Updated Three-Unit
For Sale
$529,900
1006 Main Street, West Warwick, RI 02893
Three residential units feature updated kitchens, laminate flooring, and separate electric meters for utility management.
Property Size2,249 SF
Days on Market17
Property Features for 1006 Main Street
General Information
Standard status
Active
Size
2,249 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Units
Unit Mix
2 x 2BR, 1 x 1BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,247
Amenities
updated kitchens
laminate floors
gas baseboard heating
tankless water heaters
full basement
Building Details
Building Size
2,249 SF
Year Built
1920
Buildings
1
Stories
3
Units
3
Listing Agency:
PVD Properties
(401) 954-4811
Listed By:
Dan Saffer
(401) 954-4811
Source:
Liongatere
Added: Aug 5
Changed: Aug 16
Last Checked: Aug 20 at 2:51PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of PVD Properties
Investment Insights
Based on property information with market context.
Built in 1920, this three-unit property includes two two-bedroom apartments and one one-bedroom apartment. The units have updated kitchens with appliances, newly installed laminate flooring, individual gas baseboard heating, and tankless water heaters. A full basement provides additional storage, while a detached one-car garage serves the property.
Separate electric meters allow electricity to be managed independently for each residence. Located on Main Street in West Warwick, Rhode Island, the property combines a three-unit layout with practical utility separation and supporting storage and garage improvements.
Separate electric meters allow electricity to be managed independently for each residence. Located on Main Street in West Warwick, Rhode Island, the property combines a three-unit layout with practical utility separation and supporting storage and garage improvements.
Key Highlights
- Three‑unit configuration with two 2‑bedroom apartments and one 1‑bedroom apartment
- Updated kitchens with appliances and newly installed laminate flooring
- Individual gas baseboard heating systems in each unit
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
$32,678
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
6.17%
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%
$653,560
$653.6K
Cap Rate 7%
$466,829
$466.8K
Cap Rate 9%
$363,089
$363.1K
Market Conditions
NOI Build-Up for 2,249 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
$49.9K $22.20/SF
− Vacancy
−$3.2K −$1.44/SF
EGI
$46.7K $20.76/SF
− OpEx
−$14.0K −$6.23/SF
NOI
$32.7K $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%
$653,560
Cap Rate 7%
$466,829
Cap Rate 9%
$363,089
Alternative Uses
Best Use
Multifamily LT 5
$466.8K
$408.5K – $544.6K
NOI $32,678 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$428.9K
$375.3K – $500.3K
NOI $30,020 @ 7.0% cap · market cap 5.67%
Theoretical Best
Specialty Retail
$563.3K
$492.9K – $657.2K
NOI $39,429 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
470
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units feature updated kitchens, laminate flooring, and separate electric meters for utility management.
Where is this triplex located?
The property is located at 1006 Main Street West Warwick, RI.
What is the asking price?
The asking price for this property is $529,900.
What are key features of this property?
This property features: Three‑unit configuration with two 2‑bedroom apartments and one 1‑bedroom apartment; Updated kitchens with appliances and newly installed laminate flooring; Individual gas baseboard heating systems in each unit
