5-Unit Apartment
For Sale
Contact for pricing
15 Thompson Street, Warren, RI 02885
Five one-bedroom units include appliances, separate electric meters, and tenant-paid heat.
Property Size2,900 SF
Price / SF$258.62
Days on Market559
Property Features for 15 Thompson Street
General Information
Standard status
Active
Size
2,900 SF
Total Parking Spaces
4
Property subtype
Multifamily, Land
Units
Unit Mix
5 x 1BR
Multifamily Units
5
Additional Details
Opportunity Zone
Yes
Utilities to Site
Yes
Building Details
Year Built
1900
Buildings
1
Stories
3
Units
5
Listing Agency:
Engel & Volkers
Listed By:
The Dispirito Team
(401) 244-8355
Source:
Crexi
Added: Apr 7, 2025
Changed: Oct 3
Last Checked: Oct 16 at 9:38AM
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 Engel & Volkers
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Investment Insights
Based on property information with market context.
This 2,900-square-foot apartment building contains five one-bedroom residences, each equipped with appliances and its own electric meter. Heat is paid by tenants, while the property is served by municipal water and sewer. Vinyl siding and three finished bonus rooms on the upper level add to the building’s functional layout; those rooms are identified for potential office, storage, or shared-workspace use.
The property sits on a quiet dead-end street in Warren, Rhode Island, near downtown. Nearby amenities identified for residents include boutique shops, restaurants, waterfront parks, and the East Bay Bike Path. Parking is available both on the property and along the street, and the building is located within an Opportunity Zone.
The property sits on a quiet dead-end street in Warren, Rhode Island, near downtown. Nearby amenities identified for residents include boutique shops, restaurants, waterfront parks, and the East Bay Bike Path. Parking is available both on the property and along the street, and the building is located within an Opportunity Zone.
Key Highlights
- Five 1‑bedroom apartment units with appliances
- Individual electric meters and tenant‑paid heat
- 2,900 SF apartment building constructed in 1900
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,986
Cap Rate
5.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$879,720
$879.7K
Cap Rate 7%
$628,371
$628.4K
Cap Rate 9%
$488,733
$488.7K
Market Conditions
NOI Build-Up for 2,900 SF
Gross rent
$85.3K $29.40/SF
− Vacancy
−$5.3K −$1.82/SF
EGI
$80.0K $27.58/SF
− OpEx
−$36.0K −$12.41/SF
NOI
$44.0K $15.17/SF
Area
Bristol County, RI
Vacancy
6.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$879,720
Cap Rate 7%
$628,371
Cap Rate 9%
$488,733
Alternative Uses
Best Use
Apartment 5plus
$628.4K
$549.8K – $733.1K
NOI $43,986 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$970.2K
$848.9K – $1.13M
NOI $67,915 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
583
Businesses Nearby
Explore this area
Business Placement
Demographics for 02885, RI
11,147
Population
5,546
Households
2
Avg Household Size
47
Median Age
36%
College-Educated
90%
High-School Grad
6.2 sq mi
ZIP Area
1,798
Density / Sq Mi
$89,722
Median Household Income
$53,980
Median Earnings
$1,253
Median Rent
$363,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Five one-bedroom units include appliances, separate electric meters, and tenant-paid heat.
Where is this apartment building located?
The property is located at 15 Thompson Street Warren, RI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Five 1‑bedroom apartment units with appliances; Individual electric meters and tenant‑paid heat; 2,900 SF apartment building constructed in 1900
