Waterfront Multifamily
New
For Sale
$375,000
31 Phillips Hill Road, Coventry, RI 02816
MULTI_FAMILY - Coventry, RI
Property Size2,100 SF
Lot Size0.84 Acres
Price / SF$178.57
Days on Market3
Property Features for 31 Phillips Hill Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bedroom 2, Bathroom 1, Basement, Bedroom 3, Bathroom 2
Parking
6
Parking features
None
Interior features
Wall (Dry Wall), Wall (Paneled), Wall (Wood)
Basement
Full, Unfinished
View
Water
Standard status
Active
Size
2,100 SF
Lot size
0.84 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5969
Utilities
Sewer type
Septic Tank
Heating system
Oil, Forced Air
Water source
Well
Water front features
Waterfront
Water front
1
Building Details
Year built
1880
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Carpet, Hardwood
Building materials
Dry Wall, Paneled, Wood Wall(s), Vinyl Siding
Listing Agency:
Re/Max Preferred · RE/MAX International
(401) 353-2200
Listed By:
Michael Zompa
(401) 677-6117
Added: Aug 15
Last Checked: Aug 17 at 8:06AM
MLS# 1420532
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 multifamily property includes two waterfront homes on a 0.84-acre lot along Stump Pond. Each home contains 2 bedrooms and 1 bathroom, for a combined 2,100 square feet of property size. Both residences require rehabilitation and are offered as-is. Existing features include vinyl siding, drywall, paneled and wood wall finishes, vinyl, carpet and hardwood flooring, oil-fired forced-air heating, and basements.
The property directly borders the Coventry Bike Path and is served by a well and septic tank. Constructed in 1880, the homes provide two separate residential structures on one waterfront parcel. No parking is identified in the property information.
The property directly borders the Coventry Bike Path and is served by a well and septic tank. Constructed in 1880, the homes provide two separate residential structures on one waterfront parcel. No parking is identified in the property information.
Key Highlights
- Two waterfront homes on one 0.84‑acre lot
- Each home offers 2 bedrooms and 1 bathroom
- Combined property size of 2,100 square feet
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
$28,031
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
7.47%
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%
$560,620
$560.6K
Cap Rate 7%
$400,443
$400.4K
Cap Rate 9%
$311,456
$311.5K
Market Conditions
NOI Build-Up for 2,100 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
$54.7K $26.04/SF
− Vacancy
−$3.7K −$1.77/SF
EGI
$51.0K $24.27/SF
− OpEx
−$22.9K −$10.92/SF
NOI
$28.0K $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%
$560,620
Cap Rate 7%
$400,443
Cap Rate 9%
$311,456
Alternative Uses
Best Use
Apartment 5plus
$400.4K
$350.4K – $467.2K
NOI $28,031 @ 7.0% cap · market cap 7.47%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$526.0K
$460.2K – $613.6K
NOI $36,817 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Explore this area
Business Placement
Demographics for 02816, RI
33,206
Population
14,505
Households
2.3
Avg Household Size
45
Median Age
32%
College-Educated
93%
High-School Grad
36.9 sq mi
ZIP Area
900
Density / Sq Mi
$97,941
Median Household Income
$51,773
Median Earnings
$1,168
Median Rent
$317,400
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?
Multifamily property - Two homes share a waterfront parcel bordering the Coventry Bike Path.
Where is this multifamily property located?
The property is located at 31 Phillips Hill Road Coventry, RI.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two waterfront homes on one 0.84‑acre lot; Each home offers 2 bedrooms and 1 bathroom; Combined property size of 2,100 square feet
