There are various references online and in newspapers to "Stranuane, Arigna", including Gilhooly references with that address, so I suspect that is what is written here.
Some of the references confirm that it was/is a townland. Other spellings I've seen are Stranauane, Stranawane and Shananuane (the last one in the tithe applotment books). Here's what the "loganm.ie" website shows:
https://www.logainm.ie/en/43077 Anyhow, I've seen enough to be confident that Srananooan and (in your photo) Stranuane - and variants - are one and the same. For example, when Maggie Kate Gilhooly was born to Bartly Gilhooly and Margaret McKenna in 1899, note the spelling of the address:
https://www.irishgenealogy.ie/files/civil/birth_returns/births_1899/02047/1783627.pdfWhich reads across to the same folk in Srananooan the 1901 and 1911 Ireland censuses.
Added: I should have mentioned, an initial "Str" is a known development of Irish "Sr" in English. For example, I used to live in a village in County Antrim called Straid, which comes from the Irish for street - srαid.