Duplex with Three-Car
For Sale
$575,000
255 Farmington Avenue, Cranston, RI 02920
Two separate units feature hardwood floors, with a balcony serving the second-floor residence.
Property Size2,129 SF
Price / SF$270.08
Days on Market12
Property Features for 255 Farmington Avenue
General Information
Standard status
Active
Size
2,129 SF
Total Parking Spaces
3
Property subtype
MultiFamily
Additional Details
Multifamily Units
2
Amenities
hardwood floors
stainless appliances
balcony
full basement with laundry & storage
separate utilities
natural gas
Building Details
Year Built
1920
Stories
2
Listing Agency:
RI Real Estate Services
(401) 885-5400
Listed By:
Michael Russo · License #REB.0018125
(401) 465-0417
Source:
Lockandkeyre
Added: Oct 15
Changed: Oct 26
Last Checked: Oct 24 at 6:17PM
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 RI Real Estate Services
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Investment Insights
Based on property information with market context.
At 255 Farmington Avenue in Cranston, this two-family property includes a first-floor residence and a second-floor residence. Hardwood floors and natural light are present in both units; the upper unit also has a private balcony. The first-floor unit has high ceilings, stainless appliances, and access to the full basement, which contains laundry and storage. Separate utilities and natural gas serve the property.
The offering also includes an additional lot and a three-car garage. The home was built in 1920. The existing garage and additional parcel are identified as possible components for future expansion, including conversion of the garage to an ADU or construction of another home; these are potential configurations, not stated approvals.
The offering also includes an additional lot and a three-car garage. The home was built in 1920. The existing garage and additional parcel are identified as possible components for future expansion, including conversion of the garage to an ADU or construction of another home; these are potential configurations, not stated approvals.
Key Highlights
- Two‑family property with separate utilities and natural gas
- Additional lot included with the property
- Three‑car garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,449
Cap Rate
6.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$708,980
$709.0K
Cap Rate 7%
$506,414
$506.4K
Cap Rate 9%
$393,878
$393.9K
Market Conditions
NOI Build-Up for 2,129 SF
Gross rent
$54.2K $25.44/SF
− Vacancy
−$3.5K −$1.65/SF
EGI
$50.6K $23.79/SF
− OpEx
−$15.2K −$7.14/SF
NOI
$35.4K $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%
$708,980
Cap Rate 7%
$506,414
Cap Rate 9%
$393,878
Alternative Uses
Best Use
Multifamily LT 5
$506.4K
$443.1K – $590.8K
NOI $35,449 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$401.9K
$351.7K – $468.9K
NOI $28,134 @ 7.0% cap · market cap 4.89%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
713
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate units feature hardwood floors, with a balcony serving the second-floor residence.
Where is this duplex located?
The property is located at 255 Farmington Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑family property with separate utilities and natural gas; Additional lot included with the property; Three‑car garage
