Renovated Duplex with
For Sale
$625,000
59 Colonial Avenue, Cranston, RI 02910
Residential Income, Cranston, RI
Property Size2,498 SF
Lot Size0.16 Acres
Price / SF$250.20
Days on Market8
Property Features for 59 Colonial Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 5, Bathroom 1
Parking
7
Fireplace
1
Basement
Unfinished, Full
Standard status
Active
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
Forced Air, Baseboard, Natural Gas
Cooling system
Window Unit(s)
Building Details
Year built
1924
Number of units
2
Flooring type
Vinyl, Hardwood, Tile - Ceramic
Building materials
Other Siding
Listing Agency:
Keller Williams Coastal · Keller Williams Realty
(401) 845-9200
Listed By:
Michael Caparco · License #RES.0044893
(401) 338-6336
Added: Sep 3
Last Checked: Sep 10 at 11:06PM
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.
Investment Insights
Based on property information with market context.
This 1924 duplex contains 2,498 square feet across two recently renovated residential units. The first unit provides a 1,400+ square-foot layout with three bedrooms, hardwood flooring, original French doors, woodwork, and a fireplace. Its updated kitchen includes new cabinets, stainless steel appliances, and granite countertops. The second unit also has a renovated kitchen and bath, with new cabinetry, stainless steel appliances, granite countertops, tile, and new flooring.
The property sits on a 0.1561-acre lot in Cranston, RI, near Garden City. An oversized garage and yard are included. Building systems include natural-gas forced-air and baseboard heat, window-unit cooling, and public sewer.
The property sits on a 0.1561-acre lot in Cranston, RI, near Garden City. An oversized garage and yard are included. Building systems include natural-gas forced-air and baseboard heat, window-unit cooling, and public sewer.
Key Highlights
- Two‑family duplex with 2,498 square feet
- Unit one includes a 1,400+ square‑foot, three‑bedroom layout
- Both units feature renovated kitchens with granite countertops and stainless steel appliances
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
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 - Two updated units offer renovated kitchens, refreshed baths, varied 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; Unit one includes a 1,400+ square‑foot, three‑bedroom layout; Both units feature renovated kitchens with granite countertops and stainless steel appliances
