Updated Two-Unit
For Sale
$629,000
Pending
105 eldridge Street, Cranston, RI 02910
Residential Income, Cranston, RI
Property Size2,432 SF
Lot Size0.11 Acres
Days on Market48
Property Features for 105 eldridge Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Basement, Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Parking
8
Interior features
Wall (Dry Wall)
Basement
Full, Unfinished
Appliances
Gas Water Heater, Dishwasher, Dryer, Oven/Range, Refrigerator, Washer
Standard status
Pending
Size
2,432 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6436
Utilities
Heating system
Natural Gas, Baseboard
Cooling system
Window Unit(s)
Amenities
granite countertops
double parlors
sunroom
private laundry
fenced-in yard
Building Details
Year built
1928
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Tile - Ceramic
Building materials
Dry Wall, Vinyl Siding
Listing Agency:
Lenox Realty Group
(401) 572-3322
Listed By:
Nicola Francis
(617) 447-9312
Added: Jul 13
Changed: Aug 20
Last Checked: Aug 29 at 6:06PM
MLS# 1417253
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 2,432-square-foot duplex, built in 1928, contains two spacious residences with large floor plans, double parlors, eat-in kitchens, granite countertops, and a bonus sunroom in each unit. Both residences include private laundry, and the property is lead certified and fully up to date. Interior finishes include hardwood and ceramic tile flooring, while appliances include refrigerators, ovens/ranges, dishwashers, washers, and dryers. Natural-gas baseboard heat and window-unit cooling serve the home.
Exterior features include vinyl siding, a fully fenced yard, a double-car garage, and six dedicated parking spaces. The roof is 3 years old, and the siding is 5 years old. Located on a quiet side street in Cranston, the property is within walking distance of shops and restaurants in Cranston East.
Exterior features include vinyl siding, a fully fenced yard, a double-car garage, and six dedicated parking spaces. The roof is 3 years old, and the siding is 5 years old. Located on a quiet side street in Cranston, the property is within walking distance of shops and restaurants in Cranston East.
Key Highlights
- 2432 square feet across two spacious units
- Each residence includes a bonus sunroom, double parlors, granite kitchen countertops, and private laundry
- Double‑car garage plus six dedicated parking spots
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
$40,494
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
6.44%
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%
$809,880
$809.9K
Cap Rate 7%
$578,486
$578.5K
Cap Rate 9%
$449,933
$449.9K
Market Conditions
NOI Build-Up for 2,432 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
$61.9K $25.44/SF
− Vacancy
−$4.0K −$1.65/SF
EGI
$57.8K $23.79/SF
− OpEx
−$17.4K −$7.14/SF
NOI
$40.5K $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%
$809,880
Cap Rate 7%
$578,486
Cap Rate 9%
$449,933
Alternative Uses
Best Use
Multifamily LT 5
$578.5K
$506.2K – $674.9K
NOI $40,494 @ 7.0% cap · market cap 6.44%
Second Best
Apartment 5plus
$459.1K
$401.7K – $535.6K
NOI $32,138 @ 7.0% cap · market cap 5.11%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,310
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?
Duplex - Two spacious residences feature eat-in kitchens, private laundry, and bonus sunrooms.
Where is this duplex located?
The property is located at 105 eldridge Street Cranston, RI.
What is the asking price?
The asking price for this property is $629,000.
What are key features of this property?
This property features: 2432 square feet across two spacious units; Each residence includes a bonus sunroom, double parlors, granite kitchen countertops, and private laundry; Double‑car garage plus six dedicated parking spots
