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    Cranston Two-Family Home Investment

    9 Southern Street Cranston, RI 02920

    Claim this Listing
    Pending
    $565,000

    MULTI_FAMILY - Cranston, RI

    Type:Apartment
    Property size:
    3,186 SF
    Lot size:
    0.15 Acres
    Added:
    Oct 15, 2025
    Days on Market:
    270
    Last Refresh:
    Jul 11 at 4:06 pm

    Property Features for 9 Southern Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Basement, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1
    Parking
    9
    Basement
    Full, Unfinished
    Standard status
    Pending
    Size
    3,186 SF
    Lot size
    0.15 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    4781

    Utilities

    Heating system
    Steam, Natural Gas

    Building Details

    Year built
    1920
    Number of units
    2
    Flooring type
    Hardwood
    Building materials
    Shingles

    Listing agent Kyle Seyboth License #REC.0005226

    Listing office Century 21 Limitless 969 Waterman Avenue, Suite 1, East Providence, RI

    Listing date Oct 15, 2025

    MLS# 1397885 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.

    Investment Insights

    Based on property information with market context.

    This two-family home in Cranston presents an investment opportunity. Each of the two units features 2 bedrooms and 1 full bathroom. The units include oversized living rooms, plus an additional room that could be converted into another bedroom. The basement offers the potential to be finished for added space. The attic already features a skylight with views of downtown and the possibility of being transformed into even more living area. A detached 3-car garage is on the property and needs some TLC to be restored. Extra off-street parking is available for convenience. The lot size is 0.15 acres and is private and wooded. The property is near major highways, shopping, dining, and everyday amenities. A large, upscale playground is located across the street. The property size is 3186 square feet.

    Key Highlights

    • Two spacious units, each with 2 bedrooms and 1 bathroom, offering immediate rental income or owner‑occupancy potential.
    • Potential for additional bedrooms in both units, increasing rental income or providing flexible living space.
    • Detached 3‑car garage (needs TLC) and extra off‑street parking.

    Local Financial Insights For Apartment 5plus

    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 $81.4k $25.56
    − Vacancy −$4.9k −$1.53
    EGI $76.5k $24.03
    − OpEx −$34.4k −$10.81
    NOI $42.1k $13.21
    3,186 SF · lease $25.56/SF/yr · vacancy 6.00% · expense 45.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $757.8K
    $663.1K – $884.1K (±1% cap)
    NOI $53,048 @ 7.0% cap · market cap 9.39%
    Second Best
    Apartment 5plus
    $601.4K
    $526.3K – $701.7K (±1% cap)
    NOI $42,101 @ 7.0% cap · market cap 7.45%
    Theoretical Best
    —
    —
    same as Best Use
    Zoning and permitted uses should be independently verified with local authorities.

    Property Analytics

    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Parking Lot & Garage (Bike/Boat/Book/etc) Store Grocery & Convenience Store Computer & Electronic Repair Tech Support Center (Bike/Boat/Book/etc) Store Furniture & Home Goods Plumbing Service Pet Store Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

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    FAQs

    What type of property is this?
    Duplex - Two spacious units with potential in a prime location.
    Where is this duplex located?
    The property is located at 9 Southern Street Cranston, RI.
    What is the asking price?
    The asking price for this property is $565,000.
    What are key features of this property?
    This property features: Two spacious units, each with 2 bedrooms and 1 bathroom, offering immediate rental income or owner‑occupancy potential.; Potential for additional bedrooms in both units, increasing rental income or providing flexible living space.; Detached 3‑car garage (needs TLC) and extra off‑street parking.
    Contact an agent
    (508) 726-3492
    We can help!
    Contact an agent
    Kyle Seyboth
    Real Estate License ID: REC.0005226
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