Two-Building Multi-Family
For Sale
$1,000,000
400 Thames St, Bristol, RI 02809
Single-lot compound with two separate buildings, each containing two rental units in Bristol’s downtown.
Property Size3,748 SF
Price / SF$266.81
Days on Market59
Property Features for 400 Thames St
General Information
Standard status
Active
Size
3,748 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1890
Tenancy
Multi
Listing Agency:
Keller Williams Coastal
Listed By:
The Chris Woodard Team · License #56837 - 94
(404) 668-6621
Source:
Alpernandmesenbourg
Added: Jul 19
Changed: Sep 12
Last Checked: Sep 14 at 6:04PM
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 Keller Williams Coastal
Investment Insights
Based on property information with market context.
This sale features a two-building multi-family compound set on a single lot, with each building containing two rental units. The property is configured as two separate multifamily houses, providing four total residential rental units within the compound.
Located in Bristol’s walkable downtown district at 400 & 406 Thames Street, the public remarks note waterfront views and Independence Park directly across the street. The same remarks also indicate convenient access to the East Bay Bike Path and close proximity to historic downtown shopping, seaside cafes, and coastal restaurants.
For buyers seeking either an investment property or an owner-occupant approach, the key functional takeaway is the split configuration of two buildings, each with two units, all assembled on one lot.
Located in Bristol’s walkable downtown district at 400 & 406 Thames Street, the public remarks note waterfront views and Independence Park directly across the street. The same remarks also indicate convenient access to the East Bay Bike Path and close proximity to historic downtown shopping, seaside cafes, and coastal restaurants.
For buyers seeking either an investment property or an owner-occupant approach, the key functional takeaway is the split configuration of two buildings, each with two units, all assembled on one lot.
Key Highlights
- Built in 1890 with two separate multi‑family houses on a single lot at 400 & 406 Thames Street
- Each building has 2 rental units, for a total of 4 rental units on one property
- Located in Bristol’s downtown area, with walkable access to historic downtown shopping and dining
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
$63,289
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
6.33%
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%
$1,265,780
$1.3M
Cap Rate 7%
$904,129
$904.1K
Cap Rate 9%
$703,211
$703.2K
Market Conditions
NOI Build-Up for 3,748 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
$96.7K $25.80/SF
− Vacancy
−$6.3K −$1.68/SF
EGI
$90.4K $24.12/SF
− OpEx
−$27.1K −$7.24/SF
NOI
$63.3K $16.89/SF
Area
Bristol County, RI
Vacancy
6.50%
Lease Rate
$25.80 /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%
$1,265,780
Cap Rate 7%
$904,129
Cap Rate 9%
$703,211
Alternative Uses
Best Use
Multifamily LT 5
$904.1K
$791.1K – $1.05M
NOI $63,289 @ 7.0% cap · market cap 6.33%
Second Best
Apartment 5plus
$812.1K
$710.6K – $947.5K
NOI $56,848 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,774 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
626
Businesses Nearby
Explore this area
Business Placement
Demographics for 02809, RI
22,493
Population
9,670
Households
2.3
Avg Household Size
44
Median Age
46%
College-Educated
92%
High-School Grad
9.8 sq mi
ZIP Area
2,295
Density / Sq Mi
$96,005
Median Household Income
$41,266
Median Earnings
$1,352
Median Rent
$447,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Single-lot compound with two separate buildings, each containing two rental units in Bristol’s downtown.
Where is this duplex located?
The property is located at 400 Thames St Bristol, RI.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Built in 1890 with two separate multi‑family houses on a single lot at 400 & 406 Thames Street; Each building has 2 rental units, for a total of 4 rental units on one property; Located in Bristol’s downtown area, with walkable access to historic downtown shopping and dining
