5-Unit Apartment
For Sale
Contact for pricing
Pending
15 Thompson Street, Warren, RI 02885
Five one-bedroom units include appliances, separate electric meters, and tenant-paid heat.
Property Size2,900 SF
Days on Market513
Property Features for 15 Thompson Street
General Information
Standard status
Pending
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
(401) 244-8355
Listed By:
The Dispirito Team
Source:
Crexi
Added: Apr 7, 2025
Changed: Aug 29
Last Checked: Aug 31 at 9:19PM
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
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 = 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
$43,986
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
5.86%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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
