Duplex with Hardwood
57 Drowne Street, Cranston, RI 02905
For Sale
$575,000
Two apartments each offer a two-bedroom layout, with central air conditioning in the first-floor unit.
Property Size1,892 SF
Price / SF$303.91
Days on Market45
Property Features for 57 Drowne Street
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Units
Unit Mix
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
hardwood floors
central air conditioning
fenced yard
patio
separate parking
Interior Steps
Tub Shower
Patio
Paved Driveway
Building Details
Building Size
Year Built
Buildings
Stories
Units
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Jim DeRentis
Source:
Caldwellrealtyri
Added: Sep 24
Changed: Nov 7
Last Checked: Nov 6 at 9:35PM
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 Residential Properties Ltd.
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Investment Insights
Based on property information with market context.
Built in 1964, this 1,892-square-foot duplex contains two apartments, each arranged with a living and dining area, an eat-in kitchen, and two bedrooms. Hardwood flooring runs through the units, and the first-floor apartment has central air conditioning. Both apartments have been repainted; additional updates include a new roof and newer hot water tanks.
The property includes a fenced yard with a patio and separate parking for each apartment. Zoning is A6, and the address is 57 Drowne Street in Cranston.
The property includes a fenced yard with a patio and separate parking for each apartment. Zoning is A6, and the address is 57 Drowne Street in Cranston.
Key Highlights
- Two apartments, each with two bedrooms
- 1,892 square feet; built in 1964
- First‑floor apartment has central air conditioning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,503
Cap Rate
5.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$630,060
$630.1K
Cap Rate 7%
$450,043
$450.0K
Cap Rate 9%
$350,033
$350.0K
Market Conditions
NOI Build-Up for 1,892 SF
Gross rent
$48.1K $25.44/SF
− Vacancy
−$3.1K −$1.65/SF
EGI
$45.0K $23.79/SF
− OpEx
−$13.5K −$7.14/SF
NOI
$31.5K $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%
$630,060
Cap Rate 7%
$450,043
Cap Rate 9%
$350,033
Alternative Uses
Best Use
Multifamily LT 5
$450.0K
$393.8K – $525.1K
NOI $31,503 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$357.2K
$312.5K – $416.7K
NOI $25,002 @ 7.0% cap · market cap 4.35%
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
847
Businesses Nearby
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Business Placement
Demographics for 02905, RI
26,334
Population
10,361
Households
2.5
Avg Household Size
34
Median Age
29%
College-Educated
77%
High-School Grad
3.7 sq mi
ZIP Area
7,117
Density / Sq Mi
$57,126
Median Household Income
$36,799
Median Earnings
$1,103
Median Rent
$322,700
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Cranston, RI
Properties on Market for Duplexes in Cranston
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two apartments each offer a two-bedroom layout, with central air conditioning in the first-floor unit.
Where is this duplex located?
The property is located at 57 Drowne Street 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 apartments, each with two bedrooms; 1,892 square feet; built in 1964; First‑floor apartment has central air conditioning
