Updated Triplex with Detached
New
For Sale
$529,900
1006 Main Street, West Warwick, RI 02893
MULTI_FAMILY - West Warwick, RI
Property Size2,249 SF
Lot Size0.13 Acres
Price / SF$235.62
Days on Market4
Property Features for 1006 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Basement, Bathroom 1, Bedroom 3, Bedroom 5, Bedroom 2, Bathroom 3, Bedroom 4
Parking
4
Interior features
Wall (Plaster), Plumbing (Mixed), Insulation (Ceiling), Insulation (Walls)
Basement
Full, Unfinished
Appliances
Gas Water Heater, Tankless Water Heater
Subdivision
Lippitt / Arctic
Lot features
Sidewalks
Standard status
Active
Size
2,249 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6247
Utilities
Heating system
Natural Gas, Baseboard
Water source
Public
Amenities
full basement
Building Details
Year built
1920
Floors in Building
3
Number of units
3
Flooring type
Carpet, Hardwood, Laminate
Building materials
Plaster, Vinyl Siding
Listing Agency:
Pvd Properties
(401) 954-4811
Listed By:
Dan Saffer
(401) 954-4811
Added: Aug 5
Last Checked: Aug 8 at 2:06AM
MLS# 1419891
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 1920 triplex contains 2249 square feet across two two-bedroom apartments and one one-bedroom apartment. The units feature updated kitchens with appliances, laminate flooring in portions of the interiors, and individual natural-gas baseboard heating. Tankless water heaters serve the apartments, while separate electric meters provide distinct utility measurement for each unit.
The property includes a full basement and a detached one-car garage. Additional construction and interior details include vinyl siding, plaster elements, mixed plumbing, ceiling and wall insulation, and a public water source. Located at 1006 Main Street in West Warwick, Rhode Island, the property occupies a 0.13-acre lot in Kent County.
The property includes a full basement and a detached one-car garage. Additional construction and interior details include vinyl siding, plaster elements, mixed plumbing, ceiling and wall insulation, and a public water source. Located at 1006 Main Street in West Warwick, Rhode Island, the property occupies a 0.13-acre lot in Kent County.
Key Highlights
- Three‑unit layout with two two‑bedroom apartments and one one‑bedroom apartment
- 2249 square feet on a 0.13‑acre lot
- Updated kitchens with appliances 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
$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
539
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 - Three separately metered apartments combine refreshed interiors, gas baseboard heat, tankless water heating, and basement storage.
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 layout with two two‑bedroom apartments and one one‑bedroom apartment; 2249 square feet on a 0.13‑acre lot; Updated kitchens with appliances and laminate flooring
