Renovated Two-Family
For Sale
$625,000
Pending
59 Colonial Avenue, Cranston, RI 02910
Residential Income, Cranston, RI
Property Size2,498 SF
Lot Size0.16 Acres
Days on Market54
Property Features for 59 Colonial Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking
7
Fireplace
1
Basement
Unfinished, Full
Standard status
Pending
Size
2,498 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5796
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas, Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1924
Flooring type
Tile - Ceramic, Hardwood, Vinyl
Building materials
Other Siding
Buildings
1
Listing Agency:
Keller Williams Coastal · Keller Williams Realty
(401) 845-9200
Listed By:
Michael Caparco
(401) 338-6336
Added: Sep 3
Changed: Oct 23
Last Checked: Oct 26 at 9:06PM
MLS# 1422354
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.
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Investment Insights
Based on property information with market context.
Built in 1924, this two-family duplex offers 2,498 square feet across two renovated units on a 0.1561-acre lot. The first unit includes a 1400+ square foot layout with three bedrooms, hardwood floors, original French doors, woodwork, a fireplace, and a refreshed kitchen with new cabinets, stainless steel appliances, and granite countertops. Its bathroom has also been updated.
The second unit features a renovated kitchen with tile flooring, new cabinetry, stainless steel appliances, and granite countertops, along with an updated bathroom featuring a new tile floor and shower. New flooring and bright, spacious bedrooms complete the unit. The property also includes an oversized garage, yard, public sewer, natural gas heating, and window-unit cooling. Located at 59 Colonial Avenue in Cranston, the property is minutes from Garden City.
The second unit features a renovated kitchen with tile flooring, new cabinetry, stainless steel appliances, and granite countertops, along with an updated bathroom featuring a new tile floor and shower. New flooring and bright, spacious bedrooms complete the unit. The property also includes an oversized garage, yard, public sewer, natural gas heating, and window-unit cooling. Located at 59 Colonial Avenue in Cranston, the property is minutes from Garden City.
Key Highlights
- Two‑family duplex with 2,498 square feet on a 0.1561‑acre lot
- First unit offers a 1400+ square foot layout with three bedrooms
- Both units have renovated kitchens with new cabinets, stainless steel appliances, and granite countertops
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,593
Cap Rate
6.65%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,042
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with updated kitchens, renovated baths, hardwood flooring, and an oversized garage.
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 on a 0.1561‑acre lot; First unit offers a 1400+ square foot layout with three bedrooms; Both units have renovated kitchens with new cabinets, stainless steel appliances, and granite countertops
