Two-Home Residential Income
283 Palmer Avenue Warwick, RI 02889
New
MULTI_FAMILY - Warwick, RI
Property size:
2,072 SFLot size:
0.21 AcresPrice / SF:
$265/SF- Added:
- Jul 6, 2026
- Days on Market:
- 5
- Last Refresh:
- Jul 10 at 5:06 pm
Property Features for 283 Palmer Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 3
- Rooms
- Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 3, Basement, Bathroom 1, Bedroom 4
- Parking
- 6
- Parking features
- Garage
- Interior features
- Wall (Cermaic), Wall (Dry Wall), Plumbing (Mixed), Insulation (Unknown)
- Fireplace
- 1
- Basement
- Unfinished, Full
- Standard status
- Active
- Size
- 2,072 SF
- Lot size
- 0.21 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 5869
Utilities
- Sewer type
- Septic Tank
- Heating system
- Forced Air, Natural Gas, Steam
Building Details
- Year built
- 1925
- Floors in Building
- 1
- Number of units
- 2
- Flooring type
- Laminate
- Building materials
- Ceramic, Dry Wall, Aluminum Siding, Vinyl Siding
Listing agent Maria Santos (866) 828-3951
Listing office Exp Realty 10 Dorrance Street, Suite 700, West Hartford, RI (888) 315-3445
Listing date Jul 6, 2026
MLS# 1417057
Listing URL
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 property consists of two single-family homes on one lot, providing straightforward flexibility for an owner-occupant or rental setup. The homes are described as well maintained, with multiple updates throughout, and a spacious yard designed for outdoor use. Privacy between the two residences is specifically noted, supporting comfortable separate living arrangements.
The property is located in Warwick, Rhode Island, and is described as within walking distance to Rocky Point. The listing’s layout allows both residences to benefit from the shared lot while maintaining separation between the homes.
One of the residences includes an oversized primary bedroom with double closets, sliders to a private deck, and a mini-split system. Central A/C and heat are also noted, along with 1.5 bathrooms in that home. With two homes under one roofline of ownership, buyers can consider living in one residence while renting the other, or expanding an existing portfolio that benefits from a multi-home configuration.
The property is located in Warwick, Rhode Island, and is described as within walking distance to Rocky Point. The listing’s layout allows both residences to benefit from the shared lot while maintaining separation between the homes.
One of the residences includes an oversized primary bedroom with double closets, sliders to a private deck, and a mini-split system. Central A/C and heat are also noted, along with 1.5 bathrooms in that home. With two homes under one roofline of ownership, buyers can consider living in one residence while renting the other, or expanding an existing portfolio that benefits from a multi-home configuration.
Key Highlights
- Two single‑family homes on one lot for flexible living and rental use
- Within walking distance to Rocky Point
- One residence features an oversized primary bedroom with double closets, sliders to a private deck, and mini‑split plus central A/C and heat
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $46.0k | $22.20 |
| − Vacancy | −$3.0k | −$1.44 |
| EGI | $43.0k | $20.76 |
| − OpEx | −$12.9k | −$6.23 |
| NOI | $30.1k | $14.53 |
2,072 SF · lease $22.20/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$430.1K
$376.3K – $501.8K
NOI $30,106 @ 7.0% cap · market cap 5.47%
Second Best
Apartment 5plus
$395.1K
$345.7K – $461.0K
NOI $27,657 @ 7.0% cap · market cap 5.03%
Theoretical Best
Specialty Retail
$518.9K
$454.1K – $605.4K
NOI $36,326 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two single-family residences on one lot, offering owner-occupy flexibility and space with a private outdoor area.
Where is this duplex located?
The property is located at 283 Palmer Avenue Warwick, RI.
What is the asking price?
The asking price for this property is $549,999.
What are key features of this property?
This property features: Two single‑family homes on one lot for flexible living and rental use; Within walking distance to Rocky Point; One residence features an oversized primary bedroom with double closets, sliders to a private deck, and mini‑split plus central A/C and heat
