Two-Family Residential Income
For Sale
$549,900
Pending
1640 Cranston Street, Cranston, RI 02930
Well-maintained two-family home with separate utilities, private laundry, and six off-street parking spaces on a corner lot.
Property Size2,416 SF
Days on Market17
Property Features for 1640 Cranston Street
General Information
Standard status
Pending
Size
2,416 SF
Total Parking Spaces
6
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Amenities
private in-unit laundry
hardwood floors
updated kitchen
private entry
private deck
central A/C
private office with half bath
usable outdoor space
bike path access
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Re/Max Real Estate Center
(508) 543-3922
Listed By:
Miguel Camara
Source:
Lockandkeyre
Added: Jul 14
Changed: Jul 27
Last Checked: Jul 30 at 6:25AM
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 Re/Max Real Estate Center
Investment Insights
Based on property information with market context.
This well-maintained two-family residential income property offers separate living spaces with private in-unit laundry and separate utilities. The second-floor unit includes approximately 1,208 square feet with three bedrooms and one full bath, hardwood floors, an updated kitchen, a private entry, and access to a private deck.
The first-floor unit features a 2-bedroom, 1-bath layout with central A/C. A notable addition is a bonus private office with a half bath, providing flexible space for work, storage, or other uses.
Set on a corner lot, the property includes usable outdoor space and six off-street parking spaces. The location is described as convenient to local restaurants, shops, churches, everyday amenities, and nearby bike path access.
The first-floor unit features a 2-bedroom, 1-bath layout with central A/C. A notable addition is a bonus private office with a half bath, providing flexible space for work, storage, or other uses.
Set on a corner lot, the property includes usable outdoor space and six off-street parking spaces. The location is described as convenient to local restaurants, shops, churches, everyday amenities, and nearby bike path access.
Key Highlights
- Two‑family property built in 1920 on a corner lot with six off‑street parking spaces
- Second‑floor unit features ~1,208 SF with 3 bedrooms, 1 full bath, hardwood floors, updated kitchen, private entry, and access to a private deck
- Both units offer private in‑unit laundry and separate utilities
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 | $61.5k | $25.44 |
| − Vacancy | −$4.0k | −$1.65 |
| EGI | $57.5k | $23.79 |
| − OpEx | −$17.2k | −$7.14 |
| NOI | $40.2k | $16.65 |
2,416 SF · lease $25.44/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$574.7K
$502.9K – $670.5K
NOI $40,228 @ 7.0% cap · market cap 7.32%
Second Best
Apartment 5plus
$456.1K
$399.1K – $532.1K
NOI $31,926 @ 7.0% cap · market cap 5.81%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,021
Businesses Nearby
Explore this area
Business Placement
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 - Well-maintained two-family home with separate utilities, private laundry, and six off-street parking spaces on a corner lot.
Where is this duplex located?
The property is located at 1640 Cranston Street 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: Two‑family property built in 1920 on a corner lot with six off‑street parking spaces; Second‑floor unit features ~1,208 SF with 3 bedrooms, 1 full bath, hardwood floors, updated kitchen, private entry, and access to a private deck; Both units offer private in‑unit laundry and separate utilities
