6-Unit Apartment
For Sale
Under Contract
$1,000,000
30 Potter Avenue, West Warwick, RI 02893
Residential Income, West Warwick, RI
Property Size4,679 SF
Lot Size0.24 Acres
Price / SF$213.72
Days on Market271
Property Features for 30 Potter Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Basement, Bedroom 4, Bedroom 5, Bedroom 7, Bathroom 3, Bedroom 8, Bedroom 10, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 9, Bedroom 1, Bathroom 1, Bedroom 3
Parking
12
Parking features
None
Patio and Porch features
Deck
Interior features
Wall (Dry Wall), Wall (Paneled), Plumbing (Mixed)
Exterior features
Deck
Basement
Full, Storage Space, Unfinished
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Standard status
Active Under Contract
Size
4,679 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
13321
Utilities
Heating system
Natural Gas, Forced Air, Baseboard, Space Heater
Amenities
washer/dryer hookups
storage units
Building Details
Year built
1900
Floors in Building
3
Number of units
4
Flooring type
Tile - Ceramic, Laminate
Building materials
Dry Wall, Paneled, Vinyl Siding
Listing Agency:
Blackstone/Ocean Properties
(401) 383-4400
Listed By:
John Kidd
(401) 524-5854
Added: Dec 2, 2025
Changed: Aug 20
Last Checked: Aug 30 at 10:06AM
MLS# 1401045
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 6-unit apartment property contains 4,679 square feet on a 0.24-acre parcel and was built in 1900. Each apartment has its own heating and electrical service, along with dedicated storage and washer/dryer hookups. Building features include a deck, mixed wall finishes, ceramic tile and laminate flooring, and vinyl siding. Appliances include gas water heaters, oven/ranges, and refrigerators.
Electrical and fire systems have been updated, and lead certificates are available for all six units. Heating is provided through a combination of natural gas, forced air, baseboard, and space-heater systems. The property is located in West Warwick, Rhode Island, within Kent County.
Electrical and fire systems have been updated, and lead certificates are available for all six units. Heating is provided through a combination of natural gas, forced air, baseboard, and space-heater systems. The property is located in West Warwick, Rhode Island, within Kent County.
Key Highlights
- Six apartment units within a 4,679‑square‑foot building
- Each unit has separate heat and electrical service
- Dedicated storage areas and washer/dryer hookups for every unit
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
$62,456
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
6.25%
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%
$1,249,120
$1.2M
Cap Rate 7%
$892,229
$892.2K
Cap Rate 9%
$693,956
$694.0K
Market Conditions
NOI Build-Up for 4,679 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
$121.8K $26.04/SF
− Vacancy
−$8.3K −$1.77/SF
EGI
$113.6K $24.27/SF
− OpEx
−$51.1K −$10.92/SF
NOI
$62.5K $13.35/SF
Area
Kent County, RI
Vacancy
6.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$1,249,120
Cap Rate 7%
$892,229
Cap Rate 9%
$693,956
Alternative Uses
Best Use
Apartment 5plus
$892.2K
$780.7K – $1.04M
NOI $62,456 @ 7.0% cap · market cap 6.25%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.17M
$1.03M – $1.37M
NOI $82,032 @ 7.0% cap · market cap 8.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
586
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?
Apartment building - Multifamily property with separate unit utilities, storage areas, and washer/dryer hookups.
Where is this apartment building located?
The property is located at 30 Potter Avenue West Warwick, RI.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Six apartment units within a 4,679‑square‑foot building; Each unit has separate heat and electrical service; Dedicated storage areas and washer/dryer hookups for every unit
