Four-Unit Multifamily
For Sale
$1,195,000
400 Thames Street, Bristol, RI 02809
Residential Income, Bristol, RI
Property Size3,748 SF
Lot Size0.12 Acres
Price / SF$318.84
Days on Market41
Property Features for 400 Thames Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
W
Bedrooms
9
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 7, Bedroom 6, Bedroom 8, Bedroom 9, Bedroom 1, Basement, Bedroom 5, Bathroom 1, Bathroom 5, Bathroom 4, Bedroom 4, Bathroom 3
Parking features
None
Interior features
Wall (Paneled), Plumbing (Mixed), Insulation (Unknown)
Basement
Full, Partially Finished
Lot features
Sidewalks
View
Water
Standard status
Active
Size
3,748 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9079
Utilities
Heating system
Natural Gas, Baseboard
Building Details
Year built
1890
Floors in Building
2
Number of units
4
Flooring type
Carpet, Tile - Ceramic, Hardwood, Laminate
Building materials
Paneled, Wood
Listing Agency:
Keller Williams Coastal · Keller Williams Realty
(401) 845-9200
Listed By:
The Chris Woodard Team
(401) 640-3481
Added: Jul 16
Changed: Aug 22
Last Checked: Aug 25 at 6:06AM
MLS# 1417378
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 separate houses on one lot, with two rental units in each building. The combined property contains 3,748 square feet on a 0.121-acre parcel and dates to 1890. Interior finishes include hardwood, ceramic tile, carpet, laminate, paneled walls, mixed plumbing, and natural-gas baseboard heat. The property has no designated parking.
Located at 400 and 406 Thames Street in Bristol, the buildings are across from waterfront views and Independence Park. Historic downtown shopping, seaside cafés, and coastal restaurants are within walking distance, while the East Bay Bike Path is accessible along Thames Street. Roger Williams University is also identified as a nearby source of rental demand. W zoning applies to the property.
Located at 400 and 406 Thames Street in Bristol, the buildings are across from waterfront views and Independence Park. Historic downtown shopping, seaside cafés, and coastal restaurants are within walking distance, while the East Bay Bike Path is accessible along Thames Street. Roger Williams University is also identified as a nearby source of rental demand. W zoning applies to the property.
Key Highlights
- Two separate multifamily houses on one lot
- Four rental units across the two buildings
- 3,748 square feet on a 0.121‑acre parcel
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
$63,289
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
5.30%
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%
$1,265,780
$1.3M
Cap Rate 7%
$904,129
$904.1K
Cap Rate 9%
$703,211
$703.2K
Market Conditions
NOI Build-Up for 3,748 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
$96.7K $25.80/SF
− Vacancy
−$6.3K −$1.68/SF
EGI
$90.4K $24.12/SF
− OpEx
−$27.1K −$7.24/SF
NOI
$63.3K $16.89/SF
Area
Bristol County, RI
Vacancy
6.50%
Lease Rate
$25.80 /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%
$1,265,780
Cap Rate 7%
$904,129
Cap Rate 9%
$703,211
Alternative Uses
Best Use
Multifamily LT 5
$904.1K
$791.1K – $1.05M
NOI $63,289 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$812.1K
$710.6K – $947.5K
NOI $56,848 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,774 @ 7.0% cap · market cap 7.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
626
Businesses Nearby
Explore this area
Business Placement
Demographics for 02809, RI
22,493
Population
9,670
Households
2.3
Avg Household Size
44
Median Age
46%
College-Educated
92%
High-School Grad
9.8 sq mi
ZIP Area
2,295
Density / Sq Mi
$96,005
Median Household Income
$41,266
Median Earnings
$1,352
Median Rent
$447,500
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 multifamily houses occupy one lot in Bristol’s downtown district near the waterfront and East Bay Bike Path.
Where is this multifamily property located?
The property is located at 400 Thames Street Bristol, RI.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Two separate multifamily houses on one lot; Four rental units across the two buildings; 3,748 square feet on a 0.121‑acre parcel
