Two-Unit Duplex with
For Sale
$445,000
27 South Street, West Warwick, RI 02893
Residential Income, West Warwick, RI
Property Size1,536 SF
Lot Size0.22 Acres
Price / SF$289.71
Days on Market32
Property Features for 27 South Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Basement, Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 1
Parking
3
Parking features
None
Basement
Crawl Space
Appliances
Electric Water Heater
Standard status
Active
Size
1,536 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4289
Utilities
Heating system
Electric (Heating), Baseboard
Building Details
Year built
1982
Number of units
2
Flooring type
Carpet, Laminate
Building materials
Wood
Listing Agency:
Century 21 Limitless · Century 21 Real Estate
(508) 567-3468
Listed By:
Kyle Seyboth · License #32535
(508) 726-3492
Added: Jul 26
Changed: Aug 22
Last Checked: Aug 26 at 5:06AM
MLS# 1418621
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 1982 duplex contains two residential units within 1,536 square feet. Each unit is arranged with two bedrooms and one full bathroom, creating a consistent configuration across the property. Separate heating systems serve the residences, and the building includes electric water heating, wood construction, carpet, laminate flooring, and a basement. No on-site parking is provided.
The property is located near Downtown West Warwick, Riverpoint Village, the Bald Hill Road retail corridor, Warwick Mall, Riverpoint Park, and the Washington Secondary Bike Path. Interstate 95, Route 2, and Route 117 provide regional access, while Providence is approximately 15–20 minutes away and T.F. Green Airport is approximately 10–15 minutes away. The site occupies 0.215 acres in West Warwick, Rhode Island.
The property is located near Downtown West Warwick, Riverpoint Village, the Bald Hill Road retail corridor, Warwick Mall, Riverpoint Park, and the Washington Secondary Bike Path. Interstate 95, Route 2, and Route 117 provide regional access, while Providence is approximately 15–20 minutes away and T.F. Green Airport is approximately 10–15 minutes away. The site occupies 0.215 acres in West Warwick, Rhode Island.
Key Highlights
- Two‑unit duplex with 1,536 square feet of building area
- Each residence includes 2 bedrooms and 1 full bathroom
- Separate heating systems serve the two 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
$22,318
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
5.02%
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%
$446,360
$446.4K
Cap Rate 7%
$318,829
$318.8K
Cap Rate 9%
$247,978
$248.0K
Market Conditions
NOI Build-Up for 1,536 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
$34.1K $22.20/SF
− Vacancy
−$2.2K −$1.44/SF
EGI
$31.9K $20.76/SF
− OpEx
−$9.6K −$6.23/SF
NOI
$22.3K $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%
$446,360
Cap Rate 7%
$318,829
Cap Rate 9%
$247,978
Alternative Uses
Best Use
Multifamily LT 5
$318.8K
$279.0K – $372.0K
NOI $22,318 @ 7.0% cap · market cap 5.02%
Second Best
Apartment 5plus
$292.9K
$256.3K – $341.7K
NOI $20,503 @ 7.0% cap · market cap 4.61%
Theoretical Best
Specialty Retail
$384.7K
$336.6K – $448.8K
NOI $26,929 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
422
Businesses Nearby
Explore this area
Business Placement
Demographics for 02893, RI
31,030
Population
15,103
Households
2.1
Avg Household Size
41
Median Age
25%
College-Educated
90%
High-School Grad
7.8 sq mi
ZIP Area
3,978
Density / Sq Mi
$73,903
Median Household Income
$49,087
Median Earnings
$1,249
Median Rent
$293,100
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?
Duplex - Two separately heated residences offer flexible occupancy and rental-use options in an established West Warwick neighborhood.
Where is this duplex located?
The property is located at 27 South Street West Warwick, RI.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,536 square feet of building area; Each residence includes 2 bedrooms and 1 full bathroom; Separate heating systems serve the two units
