Two-Home Multifamily
New
For Sale
$575,000
15 Forrest Street, Warwick, RI 02889
Residential Income, Warwick, RI
Property Size3,000 SF
Lot Size0.11 Acres
Price / SF$191.67
Days on Market5
Property Features for 15 Forrest Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 2, Bedroom 5, Bathroom 3, Bedroom 1, Bedroom 4, Basement, Bedroom 3, Bathroom 1, Bathroom 2
Parking
4
Parking features
None
Patio and Porch features
Deck, Porch
Interior features
Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (Unknown)
Exterior features
Deck, Porch
Basement
Unfinished, Storage Space, Full
Appliances
Dishwasher, Dryer, Oven, Range, Refrigerator, Washer, Electric Water Heater
Subdivision
Oakland Beach/Brushneck Cove
View
Water
Standard status
Active
Size
3,000 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6306
Utilities
Sewer type
Public Sewer
Heating system
Oil, Baseboard, Electric (Heating)
Building Details
Year built
1915
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Hardwood, Tile - Ceramic
Building materials
Plaster
Listing Agency:
Keller Williams Coastal · Keller Williams Realty
(401) 845-9200
Listed By:
Adam Wilks · License #RES.0040975
(401) 419-9502
Added: Oct 9
Changed: Oct 12
Last Checked: Oct 13 at 8:06AM
MLS# 1423611
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property comprises two homes on a 0.11-acre lot, with 2,000 square feet of building area. The larger residence has three bedrooms, one and a half bathrooms, a living room with hardwood flooring, an eat-in kitchen, a foyer, a bonus room, first-floor laundry, and a basement. The second home includes two bedrooms, one full bathroom, a living room, dining room, kitchen, and a basement with laundry. A deck and porch serve the homes, which have water views.
The property is in Oakland Beach, one street from the water and within walking distance of Brushneck Cove beach. Public sewer serves the site. The homes date to 1915 and have separate interior layouts and basement areas.
The property is in Oakland Beach, one street from the water and within walking distance of Brushneck Cove beach. Public sewer serves the site. The homes date to 1915 and have separate interior layouts and basement areas.
Key Highlights
- Two separate homes on a 0.11‑acre lot
- 2,000 square feet of building area
- Combined layout includes five bedrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,044
Cap Rate
6.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$800,880
$800.9K
Cap Rate 7%
$572,057
$572.1K
Cap Rate 9%
$444,933
$444.9K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$78.1K $26.04/SF
− Vacancy
−$5.3K −$1.77/SF
EGI
$72.8K $24.27/SF
− OpEx
−$32.8K −$10.92/SF
NOI
$40.0K $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%
$800,880
Cap Rate 7%
$572,057
Cap Rate 9%
$444,933
Alternative Uses
Best Use
Apartment 5plus
$572.1K
$500.6K – $667.4K
NOI $40,044 @ 7.0% cap · market cap 6.96%
Second Best
—
—
no second resolved use
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.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
123
Businesses Nearby
Explore this area
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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Frequently Asked Questions
What type of property is this?
Single family property - Separate kitchens and basements support distinct living arrangements, with laundry facilities in both residences.
Where is this single family property 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 a 0.11‑acre lot; 2,000 square feet of building area; Combined layout includes five bedrooms
