Four-Unit Residential Income
For Sale
$700,000
513 Washington Street, Coventry, RI 02816
Residential Income, Coventry, RI
Property Size4,488 SF
Lot Size0.23 Acres
Price / SF$155.97
Days on Market15
Property Features for 513 Washington Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 5, Bedroom 2, Bedroom 6, Bathroom 4, Bedroom 9, Bathroom 2, Bedroom 10, Bedroom 4, Bedroom 1, Bedroom 8, Basement, Bathroom 3, Bedroom 3, Bathroom 5, Bathroom 1, Bedroom 7
Parking
12
Parking features
None
Basement
Unfinished, Full
Appliances
Electric Water Heater
Standard status
Active
Size
4,488 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5577
Utilities
Heating system
Baseboard, Electric (Heating), Natural Gas
Building Details
Year built
1800
Number of units
4
Flooring type
Laminate
Building materials
Vinyl Siding
Listing Agency:
Century 21 Limitless · Century 21 Real Estate
(508) 567-3468
Listed By:
Kyle Seyboth · License #32535
(508) 726-3492
Added: Aug 12
Changed: Aug 22
Last Checked: Aug 26 at 5:06AM
MLS# 1420456
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 four-unit residential property contains 4,488 square feet on a 0.23-acre parcel. The building features vinyl siding, laminate flooring, an electric water heater, and a combination of natural gas, baseboard, and electric heating. The recorded year built is 1800.
The property is located on Washington Street in Coventry, near the Washington Street corridor, Centre of New England, Tiogue Lake, and the Washington Secondary Bike Path. Route 117 and Interstate 95 provide connections toward Warwick, Cranston, and Providence, while nearby shopping, dining, and everyday amenities add convenience to the surrounding area.
The property is located on Washington Street in Coventry, near the Washington Street corridor, Centre of New England, Tiogue Lake, and the Washington Secondary Bike Path. Route 117 and Interstate 95 provide connections toward Warwick, Cranston, and Providence, while nearby shopping, dining, and everyday amenities add convenience to the surrounding area.
Key Highlights
- Four‑unit residential property with 4,488 square feet
- 0.23‑acre parcel in Coventry, RI
- Vinyl siding and laminate flooring
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
$59,906
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
8.56%
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%
$1,198,120
$1.2M
Cap Rate 7%
$855,800
$855.8K
Cap Rate 9%
$665,622
$665.6K
Market Conditions
NOI Build-Up for 4,488 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
$116.9K $26.04/SF
− Vacancy
−$7.9K −$1.77/SF
EGI
$108.9K $24.27/SF
− OpEx
−$49.0K −$10.92/SF
NOI
$59.9K $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%
$1,198,120
Cap Rate 7%
$855,800
Cap Rate 9%
$665,622
Alternative Uses
Best Use
Multifamily LT 5
$931.6K
$815.1K – $1.09M
NOI $65,210 @ 7.0% cap · market cap 9.32%
Second Best
Apartment 5plus
$855.8K
$748.8K – $998.4K
NOI $59,906 @ 7.0% cap · market cap 8.56%
Theoretical Best
Specialty Retail
$1.12M
$983.6K – $1.31M
NOI $78,684 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
185
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Vinyl siding, laminate flooring, and mixed heating systems serve the existing multifamily layout.
Where is this quadplex located?
The property is located at 513 Washington Street Coventry, RI.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Four‑unit residential property with 4,488 square feet; 0.23‑acre parcel in Coventry, RI; Vinyl siding and laminate flooring
