Two-Unit Duplex with
New
For Sale
$487,700
7 Union Street, Warren, RI 02885
Residential Income, Warren, RI
Property Size1,176 SF
Lot Size0.06 Acres
Price / SF$414.71
Days on Market3
Property Features for 7 Union Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bathroom 1, Bedroom 1, Basement, Bathroom 2
Parking
4
Window features
Insulated Windows
Patio and Porch features
Porch
Interior features
Wall (Plaster), Plumbing (Mixed), Insulation (Unknown)
Exterior features
Porch
Basement
Full, Unfinished
Appliances
Electric Water Heater, Dishwasher, Dryer, Range Hood, Oven/Range, Refrigerator, Washer
Subdivision
Water St.
Lot features
Local Historic District, Paved Driveway, Sidewalks
Standard status
Active
Size
1,176 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3931
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Carpet, Vinyl, Hardwood
Building materials
Plaster, Aluminum Siding
Listing Agency:
Ri Real Estate Services
(401) 885-5400
Listed By:
Christine DiNardi · License #RES.0013895
(401) 480-1550
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 11 at 1:06AM
MLS# 1422186
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 1,176-square-foot duplex contains two residential units within a property built in 1900. The first unit includes one bedroom, a living room, dining room, kitchen, and bathroom. The second offers two bedrooms, a kitchen, living room, and bathroom. A two-car garage, porch, basement, and updated thermopane windows add useful property features. Interior finishes include plaster walls with carpet, vinyl, and hardwood flooring, while heating is provided by natural gas and forced air.
The property occupies 0.059 acres in Warren’s Historic District, with stores, dining, and the water nearby. The source information states that flood insurance is not required. Appliances include a dishwasher, washer, dryer, refrigerator, oven/range, range hood, and electric water heater.
The property occupies 0.059 acres in Warren’s Historic District, with stores, dining, and the water nearby. The source information states that flood insurance is not required. Appliances include a dishwasher, washer, dryer, refrigerator, oven/range, range hood, and electric water heater.
Key Highlights
- Two residential units within a 1,176‑square‑foot duplex
- Unit mix includes one 1‑bedroom unit and one 2‑bedroom unit
- Two‑car garage included on the 0.059‑acre property
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
$19,858
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
4.07%
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%
$397,160
$397.2K
Cap Rate 7%
$283,686
$283.7K
Cap Rate 9%
$220,644
$220.6K
Market Conditions
NOI Build-Up for 1,176 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
$30.3K $25.80/SF
− Vacancy
−$2.0K −$1.68/SF
EGI
$28.4K $24.12/SF
− OpEx
−$8.5K −$7.24/SF
NOI
$19.9K $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%
$397,160
Cap Rate 7%
$283,686
Cap Rate 9%
$220,644
Alternative Uses
Best Use
Multifamily LT 5
$283.7K
$248.2K – $331.0K
NOI $19,858 @ 7.0% cap · market cap 4.07%
Second Best
Apartment 5plus
$254.8K
$223.0K – $297.3K
NOI $17,837 @ 7.0% cap · market cap 3.66%
Theoretical Best
Office A
$393.4K
$344.3K – $459.0K
NOI $27,541 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
660
Businesses Nearby
Explore this area
Business Placement
Demographics for 02885, RI
11,147
Population
5,546
Households
2
Avg Household Size
47
Median Age
36%
College-Educated
90%
High-School Grad
6.2 sq mi
ZIP Area
1,798
Density / Sq Mi
$89,722
Median Household Income
$53,980
Median Earnings
$1,253
Median Rent
$363,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate residential units offer individual kitchens, living areas, bathrooms, and access to an on-site two-car garage.
Where is this duplex located?
The property is located at 7 Union Street Warren, RI.
What is the asking price?
The asking price for this property is $487,700.
What are key features of this property?
This property features: Two residential units within a 1,176‑square‑foot duplex; Unit mix includes one 1‑bedroom unit and one 2‑bedroom unit; Two‑car garage included on the 0.059‑acre property
