Pawtuxet River
For Sale
$689,900
1214 Main Street, Coventry, RI 02816
Residential Income, Coventry, RI
Property Size2,376 SF
Lot Size0.41 Acres
Price / SF$290.36
Days on Market14
Property Features for 1214 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 7, Bathroom 3, Bedroom 8, Bedroom 1, Bedroom 5, Bedroom 2, Bathroom 4, Bedroom 3, Bathroom 1, Basement, Bathroom 2, Bedroom 6
Parking
15
Parking features
None
Window features
Insulated Windows
Interior features
Wall (Dry Wall), Wall (Paneled), Wall (Plaster), Attic, Attic Stairs, Attic Storage, Stairs, Plumbing (Mixed), Insulation (Walls)
Basement
Full, Unfinished
Appliances
Electric Water Heater, Oven/Range, Refrigerator
Standard status
Active
Size
2,376 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9487
Utilities
Sewer type
Septic Tank
Heating system
Baseboard, Natural Gas
Water front features
Waterfront
Water front
1
Amenities
waterfront
Building Details
Year built
1878
Floors in Building
2
Number of units
4
Flooring type
Hardwood, Laminate, Vinyl, Carpet
Building materials
Dry Wall, Paneled, Plaster, Vinyl Siding
Additional Structures
Storage
Listing Agency:
Re/Max Real Estate Center · RE/MAX International
(401) 823-7600
Listed By:
Mary Lyons
(401) 439-8507
Added: Aug 16
Changed: Aug 27
Last Checked: Aug 29 at 11:06AM
MLS# 1420768
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 quadplex at 1214 Main Street includes 2,376 square feet on a 0.41-acre parcel. The property was built in 1878 and has four bathrooms, eight bedrooms, a basement, attic storage, and mixed interior finishes including drywall, paneling, and plaster. Flooring includes carpet, laminate, vinyl, and hardwood. Heating is provided by natural-gas baseboard systems, with an electric water heater and standard kitchen appliances in place.
The property fronts the Pawtuxet River and is served by a septic tank. A sewer line runs in front of the home, and the related assessment has been paid in full. Utilities are separately metered, and the property is compliant with the lead registry.
The property fronts the Pawtuxet River and is served by a septic tank. A sewer line runs in front of the home, and the related assessment has been paid in full. Utilities are separately metered, and the property is compliant with the lead registry.
Key Highlights
- Quadplex with 2,376 square feet on 0.41 acres
- Waterfront setting on the Pawtuxet River
- Separate utilities for the residential units
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
$34,523
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
5.00%
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%
$690,460
$690.5K
Cap Rate 7%
$493,186
$493.2K
Cap Rate 9%
$383,589
$383.6K
Market Conditions
NOI Build-Up for 2,376 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
$52.7K $22.20/SF
− Vacancy
−$3.4K −$1.44/SF
EGI
$49.3K $20.76/SF
− OpEx
−$14.8K −$6.23/SF
NOI
$34.5K $14.53/SF
Area
Kent County, RI
Vacancy
6.50%
Lease Rate
$22.20 /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%
$690,460
Cap Rate 7%
$493,186
Cap Rate 9%
$383,589
Alternative Uses
Best Use
Multifamily LT 5
$493.2K
$431.5K – $575.4K
NOI $34,523 @ 7.0% cap · market cap 5.00%
Second Best
Apartment 5plus
$453.1K
$396.4K – $528.6K
NOI $31,715 @ 7.0% cap · market cap 4.60%
Theoretical Best
Specialty Retail
$595.1K
$520.7K – $694.3K
NOI $41,656 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
344
Businesses Nearby
Explore this area
Business Placement
Demographics for 02816, RI
33,206
Population
14,505
Households
2.3
Avg Household Size
45
Median Age
32%
College-Educated
93%
High-School Grad
36.9 sq mi
ZIP Area
900
Density / Sq Mi
$97,941
Median Household Income
$51,773
Median Earnings
$1,168
Median Rent
$317,400
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?
Quadplex - Four-unit residential property with separate utilities, septic service, and compliance with the lead registry.
Where is this quadplex located?
The property is located at 1214 Main Street Coventry, RI.
What is the asking price?
The asking price for this property is $689,900.
What are key features of this property?
This property features: Quadplex with 2,376 square feet on 0.41 acres; Waterfront setting on the Pawtuxet River; Separate utilities for the residential units
