Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    58 Read Ave Coventry, RI 02816

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $575,000

    Fully rented three-family property with new roof and parking.

    Lot size:
    0.11 Acres

    Property Features for 58 Read Ave

    General Information

    Lot size
    0.11 Acres

    Building Details

    Year built
    1930

    We can help!

    Listing Contact
    Chelsea Mclaughlin
    Source: Elliman

    Listing Agent: Chelsea Mclaughlin

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Coventry Multi-Family Investment Opportunity

    This fully rented three-family multi-unit in Coventry presents an investment opportunity with steady income. The property has been maintained and features a new roof, new gutters, and off-street parking for tenants. Each unit is occupied, providing cash flow and long-term potential. The property is located near local amenities and commuter routes. This Coventry multi-family property is suitable as a low-maintenance, high-return addition to any portfolio.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Coventry
    County
    Kent
    State
    Rhode Island
    Longitude
    -71.5343822
    Latitude
    41.6986886

    Nearby Similar for Sale

    • Contact for pricing

      Coventry Commercial Condo with Garage

      Versatile commercial condo with garage, office, and storage space.
      1010 Tiogue Ave, Coventry, RI 02816
      View Details
    • $1,450,000
      2.50 Acres

      Mixed-Use Commercial Property Available

      18,500 sq ft mixed-use property with vacant suites.
      1193 Tiogue Ave, Coventry, RI 02816
      View Details
    • Contact for pricing
      2.50 Acres

      Coventry Office Space Available

      5000 SF office space for sale in Coventry, RI.
      1193 Tiogue Ave Unit, Coventry, RI 02816
      View Details
    • Contact for pricing
      4.90 Acres

      Coventry Commercial Property For Sale

      High-traffic location suitable for office, retail, or professional use.
      2435 Nooseneck Hill Rd, Coventry, RI 02816
      View Details
    • Contact for pricing
      Pending

      Coventry Retail/Office Space Available

      4400 sq ft commercial space in high-traffic Coventry Plaza.
      1026 Tiogue Ave, Coventry, RI 02816
      View Details
    • Contact for pricing
      1.08 Acres

      Coventry Commercial Suites for Sale

      Commercial suites for sale, ideal for various business types.
      960 Tiogue Ave, Coventry, RI 02816
      View Details
    • Contact for pricing
      1.87 Acres

      Coventry Commercial Space For Lease

      1,430 sq ft commercial space on busy Tiogue Avenue.
      1049 Tiogue Ave, Coventry, RI 02816
      View Details
    • Contact for pricing
      1,000 SF

      Coventry Commercial Condo with Garage

      Heated commercial condo with garage/storage and high-visibility signage.
      1012 Tiogue Ave, Coventry, RI 02816
      View Details
    • $1,199,900
      Pending

      Coventry Investment Opportunity

      Ten-unit multifamily property for sale in Coventry, Rhode Island.
      121 S Main St, Coventry, RI 02816
      View Details
    • $2,800,000
      23,984 SF

      Coventry Industrial Property for Sale

      Industrial property featuring office, warehouse, and shop areas.
      80 Centre Of New England Blvd, Coventry, RI 02816
      View Details
    • $699,999
      13,322 SF

      Coventry Mill Building For Sale

      Mill building with development opportunities in Coventry, Rhode Island.
      45 Old Flat River Rd, Coventry, RI 02816
      View Details
    • $324,900
      2,406 SF

      Established Bar with Redevelopment Potential

      Well-known standalone building suitable for bar, restaurant, or retail.
      354 Tiogue Ave, Coventry, RI 02816
      View Details

    FAQs

    What type of property is this?
    Triplex - Fully rented three-family property with new roof and parking.
    Where is this triplex located?
    The property is located at 58 Read Ave Coventry, RI.
    What is the asking price?
    The asking price for this property is $575,000.
    What are key features of this property?
    This property features: - Fully rented 3-family multi-unit providing steady, instant cash flow.; - Brand-new roof and new gutters, ensuring low maintenance.; - Ample off-street parking for all tenants.
    (508) 369-3979
    Request Owner's contact information
    58 Read Ave Coventry, RI 02816
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    58 Read Ave
    Coventry, RI 02816
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    58 Read Ave Coventry, RI 02816
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Chelsea Mclaughlin
    Real Estate License ID: 455025536
    (508) 369-3979
    Learn more
    Google sign-in failed. Please try again or use another login method.