Duplex With Detached
For Sale
$565,000
Pending
9 Southern Street, Cranston, RI 02920
Residential Income, Cranston, RI
Property Size3,186 SF
Lot Size0.15 Acres
Days on Market316
Property Features for 9 Southern Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking
9
Basement
Full, Unfinished
Standard status
Pending
Size
3,186 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
4781
Utilities
Heating system
Steam, Natural Gas
Amenities
skylight
detached 3-car garage
Building Details
Year built
1920
Number of units
2
Flooring type
Hardwood
Building materials
Shingles
Listing Agency:
Century 21 Limitless · Century 21 Real Estate
(508) 567-3468
Listed By:
Kyle Seyboth · License #32535
(508) 726-3492
Added: Oct 15, 2025
Changed: Aug 20
Last Checked: Aug 26 at 6:06AM
MLS# 1397885
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 duplex contains 3,186 square feet arranged across two residential units. Each unit includes two bedrooms, one full bathroom, and an oversized living room, with an additional room offering flexibility within the existing layout. Hardwood flooring, shingle construction, steam heat, and natural gas service are among the property’s documented features. Built in 1920, the home also includes a basement and an attic with a skylight.
A detached three-car garage and additional off-street parking serve the property. The 0.15-acre lot is private and wooded, while the garage requires restoration work. Major highways, shopping, dining, and everyday amenities are nearby, and a large upscale playground is located directly across the street. The property is in Cranston, Rhode Island, within Providence County.
A detached three-car garage and additional off-street parking serve the property. The 0.15-acre lot is private and wooded, while the garage requires restoration work. Major highways, shopping, dining, and everyday amenities are nearby, and a large upscale playground is located directly across the street. The property is in Cranston, Rhode Island, within Providence County.
Key Highlights
- Two residential units, each with 2 bedrooms and 1 full bathroom
- 3,186 square feet on a 0.15‑acre lot
- Detached 3‑car garage plus additional off‑street parking
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
$42,101
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
7.45%
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%
$842,020
$842.0K
Cap Rate 7%
$601,443
$601.4K
Cap Rate 9%
$467,789
$467.8K
Market Conditions
NOI Build-Up for 3,186 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
$81.4K $25.56/SF
− Vacancy
−$4.9K −$1.53/SF
EGI
$76.5K $24.03/SF
− OpEx
−$34.4K −$10.81/SF
NOI
$42.1K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
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%
$842,020
Cap Rate 7%
$601,443
Cap Rate 9%
$467,789
Alternative Uses
Best Use
Multifamily LT 5
$757.8K
$663.1K – $884.1K
NOI $53,048 @ 7.0% cap · market cap 9.39%
Second Best
Apartment 5plus
$601.4K
$526.3K – $701.7K
NOI $42,101 @ 7.0% cap · market cap 7.45%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
952
Businesses Nearby
Explore this area
Business Placement
Demographics for 02920, RI
37,791
Population
15,052
Households
2.5
Avg Household Size
43
Median Age
32%
College-Educated
88%
High-School Grad
8.9 sq mi
ZIP Area
4,246
Density / Sq Mi
$79,246
Median Household Income
$51,811
Median Earnings
$1,271
Median Rent
$336,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with flexible layouts, wooded privacy, and supplemental parking.
Where is this duplex located?
The property is located at 9 Southern Street Cranston, RI.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Two residential units, each with 2 bedrooms and 1 full bathroom; 3,186 square feet on a 0.15‑acre lot; Detached 3‑car garage plus additional off‑street parking
