Renovated Duplex with Oversized
For Sale
$625,000
59 Colonial Avenue, Cranston, RI 02910
Two updated residential units include renovated kitchens, refreshed baths, private bedrooms, a garage, and yard space.
Property Size2,498 SF
Price / SF$250.20
Days on Market8
Property Features for 59 Colonial Avenue
General Information
Standard status
Active
Size
2,498 SF
Property subtype
MultiFamily
Additional Details
Multifamily Units
2
Amenities
garage
yard
fireplace
Building Details
Year Built
1924
Buildings
1
Listing Agency:
Keller Williams Coastal
(401) 845-9200
Listed By:
Michael Caparco · License #RES.0044893
(401) 338-6336
Source:
Lockandkeyre
Added: Sep 3
Changed: Sep 9
Last Checked: Sep 10 at 5:53AM
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 Keller Williams Coastal
Investment Insights
Based on property information with market context.
Built in 1924, this 2,498-square-foot duplex offers two residential units with extensive interior updates. The first unit measures 1,400+ square feet and includes three bedrooms, hardwood flooring, original French doors, detailed woodwork, a fireplace, and a remodeled kitchen with new cabinetry, stainless steel appliances, and granite countertops. Its bathroom has also been renovated, with ample closet space serving the bedrooms.
The second unit has a refreshed kitchen with new tile, cabinetry, stainless steel appliances, and granite countertops, along with a bathroom featuring a new tile floor and shower. New flooring and bright, spacious bedrooms complete the unit. An oversized garage and yard provide additional property features. The property is located at 59 Colonial Avenue in Cranston, with Garden City described as just minutes away.
The second unit has a refreshed kitchen with new tile, cabinetry, stainless steel appliances, and granite countertops, along with a bathroom featuring a new tile floor and shower. New flooring and bright, spacious bedrooms complete the unit. An oversized garage and yard provide additional property features. The property is located at 59 Colonial Avenue in Cranston, with Garden City described as just minutes away.
Key Highlights
- Two‑family duplex with 2,498 square feet
- First unit offers 1,400+ sq ft and 3 bedrooms
- Renovated kitchens with new cabinets, stainless steel appliances, and granite countertops
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
$41,593
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
6.65%
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%
$831,860
$831.9K
Cap Rate 7%
$594,186
$594.2K
Cap Rate 9%
$462,144
$462.1K
Market Conditions
NOI Build-Up for 2,498 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
$63.5K $25.44/SF
− Vacancy
−$4.1K −$1.65/SF
EGI
$59.4K $23.79/SF
− OpEx
−$17.8K −$7.14/SF
NOI
$41.6K $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%
$831,860
Cap Rate 7%
$594,186
Cap Rate 9%
$462,144
Alternative Uses
Best Use
Multifamily LT 5
$594.2K
$519.9K – $693.2K
NOI $41,593 @ 7.0% cap · market cap 6.65%
Second Best
Apartment 5plus
$471.6K
$412.6K – $550.2K
NOI $33,010 @ 7.0% cap · market cap 5.28%
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
1,042
Businesses Nearby
Explore this area
Business Placement
Demographics for 02910, RI
21,907
Population
9,319
Households
2.4
Avg Household Size
39
Median Age
30%
College-Educated
90%
High-School Grad
3.4 sq mi
ZIP Area
6,443
Density / Sq Mi
$85,909
Median Household Income
$47,538
Median Earnings
$1,385
Median Rent
$302,400
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 updated residential units include renovated kitchens, refreshed baths, private bedrooms, a garage, and yard space.
Where is this duplex located?
The property is located at 59 Colonial Avenue Cranston, RI.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Two‑family duplex with 2,498 square feet; First unit offers 1,400+ sq ft and 3 bedrooms; Renovated kitchens with new cabinets, stainless steel appliances, and granite countertops
