Historic Duplex with
For Sale
$895,000
22 South Avenue, Tiverton, RI 02878
Residential Income, Tiverton, RI
Property Size2,070 SF
Lot Size0.29 Acres
Price / SF$432.37
Days on Market52
Property Features for 22 South Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RES
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bathroom 1, Bathroom 2, Basement, Bedroom 1, Bedroom 3, Bedroom 2
Parking
5
Window features
Storm Window(s)
Patio and Porch features
Porch
Interior features
Wall (Dry Wall), Wall (Plaster), Attic, Stairs, Plumbing (Mixed), Insulation (Ceiling), Insulation (Walls)
Exterior features
Porch
Basement
Storage Space, Unfinished, Full
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Subdivision
Stonebridge
Lot features
Barn, Out Building, Paved Driveway
Standard status
Active
Size
2,070 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5189
Utilities
Sewer type
Septic Tank
Heating system
Natural Gas, Oil, Baseboard
Water source
Public
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Laminate
Building materials
Dry Wall, Plaster, Shingles, Wood
Listing Agency:
Hearth & Harbor Realty
(401) 816-5187
Listed By:
Carol Guimond
(401) 418-0462
Added: Aug 6
Changed: Sep 22
Last Checked: Sep 26 at 11:06AM
MLS# 1419975
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 two-family property at 22 South Avenue includes approximately 2,070 square feet of living area, with each unit offering more than 1,000 square feet and two to three bedrooms. Built in 1890, the residence retains hardwood floors, high ceilings, wainscoting, built-ins, vintage moldings, and a sunroom. Updated windows, heating, and other mechanical systems add to the existing improvements. The property is served by public water and a septic tank and includes RES zoning.
A separate 896-square-foot finished barn adds significant utility. The structure previously housed Tiverton’s first fire station and features exposed beams and hardwood flooring. Additional improvements include a three-bay garage, potting shed, full-sized greenhouse, and porch. The property also includes a 0.287-acre lot and is located near marinas, Tiverton Yacht Club, Coastal Roasters, and Grinnell’s Beach. No flood insurance is required.
A separate 896-square-foot finished barn adds significant utility. The structure previously housed Tiverton’s first fire station and features exposed beams and hardwood flooring. Additional improvements include a three-bay garage, potting shed, full-sized greenhouse, and porch. The property also includes a 0.287-acre lot and is located near marinas, Tiverton Yacht Club, Coastal Roasters, and Grinnell’s Beach. No flood insurance is required.
Key Highlights
- Two‑family property with 2,070 square feet and two units exceeding 1,000 square feet each
- Each unit includes 2‑3 bedrooms and a flexible floor plan
- 896‑square‑foot finished barn with exposed beams and hardwood floors
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
$34,574
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
3.86%
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%
$691,480
$691.5K
Cap Rate 7%
$493,914
$493.9K
Cap Rate 9%
$384,156
$384.2K
Market Conditions
NOI Build-Up for 2,070 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
$52.9K $25.56/SF
− Vacancy
−$3.5K −$1.70/SF
EGI
$49.4K $23.86/SF
− OpEx
−$14.8K −$7.16/SF
NOI
$34.6K $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%
$691,480
Cap Rate 7%
$493,914
Cap Rate 9%
$384,156
Alternative Uses
Best Use
Multifamily LT 5
$493.9K
$432.2K – $576.2K
NOI $34,574 @ 7.0% cap · market cap 3.86%
Second Best
Apartment 5plus
$439.3K
$384.4K – $512.5K
NOI $30,748 @ 7.0% cap · market cap 3.44%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
146
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with flexible layouts, period details, detached finished space, and coastal amenities nearby.
Where is this duplex located?
The property is located at 22 South Avenue Tiverton, RI.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Two‑family property with 2,070 square feet and two units exceeding 1,000 square feet each; Each unit includes 2‑3 bedrooms and a flexible floor plan; 896‑square‑foot finished barn with exposed beams and hardwood floors
