255 Farmington Avenue, Cranston, RI 02920
MULTI_FAMILY - Cranston, RI
- Added:
- Jun 18, 2026
- Days on Market:
- 5
- Last Refresh:
- Jun 22 at 6:06 am
Property Features for 255 Farmington Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 3
- Bathrooms
- 2
- Rooms
- Bedroom 3, Basement, Bedroom 1, Bedroom 2, Bathroom 2, Bathroom 1
- Parking
- 9
- Patio and Porch features
- Porch, Patio
- Interior features
- Plumbing (Mixed), Insulation (Unknown)
- Exterior features
- Balcony, Patio, Porch
- Basement
- Unfinished, Full, Storage Space
- Appliances
- Gas Water Heater, Dishwasher, Dryer, Range Hood, Microwave, Oven/Range, Refrigerator, Washer
- Standard status
- Active
- Size
- 2,129 SF
- Lot size
- 0.17 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 4826
Utilities
- Sewer type
- Public Sewer
- Heating system
- Baseboard, Steam, Natural Gas
- Water source
- Public
Building Details
- Year built
- 1920
- Number of units
- 3
- Flooring type
- Tile - Ceramic, Laminate, Hardwood
- Building materials
- Vinyl Siding
Listing agent Michael Russo License #REB.0017244 (401) 465-0417
Listing office Ri Real Estate Services 631 Main Street, East Greenwich, RI (401) 885-5400
Listing date Jun 18, 2026
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.
HighLights
- Two‑family home built in 1920 with a first‑floor unit and a second‑floor unit plus a full basement
- Vacant second‑floor unit is ready to rent and includes hardwood floors, functional kitchen/bath, and a 2nd‑floor balcony
- First‑floor unit features high ceilings, natural light, hardwood floors, and stainless appliances; basement includes laundry and storage
- Separate utilities and natural gas; public water and public sewer service
- Exterior includes balcony, patio, and porch; vinyl siding with tile, laminate, and hardwood flooring
- Includes an additional lot and a 3‑car garage
Overview
The offering includes the main home plus an additional lot and a 3-car garage. The exterior is described as low maintenance, and the property provides ample parking. The units have separate utilities and the home is heated with natural gas.
For buyers seeking a live-in-and-earn setup or a straightforward rental configuration, the current layout supports separate unit use with independent utilities. With a vacant second-floor unit, an operator can move toward new tenancy immediately while also considering the included garage and additional lot as assets for future expansion options that are contemplated in the listing remarks.
Local 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 | $54.2k | $25.44 |
| − Vacancy | −$3.5k | −$1.65 |
| EGI | $50.6k | $23.79 |
| − OpEx | −$15.2k | −$7.14 |
| NOI | $35.4k | $16.65 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Cranston
- County
- Providence
- State
- Rhode Island
- Longitude
- -71.454654
- Latitude
- 41.804582
