Duplex with Two-Car
For Sale
$600,000
33 Governor Street, Cranston, RI 02920
Both residences have three bedrooms, with additional finished areas on the basement and third floors.
Property Size2,340 SF
Price / SF$256.41
Days on Market8
Property Features for 33 Governor Street
General Information
Standard status
Active
Size
2,340 SF
Total Parking Spaces
2
Property subtype
MultiFamily
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Building Details
Year Built
1920
Buildings
1
Listing Agency:
J. Christopher Real Estate Grp
(401) 830-6906
Listed By:
Jason Gelfuso · License #RES.0041183
(401) 447-7428
Source:
Lockandkeyre
Added: Sep 29
Changed: Oct 4
Last Checked: Oct 5 at 7:01PM
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 J. Christopher Real Estate Grp
Investment Insights
Based on property information with market context.
This two-unit property has a three-bedroom first-floor residence with a granite kitchen and mini-split system, plus a second three-bedroom unit. Finished space extends into the basement, where there is also a bathroom, and the heated third floor provides additional finished area. The property includes a two-car garage and sits on a corner lot. Newer windows and a newer roof are among the improvements.
The building is at 33 Governor Street in Cranston, Rhode Island. Both units are expected to be vacant at closing, offering flexibility for occupancy or a new leasing plan.
The building is at 33 Governor Street in Cranston, Rhode Island. Both units are expected to be vacant at closing, offering flexibility for occupancy or a new leasing plan.
Key Highlights
- Two units, each with three bedrooms
- First‑floor unit has a granite kitchen and mini‑split system
- Finished basement area includes a bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,962
Cap Rate
6.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$779,240
$779.2K
Cap Rate 7%
$556,600
$556.6K
Cap Rate 9%
$432,911
$432.9K
Market Conditions
NOI Build-Up for 2,340 SF
Gross rent
$59.5K $25.44/SF
− Vacancy
−$3.9K −$1.65/SF
EGI
$55.7K $23.79/SF
− OpEx
−$16.7K −$7.14/SF
NOI
$39.0K $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%
$779,240
Cap Rate 7%
$556,600
Cap Rate 9%
$432,911
Alternative Uses
Best Use
Multifamily LT 5
$556.6K
$487.0K – $649.4K
NOI $38,962 @ 7.0% cap · market cap 6.49%
Second Best
Apartment 5plus
$441.7K
$386.5K – $515.4K
NOI $30,922 @ 7.0% cap · market cap 5.15%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
832
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences have three bedrooms, with additional finished areas on the basement and third floors.
Where is this duplex located?
The property is located at 33 Governor Street Cranston, RI.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Two units, each with three bedrooms; First‑floor unit has a granite kitchen and mini‑split system; Finished basement area includes a bathroom
