Duplex with Three-Car
New
For Sale
$599,000
255 Farmington Avenue, Cranston, RI 02920
Residential Income, Cranston, RI
Property Size2,129 SF
Lot Size0.17 Acres
Price / SF$281.35
Days on Market1
Property Features for 255 Farmington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2, Basement
Parking
9
Window features
Insulated Windows
Patio and Porch features
Patio, Porch
Interior features
Plumbing (Mixed), Insulation (Unknown)
Exterior features
Balcony, Patio, Porch
Basement
Unfinished, Storage Space, Full
Appliances
Gas Water Heater, Dishwasher, Dryer, Range Hood, Microwave, Oven/Range, Refrigerator, Washer
Subdivision
Laurel Hill
Lot features
Extra Lot, Out Building, Paved Driveway, Sidewalks
Standard status
Active
Size
2,129 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5049
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard, Steam
Water source
Public
Amenities
balcony
laundry
Building Details
Year built
1920
Number of units
2
Flooring type
Laminate, Hardwood, Tile - Ceramic
Building materials
Vinyl Siding
Listing Agency:
Ri Real Estate Services
(401) 885-5400
Listed By:
Michael Russo · License #REB.0018125
(401) 465-0417
Added: Sep 4
Last Checked: Sep 4 at 5:06PM
MLS# 1422444
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 2,129-square-foot duplex, built in 1920, includes two residential units, an additional lot, and a three-car garage. The first-floor residence features high ceilings, natural light, hardwood flooring, stainless appliances, and access to the full basement with laundry and storage. The upper unit offers hardwood floors, a functional kitchen and bath, abundant natural light, and a private second-floor balcony.
The property occupies 0.1653 acres and has a low-maintenance vinyl-sided exterior with ample parking. Separate utilities, natural gas heating, public water, and public sewer support the existing two-unit configuration. Exterior amenities include a porch and patio, while the garage and additional lot provide substantial on-site space for storage or future planning subject to applicable approvals.
The property occupies 0.1653 acres and has a low-maintenance vinyl-sided exterior with ample parking. Separate utilities, natural gas heating, public water, and public sewer support the existing two-unit configuration. Exterior amenities include a porch and patio, while the garage and additional lot provide substantial on-site space for storage or future planning subject to applicable approvals.
Key Highlights
- 2,129 square feet configured as a two‑unit duplex
- 0.1653‑acre parcel with an additional lot
- Three‑car garage and ample parking
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$35,449
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.92%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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 5.92%
Second Best
Apartment 5plus
$401.9K
$351.7K – $468.9K
NOI $28,134 @ 7.0% cap · market cap 4.70%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
713
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
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 property with separate utilities, full basement storage, and a second-floor balcony.
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 $599,000.
What are key features of this property?
This property features: 2,129 square feet configured as a two‑unit duplex; 0.1653‑acre parcel with an additional lot; Three‑car garage and ample parking
