Residential Income Property with Two Living
192 Farmington Avenue Cranston, RI 02920
New
For Sale
$374,000
Pending
MULTI_FAMILY - Cranston, RI
Property Size1,351 SF
Lot Size0.10 Acres
Days on Market4
Property Features for 192 Farmington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B1
Bedrooms
4
Bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Basement, Bedroom 3, Bedroom 1, Bathroom 2, Bathroom 1
Parking
4
Parking features
None
Interior features
Wall (Dry Wall), Plumbing (Mixed), Insulation (Unknown)
Basement
Full, Unfinished, Storage Space
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Standard status
Pending
Size
1,351 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4195
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Tile - Ceramic, Carpet, Laminate
Building materials
Dry Wall, Shingles, Wood
Listing Agency:
Re/Max One
(401) 943-6111
Listed By:
Marko Harrington
(401) 641-1663
Added: Jul 24
Last Checked: Jul 27 at 5:06PM
MLS# 1418800
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 residential income property is configured with separate living areas on both levels, supporting flexible multi-generational arrangements. The main level includes a living room, formal dining room, and a sun-filled enclosed porch that can serve as additional living space. There are 4 bedrooms and 2 full bathrooms, with a renovated kitchen and two updated full bathrooms providing modern updates while maintaining the home’s character.
The spacious lower level is currently used as additional living space, offering room for a family room, recreation area, home gym, or guest suite. An oversized outbuilding on the property adds valuable storage and potential workshop space.
Zoned B1 and located at 192 Farmington Avenue in Cranston, the home is described as move-in ready and convenient to shopping, restaurants, schools, parks, and major highways.
The spacious lower level is currently used as additional living space, offering room for a family room, recreation area, home gym, or guest suite. An oversized outbuilding on the property adds valuable storage and potential workshop space.
Zoned B1 and located at 192 Farmington Avenue in Cranston, the home is described as move-in ready and convenient to shopping, restaurants, schools, parks, and major highways.
Key Highlights
- 1920‑built home with 4 bedrooms and 2 full bathrooms
- Kitchen is renovated; both full bathrooms are updated
- Heating includes natural gas baseboard
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 | $34.4k | $25.44 |
| − Vacancy | −$2.2k | −$1.65 |
| EGI | $32.1k | $23.79 |
| − OpEx | −$9.6k | −$7.14 |
| NOI | $22.5k | $16.65 |
1,351 SF · lease $25.44/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$321.4K
$281.2K – $374.9K
NOI $22,495 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$255.0K
$223.2K – $297.6K
NOI $17,853 @ 7.0% cap · market cap 4.77%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - 4-bedroom, 2-bath home offers separate living areas on both levels and a renovated kitchen and updated bathrooms.
Where is this duplex located?
The property is located at 192 Farmington Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $374,000.
What are key features of this property?
This property features: 1920‑built home with 4 bedrooms and 2 full bathrooms; Kitchen is renovated; both full bathrooms are updated; Heating includes natural gas baseboard
