Vacant Two-Unit
147 Southern St, Cranston, RI 02920
For Sale
$349,900
The first-floor residence is updated, while the second-floor unit requires renovation.
Property Size1,268 SF
Price / SF$275.95
Days on Market32
Property Features for 147 Southern St
General Information
Standard status
Size
Property subtype
Property Condition
Severity
Evidence
Units
Unit Mix
Multifamily Units
Additional Details
Highway Access
Building Details
Year Built
Listing Agency:
RISE REC
Listed By:
James Duffer · License #40967
(401) 633-5764
Source:
Rhodeislandhomesforsale
Added: Oct 7
Changed: Nov 7
Last Checked: Nov 7 at 12:02PM
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 RISE REC
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Investment Insights
Based on property information with market context.
This 1,268-square-foot duplex, built in 1908, contains two vacant apartments and is being sold as-is. The first-floor unit has one bedroom and one bathroom and has been updated. Upstairs, the two-bedroom, one-bathroom apartment needs work. Small fire damage has been observed in the basement.
The property is in Western Cranston, a short drive from Garden City Center and with access to Route 37 and I-295. The Providence area is also accessible from the property.
The property is in Western Cranston, a short drive from Garden City Center and with access to Route 37 and I-295. The Providence area is also accessible from the property.
Key Highlights
- Two vacant apartments in a 1,268‑square‑foot duplex
- First‑floor unit: 1 bedroom, 1 bathroom, updated
- Second‑floor unit: 2 bedrooms, 1 bathroom; requires work
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,113
Cap Rate
6.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$422,260
$422.3K
Cap Rate 7%
$301,614
$301.6K
Cap Rate 9%
$234,589
$234.6K
Market Conditions
NOI Build-Up for 1,268 SF
Gross rent
$32.3K $25.44/SF
− Vacancy
−$2.1K −$1.65/SF
EGI
$30.2K $23.79/SF
− OpEx
−$9.0K −$7.14/SF
NOI
$21.1K $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 Rate 5%
$422,260
Cap Rate 7%
$301,614
Cap Rate 9%
$234,589
Alternative Uses
Best Use
Multifamily LT 5
$301.6K
$263.9K – $351.9K
NOI $21,113 @ 7.0% cap · market cap 6.03%
Second Best
Apartment 5plus
$239.4K
$209.5K – $279.3K
NOI $16,756 @ 7.0% cap · market cap 4.79%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
993
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
$336,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Duplexes in Cranston, RI
Properties on Market for Duplexes in Cranston
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - The first-floor residence is updated, while the second-floor unit requires renovation.
Where is this duplex located?
The property is located at 147 Southern St Cranston, RI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two vacant apartments in a 1,268‑square‑foot duplex; First‑floor unit: 1 bedroom, 1 bathroom, updated; Second‑floor unit: 2 bedrooms, 1 bathroom; requires work
