557 Center Road, Block Island, RI, 02807 | $2,295,000

Versatile Two-Family Home in a Prime Block Island Location. This classic two-family home offers a rare opportunity for both flexible living and solid rental income. The main house spans three levels and features two distinct living spaces, each with private entry, charming interiors, and comfortable layouts. The main and second floors include full kitchens, open living/dining areas, and well-proportioned bedrooms with ample natural light. The second-floor apartment includes a small private deck, offering a quiet outdoor spot for morning coffee or evening air. The third level, with its own entrance, provides additional living space ideal for a home office, guest suite, or overflow accommodations. Outdoors, the property features a peaceful yard shaded by mature trees and inviting sitting areas. A second detached building offers potential for expansion, studio use, or workshop space with the appropriate approvals. Whether you're seeking a full-time residence, a summer getaway, or an investment with rental appeal, this centrally located property meets a range of goals. Just a short distance from the shops, restaurants, and ferry in Old Harbor, and minutes from some of Block Island's beloved beaches, this home makes enjoying everything the Island has to offer effortless. With its adaptable layout, income potential, and prime location, it presents a rare opportunity to own a piece of Block Island that balances convenience, comfort, and possibility.

Features

  • Amenities: Marina,Recreation Area,Restaurant
  • Rooms: 10
  • Bedrooms: 5
  • Baths: 2 full / 1 half
  • Units: 2
  • Laundry: Common Area
  • Year Built: 1910
  • Garage: No Garage
  • Heating: Hot Water,Oil
  • Cooling: Window Unit(s)
  • Basement: Full,Unfinished,Walk-Out Access
  • Acreage: 0.28
  • Est. Taxes: $5,326
  • Lot Desc: Corner Lot
  • Appliances: Dryer,Dishwasher,Microwave,Oven,Oil Water Heater,Range,Refrigerator,Washer
  • MLS#: 1387557
  • Website: https://www.raveis.com
    /prop/1387557/557centerroad_blockisland_ri?source=qrflyer
Copyright © 2026  State-Wide MLS, Inc. All rights reserved.
Listing information has been assembled from various sources of varying degrees of reliability. Any information critical to the buying decision should be independently verified.Listed by Lila Delman Compass   Phone: 401-466-8777

William Raveis Family of Services

Our family of companies partner in delivering quality services in a one-stop-shopping environment. Together, we integrate the most comprehensive real estate, mortgage and insurance services available to fulfill your specific real estate needs.

Customer Service

888.699.8876

Contact@raveis.com

Our family of companies offer our clients a new level of full-service real estate. We shall:

  • Market your home to realize a quick sale at the best possible price
  • Place up to 20+ photos of your home on our website, raveis.com
  • Provide frequent communication and tracking reports showing the Internet views your home received on raveis.com
  • Showcase your home on raveis.com with a larger and more prominent format
  • Give you the full resources and strength of William Raveis Real Estate, Mortgage & Insurance and our cutting-edge technology

To learn more about our credentials, visit raveis.com today.

Frank KolbSenior Vice President - Coaching & Strategic, William Raveis Mortgage, LLC

NMLS Mortgage Loan Originator ID 81725

203.980.8025

Frank.Kolb@raveis.com

Our Executive Mortgage Banker:

  • Is available to meet with you in our office, your home or office, evenings or weekends
  • Offers you pre-approval in minutes!
  • Provides a guaranteed closing date that meets your needs
  • Has access to hundreds of loan programs, all at competitive rates
  • Is in constant contact with a full processing, underwriting, and closing staff to ensure an efficient transaction

Allen GellermanInsurance Sales Director, William Raveis Insurance

617.686.2668

Allen.Gellerman@raveis.com

Our Insurance Division:

  • Will Provide a home insurance quote within 24 hours
  • Offers full-service coverage such as Homeowner's, Auto, Life, Renter's, Flood and Valuable Items
  • Partners with major insurance companies including Chubb, Kemper Unitrin, The Hartford, Progressive,
    Encompass, Travelers, Fireman's Fund, Middleoak Mutual, One Beacon and American Reliable

557 Center Road, Block Island, RI, 02807

$2,295,000

Customer Service

William Raveis Real Estate

Phone: 888.699.8876

Contact@raveis.com

Frank Kolb

Senior Vice President - Coaching & Strategic

William Raveis Mortgage, LLC

Phone: 203.980.8025

Frank.Kolb@raveis.com

NMLS Mortgage Loan Originator ID 81725

5/6 (30 Yr)
Adjustable Rate Jumbo*
30 Year
Fixed-Rate Jumbo
15 Year
Fixed-Rate Jumbo
Loan Amount $1,836,000 $1,836,000 $1,836,000
Term 360 months 360 months 180 months
Initial Interest Rate** 4.750% 5.625% 5.375%
Interest Rate based on Index + Margin 8.125%
Annual Percentage Rate 5.878% 5.732% 5.555%
Monthly Tax Payment $444 $444 $444
H/O Insurance Payment $125 $125 $125
Initial Principal & Interest Pmt $9,577 $10,569 $14,880
Total Monthly Payment $10,146 $11,138 $15,449

* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.

** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.

The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.