Triplex With Water
For Sale
$559,000
Pending
37 Remington Street, Warwick, RI 02888
MULTI_FAMILY - Warwick, RI
Property Size2,436 SF
Lot Size0.07 Acres
Days on Market32
Property Features for 37 Remington Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
A7
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 1, Basement
Parking
8
Parking features
None
Interior features
Wall (Dry Wall), Plumbing (Mixed), Insulation (Unknown)
Basement
Full, Unfinished
Appliances
Gas Water Heater
Subdivision
Pawtuxet Village
View
Water
Standard status
Pending
Size
2,436 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5650
Utilities
Heating system
Natural Gas
Amenities
private deck
washer/dryer
yard
Building Details
Year built
1905
Floors in Building
3
Number of units
3
Flooring type
Hardwood
Building materials
Dry Wall, Vinyl Siding
Listing Agency:
Westcott Properties
(401) 421-5300
Listed By:
Joy Riley · License #3100765
(401) 421-5300
Added: Jul 7
Changed: Aug 1
Last Checked: Aug 7 at 10:06PM
MLS# 1416750
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 triplex in Warwick’s Pawtuxet Village is defined by water views and offers three separate living units with outdoor space. The first-floor unit features two bedrooms and one bath, hardwood floors, and a private deck. The second-floor unit offers one bedroom and one bath, hardwood floors, and its own private deck. The third-floor unit is a complete studio with a separate entrance and utilities, functioning as a standalone in-law unit or able to combine with the second floor for a two-level townhouse-style layout.
Each unit is served by individual gas heat and water. The exterior is maintenance-free with vinyl siding, and the home has hardwood flooring throughout. Washer and dryer are located on the lower level. With a year built of 1905, the property sits on a 0.07-acre lot and totals 2,436 square feet, providing a configuration that supports multi-generational living, in-law use, or conversion back to a single-family residence.
Zoned A7, the property is located on the corner of Remington and Narragansett Parkway and is within walking distance of Pawtuxet Village parks, restaurants, shops, marinas, and the Rhode Island Yacht Club.
Each unit is served by individual gas heat and water. The exterior is maintenance-free with vinyl siding, and the home has hardwood flooring throughout. Washer and dryer are located on the lower level. With a year built of 1905, the property sits on a 0.07-acre lot and totals 2,436 square feet, providing a configuration that supports multi-generational living, in-law use, or conversion back to a single-family residence.
Zoned A7, the property is located on the corner of Remington and Narragansett Parkway and is within walking distance of Pawtuxet Village parks, restaurants, shops, marinas, and the Rhode Island Yacht Club.
Key Highlights
- Water views on a corner lot at Remington and Narragansett Parkway
- Three‑unit layout: first‑floor 2 bed/1 bath, second‑floor 1 bed/1 bath, third‑floor studio with separate entrance
- Private decks for the first- and second‑floor 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
$35,395
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
6.33%
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%
$707,900
$707.9K
Cap Rate 7%
$505,643
$505.6K
Cap Rate 9%
$393,278
$393.3K
Market Conditions
NOI Build-Up for 2,436 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
$54.1K $22.20/SF
− Vacancy
−$3.5K −$1.44/SF
EGI
$50.6K $20.76/SF
− OpEx
−$15.2K −$6.23/SF
NOI
$35.4K $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%
$707,900
Cap Rate 7%
$505,643
Cap Rate 9%
$393,278
Alternative Uses
Best Use
Multifamily LT 5
$505.6K
$442.4K – $589.9K
NOI $35,395 @ 7.0% cap · market cap 6.33%
Second Best
Apartment 5plus
$464.5K
$406.5K – $541.9K
NOI $32,516 @ 7.0% cap · market cap 5.82%
Theoretical Best
Specialty Retail
$610.1K
$533.9K – $711.8K
NOI $42,708 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
309
Businesses Nearby
Explore this area
Business Placement
Demographics for 02888, RI
19,578
Population
9,117
Households
2.1
Avg Household Size
46
Median Age
32%
College-Educated
96%
High-School Grad
5.9 sq mi
ZIP Area
3,318
Density / Sq Mi
$88,750
Median Household Income
$55,561
Median Earnings
$1,218
Median Rent
$318,100
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?
Triplex - Triplex with private decks, hardwood floors, and individual gas heat and water, zoned A7 in Warwick’s Pawtuxet Village.
Where is this triplex located?
The property is located at 37 Remington Street Warwick, RI.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: Water views on a corner lot at Remington and Narragansett Parkway; Three‑unit layout: first‑floor 2 bed/1 bath, second‑floor 1 bed/1 bath, third‑floor studio with separate entrance; Private decks for the first- and second‑floor units
