Waterfront Duplex with
For Sale
Under Contract
$1,150,000
15 Shore Drive, Barrington, RI 02806
Residential Income, Barrington, RI
Property Size2,552 SF
Lot Size0.09 Acres
Price / SF$450.63
Days on Market135
Property Features for 15 Shore Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R10
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 5, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Bathroom 3, Bedroom 3, Bedroom 2
Parking
4
Parking features
None
Window features
Insulated Windows, Skylight(s)
Patio and Porch features
Porch, Deck, Patio
Interior features
Wall (Dry Wall), Attic, Attic Storage, Stairs, Plumbing (Mixed)
Exterior features
Deck, Patio, Porch
Fireplace
1
Appliances
Tankless Water Heater, Dishwasher, Dryer, Exhaust Fan, Disposal, Microwave, Oven/Range, Refrigerator, Washer
Subdivision
Latham Park
Lot features
Out Building, Paved Driveway, Sprinklers
View
Water
Standard status
Active Under Contract
Size
2,552 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12947
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Window Unit(s), Central Air, Wall Unit(s)
Water source
Public
Amenities
front porch
second floor deck
patio
in-unit laundry
air conditioning
gas fireplace
outdoor shower
storage shed
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Laminate, Hardwood, Tile - Ceramic
Building materials
Dry Wall, Vinyl Siding
Additional Structures
Storage
Listing Agency:
Residential Properties Ltd.
(401) 245-9600
Listed By:
Nancy Ryan
(401) 699-6638
Added: May 5
Changed: Sep 13
Last Checked: Sep 16 at 5:06AM
MLS# 1411578
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 side-by-side duplex contains two distinct residences with open first-floor layouts, a full bathroom on each level of each unit, and primary bedrooms with walk-in closets. Each residence also includes in-unit laundry, a first-floor bedroom, air conditioning, and a gas fireplace. Outdoor features include front porches, second-floor decks, patios, a backyard, an outdoor shower, and a storage shed. The property has public water and public sewer, natural-gas heat, and a combination of central, wall-unit, and window air conditioning. Built in 1920, the building contains 2,552 square feet on a 0.0918-acre lot and is zoned R10.
The setting provides direct panoramic water views and access to the waterfront environment of Bay Spring. The East Bay Bike Path, Barrington Beach, Barrington Center shops and dining, and Providence are identified as nearby destinations, with Providence described as a 15-minute commute.
The setting provides direct panoramic water views and access to the waterfront environment of Bay Spring. The East Bay Bike Path, Barrington Beach, Barrington Center shops and dining, and Providence are identified as nearby destinations, with Providence described as a 15-minute commute.
Key Highlights
- Two side‑by‑side residences with 2,552 square feet of building area
- Direct panoramic water views in Barrington’s Bay Spring community
- 0.0918‑acre lot with R10 zoning
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
$43,093
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
3.75%
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%
$861,860
$861.9K
Cap Rate 7%
$615,614
$615.6K
Cap Rate 9%
$478,811
$478.8K
Market Conditions
NOI Build-Up for 2,552 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
$65.8K $25.80/SF
− Vacancy
−$4.3K −$1.68/SF
EGI
$61.6K $24.12/SF
− OpEx
−$18.5K −$7.24/SF
NOI
$43.1K $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%
$861,860
Cap Rate 7%
$615,614
Cap Rate 9%
$478,811
Alternative Uses
Best Use
Multifamily LT 5
$615.6K
$538.7K – $718.2K
NOI $43,093 @ 7.0% cap · market cap 3.75%
Second Best
Apartment 5plus
$553.0K
$483.8K – $645.1K
NOI $38,707 @ 7.0% cap · market cap 3.37%
Theoretical Best
Office A
$853.8K
$747.1K – $996.1K
NOI $59,765 @ 7.0% cap · market cap 5.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
166
Businesses Nearby
Explore this area
Business Placement
Demographics for 02806, RI
17,153
Population
6,341
Households
2.7
Avg Household Size
43
Median Age
72%
College-Educated
98%
High-School Grad
8.2 sq mi
ZIP Area
2,092
Density / Sq Mi
$150,542
Median Household Income
$76,040
Median Earnings
$1,794
Median Rent
$591,700
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
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Frequently Asked Questions
What type of property is this?
Duplex - Side-by-side residences offer water views, separate living areas, and private outdoor spaces in a coastal setting.
Where is this duplex located?
The property is located at 15 Shore Drive Barrington, RI.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Two side‑by‑side residences with 2,552 square feet of building area; Direct panoramic water views in Barrington’s Bay Spring community; 0.0918‑acre lot with R10 zoning
