laundry and storage. The second-floor unit is also in great shape, with hardwood floors, a functional kitchen and bath, and a private second-floor balcony for outdoor space. The property includes a low-maintenance exterior, ample parking, separate utilities, and natural gas. An additional lot and a 3-car garage further round out the offering.
Located at 255 Farmington Avenue in Cranston, Rhode Island, the home sits on a small lot with room for practical off-street parking and flexibility for future site development.
For owner-occupants, the layout supports living on one level while renting the other, and the second-floor unit being vacant can reduce time to get it generating rental income. For buyers seeking optionality, the included additional lot and 3-car garage present expansion considerations, including the potential to convert the garage into an ADU or to reconfigure the site, subject to applicable approvals. The home may also qualify for a Washington Trust Bank first-time home buyer program described as offering a 5.125% fixed interest rate for 30 years, no money down, no points, no PMI, and closing cost assistance for qualified buyers. Seller financing may be available.
Located at 255 Farmington Avenue in Cranston, Rhode Island, the home sits on a small lot with room for practical off-street parking and flexibility for future site development.
For owner-occupants, the layout supports living on one level while renting the other, and the second-floor unit being vacant can reduce time to get it generating rental income. For buyers seeking optionality, the included additional lot and 3-car garage present expansion considerations, including the potential to convert the garage into an ADU or to reconfigure the site, subject to applicable approvals. The home may also qualify for a Washington Trust Bank first-time home buyer program described as offering a 5.125% fixed interest rate for 30 years, no money down, no points, no PMI, and closing cost assistance for qualified buyers. Seller financing may be available.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $54.2k | $25.44 |
| − Vacancy | −$3.5k | −$1.65 |
| EGI | $50.6k | $23.79 |
| − OpEx | −$15.2k | −$7.14 |
| NOI | $35.4k | $16.65 |
2,129 SF · lease $25.44/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$506.4K
$443.1K – $590.8K
NOI $35,449 @ 7.0% cap · market cap 5.55%
Second Best
Apartment 5plus
$401.9K
$351.7K – $468.9K
NOI $28,134 @ 7.0% cap · market cap 4.40%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Cranston
- County
- Providence
- State
- Rhode Island
- Longitude
- -71.454654
- Latitude
- 41.804582
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Well-maintained two-family residence with a full basement, vacant upstairs unit, and separate utilities.
Where is this duplex located?
The property is located at 255 Farmington Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: 2‑family home built in 1920 with vinyl siding, offering a first‑floor unit and a second‑floor unit; Second‑floor unit has a 2nd‑floor balcony and is vacant and ready to be rented; First‑floor unit features high ceilings, natural light, hardwood floors, and stainless appliances
