Renovated Triplex with
For Sale
$529,900
Pending
1006 Main St, West Warwick, RI 02893
Updated kitchens, separate electric meters, and individual heating serve all three apartments.
Property Size2,249 SF
Days on Market44
Property Features for 1006 Main St
General Information
Standard status
Pending
Size
2,249 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR, 1 x 1BR
Multifamily Units
3
Building Details
Year Built
1920
Buildings
1
Listing Agency:
PVD Properties
(401) 954-4811
Listed By:
Dan Saffer
Source:
Rhodeislandhomesforsale
Added: Jul 21
Changed: Sep 2
Last Checked: Sep 1 at 8:01PM
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.
This three-unit residential property contains two two-bedroom apartments and one one-bedroom apartment within a 2,249-square-foot building constructed in 1920. Interior improvements include updated kitchens with appliances and laminate flooring throughout the units. Each apartment has its own gas baseboard heating system and tankless water heater, while separate electric meters support distinct utility management.
The property also includes a full basement for storage and a detached one-car garage. Its unit mix provides varied apartment configurations within a single multifamily asset, with functional building features supporting ongoing residential occupancy.
The property also includes a full basement for storage and a detached one-car garage. Its unit mix provides varied apartment configurations within a single multifamily asset, with functional building features supporting ongoing residential occupancy.
Key Highlights
- Three‑unit property with two two‑bedroom apartments and one one‑bedroom apartment
- 2,249‑square‑foot building constructed in 1920
- Updated kitchens with appliances and laminate flooring throughout
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
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Frequently Asked Questions
What type of property is this?
Triplex - Updated kitchens, separate electric meters, and individual heating serve all three apartments.
Where is this triplex located?
The property is located at 1006 Main St 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 property with two two‑bedroom apartments and one one‑bedroom apartment; 2,249‑square‑foot building constructed in 1920; Updated kitchens with appliances and laminate flooring throughout
