Quadplex with Four 1-Bedroom
For Sale
Under Contract
$699,900
44 Newell Street, West Warwick, RI 02893
MULTI_FAMILY - West Warwick, RI
Property Size2,960 SF
Lot Size0.09 Acres
Price / SF$236.45
Days on Market17
Property Features for 44 Newell Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bathroom 1, Bathroom 4, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 2
Parking
8
Parking features
None
Window features
Insulated Windows
Interior features
Wall (Dry Wall), Wall (Plaster), Plumbing (Mixed)
Basement
Storage Space, Full, Partially Finished
Appliances
Gas Water Heater
Subdivision
Westcott
Lot features
Paved Driveway, Paved, Sidewalks
Standard status
Active Under Contract
Size
2,960 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7544
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas
Cooling system
Wall Unit(s)
Amenities
laundry facilities
dishwasher
private storage
Building Details
Year built
1900
Floors in Building
2
Number of units
4
Flooring type
Tile - Ceramic, Hardwood, Vinyl
Building materials
Dry Wall, Plaster, Brick, Vinyl Siding
Listing Agency:
Keller Williams Coastal · Keller Williams Realty
(401) 845-9200
Listed By:
Michael Brennan
(401) 632-1742
Added: Jul 23
Changed: Aug 6
Last Checked: Aug 8 at 2:06PM
MLS# 1418746
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 well-maintained quadplex offers four 1-bedroom, 1-bath apartments, each with a living room, eat-in kitchen with a dishwasher, and office space that includes a closet. Units also include ample closet space and additional private storage. Tenants have access to shared laundry facilities in the basement, and each unit has a separate entrance.
The building is finished with brick exterior materials and includes dry wall and plaster interior finishes, along with tile and hardwood flooring plus vinyl flooring in select areas. Heating is provided by baseboard and natural gas, complemented by wall unit(s) for cooling. A gas water heater serves the property, and the sewer connection is public sewer.
Set on an elevated lot totaling 0.09 acres, the property totals 2,960 square feet and was built in 1900. Construction materials include brick and vinyl siding. The roof is described as young, and the property is lead safe with a lead variance from the department of health.
The building is finished with brick exterior materials and includes dry wall and plaster interior finishes, along with tile and hardwood flooring plus vinyl flooring in select areas. Heating is provided by baseboard and natural gas, complemented by wall unit(s) for cooling. A gas water heater serves the property, and the sewer connection is public sewer.
Set on an elevated lot totaling 0.09 acres, the property totals 2,960 square feet and was built in 1900. Construction materials include brick and vinyl siding. The roof is described as young, and the property is lead safe with a lead variance from the department of health.
Key Highlights
- Brick quadplex with four 1‑bedroom, 1‑bath apartments
- Separate entrances for each unit
- Shared basement laundry facilities
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
$43,009
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
6.15%
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%
$860,180
$860.2K
Cap Rate 7%
$614,414
$614.4K
Cap Rate 9%
$477,878
$477.9K
Market Conditions
NOI Build-Up for 2,960 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
$65.7K $22.20/SF
− Vacancy
−$4.3K −$1.44/SF
EGI
$61.4K $20.76/SF
− OpEx
−$18.4K −$6.23/SF
NOI
$43.0K $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%
$860,180
Cap Rate 7%
$614,414
Cap Rate 9%
$477,878
Alternative Uses
Best Use
Multifamily LT 5
$614.4K
$537.6K – $716.8K
NOI $43,009 @ 7.0% cap · market cap 6.15%
Second Best
Apartment 5plus
$564.4K
$493.9K – $658.5K
NOI $39,510 @ 7.0% cap · market cap 5.65%
Theoretical Best
Specialty Retail
$741.4K
$648.7K – $864.9K
NOI $51,895 @ 7.0% cap · market cap 7.41%
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
236
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?
Quadplex - Brick quadplex with four 1-bedroom, 1-bath apartments, separate entrances, and shared basement laundry.
Where is this quadplex located?
The property is located at 44 Newell Street West Warwick, RI.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Brick quadplex with four 1‑bedroom, 1‑bath apartments; Separate entrances for each unit; Shared basement laundry facilities
