Mixed-Use Property with
For Sale
$1,325,000
21 East Road, Tiverton, RI 02878
Residential Income, Tiverton, RI
Property Size5,769 SF
Lot Size5.71 Acres
Price / SF$229.68
Days on Market69
Property Features for 21 East Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R120
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 4, Bedroom 5, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking
13
Window features
Insulated Windows
Patio and Porch features
Deck
Interior features
Wall (Dry Wall), Wall (Wood), Stairs, Plumbing (Mixed), Insulation (Unknown)
Exterior features
Deck
Fireplace
1
Basement
Full, Storage Space, Unfinished
Appliances
Oven/Range, Refrigerator
Subdivision
Tiverton Four Corners
Lot features
Horse Permitted, Paved Driveway, Wooded
Standard status
Active
Size
5,769 SF
Lot size
5.71 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11322
Utilities
Sewer type
Cesspool
Heating system
Oil, Natural Gas, Forced Air
Water source
Well
Amenities
ductless mini-split system
Building Details
Year built
1920
Floors in Building
2
Number of units
3
Flooring type
Hardwood
Building materials
Dry Wall, Wood Wall(s), Shingles, Vinyl Siding
Listing Agency:
Hearth & Harbor Realty
(401) 816-5187
Listed By:
Deborah Plant
(401) 451-8293
Added: Jun 15
Changed: Aug 20
Last Checked: Aug 22 at 2:06PM
MLS# 1415411
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 mixed-use property combines three legal residential units, a retail building, and a detached garage/workshop across two lots. The principal residence, built in 1920, contains 2,352 square feet of finished living space and is arranged as two two-bedroom, one-bath units. A separate 540-square-foot cottage provides an additional one-bedroom, one-bath residence. The property also includes a 1,500-square-foot, three-bay garage with workshop space.
The commercial component is a renovated 1,075-square-foot retail space with cedar shingle siding, a newer roof and windows, and a ductless mini-split system. The property is located in Tiverton Four Corners and encompasses nearly 6 acres. Additional features include hardwood flooring, a deck, a fireplace, well water, cesspool service, and R120 zoning. The sale includes real estate only; the business operating in the retail space is excluded.
The commercial component is a renovated 1,075-square-foot retail space with cedar shingle siding, a newer roof and windows, and a ductless mini-split system. The property is located in Tiverton Four Corners and encompasses nearly 6 acres. Additional features include hardwood flooring, a deck, a fireplace, well water, cesspool service, and R120 zoning. The sale includes real estate only; the business operating in the retail space is excluded.
Key Highlights
- Three legal residential units across the main residence and separate 540‑square‑foot cottage
- 2,352 square feet of finished living space in the 1920 main residence
- 1,500‑square‑foot, 3‑bay garage with workshop space
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
$96,355
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
7.27%
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%
$1,927,100
$1.9M
Cap Rate 7%
$1,376,500
$1.4M
Cap Rate 9%
$1,070,611
$1.1M
Market Conditions
NOI Build-Up for 5,769 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
$147.5K $25.56/SF
− Vacancy
−$9.8K −$1.70/SF
EGI
$137.6K $23.86/SF
− OpEx
−$41.3K −$7.16/SF
NOI
$96.4K $16.70/SF
Area
Newport County, RI
Vacancy
6.65%
Lease Rate
$25.56 /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%
$1,927,100
Cap Rate 7%
$1,376,500
Cap Rate 9%
$1,070,611
Alternative Uses
Best Use
Multifamily LT 5
$1.38M
$1.20M – $1.61M
NOI $96,355 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$1.22M
$1.07M – $1.43M
NOI $85,692 @ 7.0% cap · market cap 6.47%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
94
Businesses Nearby
Explore this area
Business Placement
Demographics for 02878, RI
16,359
Population
7,747
Households
2.1
Avg Household Size
50
Median Age
40%
College-Educated
93%
High-School Grad
29.1 sq mi
ZIP Area
562
Density / Sq Mi
$99,542
Median Household Income
$49,228
Median Earnings
$1,228
Median Rent
$367,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three legal residential units accompany a renovated retail storefront and substantial workshop space in Tiverton Four Corners.
Where is this mixed-use property located?
The property is located at 21 East Road Tiverton, RI.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: Three legal residential units across the main residence and separate 540‑square‑foot cottage; 2,352 square feet of finished living space in the 1920 main residence; 1,500‑square‑foot, 3‑bay garage with workshop space
