Updated Two-Family
New
For Sale
$575,000
57 Drowne Street, Cranston, RI 02905
Residential Income, Cranston, RI
Property Size1,892 SF
Lot Size0.16 Acres
Price / SF$303.91
Days on Market4
Property Features for 57 Drowne Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
A6
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 1, Bedroom 1, Basement
Parking
4
Parking features
None
Patio and Porch features
Patio
Interior features
Stairs, Plumbing (Mixed), Insulation (Unknown)
Exterior features
Patio
Basement
Storage Space, Unfinished, Full
Appliances
Oven, Range, Refrigerator, Gas Water Heater
Subdivision
Edgewood
Lot features
Fenced, Paved Driveway
Standard status
Active
Size
1,892 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5164
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
hardwood floors
fenced yard
patio
central air conditioning
Building Details
Year built
1964
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic, Hardwood
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Jim DeRentis
(401) 439-7705
Added: Sep 24
Changed: Sep 27
Last Checked: Sep 27 at 12:06PM
MLS# 1423874
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 1,892-square-foot duplex contains two apartments, each arranged with two bedrooms, a living and dining room, and an eat-in kitchen. Hardwood floors run through the interiors, and both units have received fresh paint. The ground-floor apartment has central air conditioning. A replacement roof and newer hot water tanks are among the property’s updates.
The 0.1576-acre parcel includes a fenced yard and patio. The property is in Cranston, Rhode Island, and is zoned A6.
The 0.1576-acre parcel includes a fenced yard and patio. The property is in Cranston, Rhode Island, and is zoned A6.
Key Highlights
- Two apartments, each with two bedrooms, a living/dining room, and an eat‑in kitchen
- 1,892 square feet of building area on a 0.1576‑acre lot
- Central air conditioning in the first‑floor unit
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
$31,503
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
5.48%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
463
Businesses Nearby
Explore this area
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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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 - Two apartments offer matching two-bedroom layouts, with central air conditioning in the ground-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, a living/dining room, and an eat‑in kitchen; 1,892 square feet of building area on a 0.1576‑acre lot; Central air conditioning in the first‑floor unit
