Waterfront Multifamily
For Sale
$450,000
1214 Main Street, Coventry, RI 02816
Income-producing property with separate utilities, on-site parking, and Pawtuxet River frontage.
Property Size2,376 SF
Price / SF$189.39
Days on Market83
Property Features for 1214 Main Street
General Information
Standard status
Active
Size
2,376 SF
Property subtype
MultiFamily
Amenities
waterfront
Building Details
Year Built
1878
Listing Agency:
RE/MAX Real Estate Center
(401) 823-7600
Listed By:
Mary Lyons · License #RES.0033643
(401) 439-8507
Source:
Lockandkeyre
Added: Aug 16
Changed: Nov 5
Last Checked: Nov 4 at 3:55PM
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 RE/MAX Real Estate Center
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Investment Insights
Based on property information with market context.
This 2,376-square-foot multifamily property at 1214 Main Street was built in 1878 and includes separate utility service for the units. The property uses a septic system, while a sewer line is located in front of the home; the related assessment has been paid in full.
The building sits along the Pawtuxet River and provides parking at both the front and rear. It is listed on the lead registry and is compliant. Existing rents are reported below market, providing current income context for review.
The building sits along the Pawtuxet River and provides parking at both the front and rear. It is listed on the lead registry and is compliant. Existing rents are reported below market, providing current income context for review.
Key Highlights
- 2,376 SF multifamily property built in 1878
- Waterfront setting along the Pawtuxet River
- Separate utilities serving the property
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,715
Cap Rate
7.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$634,300
$634.3K
Cap Rate 7%
$453,071
$453.1K
Cap Rate 9%
$352,389
$352.4K
Market Conditions
NOI Build-Up for 2,376 SF
Gross rent
$61.9K $26.04/SF
− Vacancy
−$4.2K −$1.77/SF
EGI
$57.7K $24.27/SF
− OpEx
−$25.9K −$10.92/SF
NOI
$31.7K $13.35/SF
Area
Kent County, RI
Vacancy
6.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$634,300
Cap Rate 7%
$453,071
Cap Rate 9%
$352,389
Alternative Uses
Best Use
Apartment 5plus
$453.1K
$396.4K – $528.6K
NOI $31,715 @ 7.0% cap · market cap 7.05%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$595.1K
$520.7K – $694.3K
NOI $41,656 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Location Intelligence
Trade Area within ½ mile
344
Businesses Nearby
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Business Placement
Demographics for 02816, RI
33,206
Population
14,505
Households
2.3
Avg Household Size
45
Median Age
32%
College-Educated
93%
High-School Grad
36.9 sq mi
ZIP Area
900
Density / Sq Mi
$97,941
Median Household Income
$51,773
Median Earnings
$1,168
Median Rent
$317,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - Income-producing property with separate utilities, on-site parking, and Pawtuxet River frontage.
Where is this multifamily property located?
The property is located at 1214 Main Street Coventry, RI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2,376 SF multifamily property built in 1878; Waterfront setting along the Pawtuxet River; Separate utilities serving the property
