Two-Home Duplex
For Sale
$575,000
15 Forrest Street, Warwick, RI 02889
Two separate residences offer distinct layouts, full basements, and water views on a single lot.
Property Size3,000 SF
Price / SF$191.67
Days on Market18
Property Features for 15 Forrest Street
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,306
Amenities
Interior Steps
Tub Shower
Deck
Porch
Building Details
Building Size
3,000 SF
Year Built
1915
Buildings
2
Stories
2
Units
2
Listing Agency:
Keller Williams Coastal
(401) 845-9200
Listed By:
Adam Wilks · License #RES.0040975
(401) 419-9502
Source:
Berettarealty
Added: Oct 9
Changed: Oct 26
Last Checked: Oct 26 at 3:39AM
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
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Investment Insights
Based on property information with market context.
This 3,000-SF duplex property in Warwick comprises two separate homes on one lot and dates to 1915. The larger residence has three bedrooms, including one on the first floor, one and a half baths, first-floor laundry, a living room with hardwood floors, an eat-in kitchen, a foyer, a bonus room, and a basement used for storage. The second home includes two bedrooms, one full bath, first-floor living, dining, and kitchen areas, plus a full basement with laundry. Both homes have water views.
The property is in Oakland Beach, one street from the water and a short walk from Brushneck Cove beach. No flood insurance is required.
The property is in Oakland Beach, one street from the water and a short walk from Brushneck Cove beach. No flood insurance is required.
Key Highlights
- Two separate homes on one lot; 3,000 SF total
- Built in 1915; both residences have water views
- First home has 3 bedrooms, 1.5 baths, and first‑floor laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,590
Cap Rate
7.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$871,800
$871.8K
Cap Rate 7%
$622,714
$622.7K
Cap Rate 9%
$484,333
$484.3K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$66.6K $22.20/SF
− Vacancy
−$4.3K −$1.44/SF
EGI
$62.3K $20.76/SF
− OpEx
−$18.7K −$6.23/SF
NOI
$43.6K $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 Rate 5%
$871,800
Cap Rate 7%
$622,714
Cap Rate 9%
$484,333
Alternative Uses
Best Use
Multifamily LT 5
$622.7K
$544.9K – $726.5K
NOI $43,590 @ 7.0% cap · market cap 7.58%
Second Best
Apartment 5plus
$572.1K
$500.6K – $667.4K
NOI $40,044 @ 7.0% cap · market cap 6.96%
Theoretical Best
Specialty Retail
$751.4K
$657.5K – $876.6K
NOI $52,596 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
123
Businesses Nearby
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Business Placement
Demographics for 02889, RI
28,277
Population
11,947
Households
2.4
Avg Household Size
44
Median Age
26%
College-Educated
91%
High-School Grad
8.5 sq mi
ZIP Area
3,327
Density / Sq Mi
$85,617
Median Household Income
$50,988
Median Earnings
$1,216
Median Rent
$299,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences offer distinct layouts, full basements, and water views on a single lot.
Where is this duplex located?
The property is located at 15 Forrest Street Warwick, 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: Two separate homes on one lot; 3,000 SF total; Built in 1915; both residences have water views; First home has 3 bedrooms, 1.5 baths, and first‑floor laundry
