Three-Unit Multifamily with
1564 Main Street West Warwick, RI 02893
1564 Main Street, West Warwick, RI, 02893
$599,900
Pending
For Sale
$599,900
Pending
Turnkey three-family property with updated kitchens and bathrooms and a detached two-car garage.
Property Size2,890 SF
Days on Market27
Property Features for 1564 Main Street
General Information
- Standard status
- Pending
- Size
- 2,890 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1920
Listing agency
Start Realty
(401) 380-7000
Listed by
Crystal D'Agostino
Source
Lockandkeyre
Added: Jun 26 Updated: Jul 21 at 6:35PM Checked: Jul 21 at 6:35PM
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 Start Realty
Investment Insights
Based on property information with market context.
This well-maintained three-family property offers two townhouse-style units with 2 bedrooms and 1 bathroom each, plus an additional 1-bedroom unit. All three apartments feature updated kitchens and bathrooms, and each unit includes private in-unit laundry. The property is fully occupied by month-to-month tenants.
A detached two-car garage is on site, providing additional space for storage or potential rental utility. The seller reports projected total rental income of up to $5,575 per month.
Located at 1564 Main Street in West Warwick, the property is described as convenient to shopping, restaurants, highways, and local amenities.
A detached two-car garage is on site, providing additional space for storage or potential rental utility. The seller reports projected total rental income of up to $5,575 per month.
Located at 1564 Main Street in West Warwick, the property is described as convenient to shopping, restaurants, highways, and local amenities.
Key Highlights
- Three‑family property built in 1920 with two townhouse‑style units and one 1‑bedroom unit
- Each unit has updated kitchens and bathrooms
- Private in‑unit laundry for all three apartments
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $64.2k | $22.20 |
| − Vacancy | −$4.2k | −$1.44 |
| EGI | $60.0k | $20.76 |
| − OpEx | −$18.0k | −$6.23 |
| NOI | $42.0k | $14.53 |
2,890 SF · lease $22.20/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$599.9K
$524.9K – $699.9K
NOI $41,991 @ 7.0% cap · market cap 7.00%
Second Best
Apartment 5plus
$551.1K
$482.2K – $642.9K
NOI $38,576 @ 7.0% cap · market cap 6.43%
Theoretical Best
Specialty Retail
$723.8K
$633.3K – $844.5K
NOI $50,667 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Turnkey three-family property with updated kitchens and bathrooms and a detached two-car garage.
Where is this triplex located?
The property is located at 1564 Main Street West Warwick, RI.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Three‑family property built in 1920 with two townhouse‑style units and one 1‑bedroom unit; Each unit has updated kitchens and bathrooms; Private in‑unit laundry for all three apartments
