Multifamily Property with
For Sale
$600,000
159 Ten Rod Road North, North Kingstown, RI 02852
Existing improvements include a fireplace, deck, and documented hot water systems.
Property Size3,780 SF
Days on Market184
Property Features for 159 Ten Rod Road North
General Information
Standard status
Active
Size
3,780 SF
Property subtype
Multi-Family
Amenities
Fireplace
Hot Water
Oil
Electric Water Heater
Deck
Building Details
Building Size
3,780 SF
Year Built
1940
Stories
1
Listing Agency:
Davelen, Inc., dba RE/MAX Professionals
(401) 884-6050
Listed By:
Matthew St. Ours · License #RES.0035829
Source:
Kw
Added: Mar 1
Changed: Aug 31
Last Checked: Aug 31 at 1:28AM
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 Davelen, Inc., dba RE/MAX Professionals
Investment Insights
Based on property information with market context.
This multifamily property was built in 1940 and includes a fireplace, deck, and hot water-related features. The property information identifies hot water, oil, and an electric water heater among its interior features.
The property is located on Ten Rod Road in North Kingstown, minutes from Downtown Wickford. The source information identifies development and rehabilitation as potential directions for the property.
The property is located on Ten Rod Road in North Kingstown, minutes from Downtown Wickford. The source information identifies development and rehabilitation as potential directions for the property.
Key Highlights
- Multifamily property built in 1940
- Deck among the exterior features
- Fireplace included
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
$39,788
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
6.63%
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%
$795,760
$795.8K
Cap Rate 7%
$568,400
$568.4K
Cap Rate 9%
$442,089
$442.1K
Market Conditions
NOI Build-Up for 3,780 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
$75.8K $20.04/SF
− Vacancy
−$3.4K −$0.90/SF
EGI
$72.3K $19.14/SF
− OpEx
−$32.6K −$8.61/SF
NOI
$39.8K $10.53/SF
Area
Washington County, RI
Vacancy
4.50%
Lease Rate
$20.04 /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%
$795,760
Cap Rate 7%
$568,400
Cap Rate 9%
$442,089
Alternative Uses
Best Use
Apartment 5plus
$568.4K
$497.4K – $663.1K
NOI $39,788 @ 7.0% cap · market cap 6.63%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$755.2K
$660.8K – $881.1K
NOI $52,867 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
179
Businesses Nearby
Explore this area
Business Placement
Demographics for 02852, RI
23,579
Population
10,589
Households
2.2
Avg Household Size
47
Median Age
49%
College-Educated
96%
High-School Grad
30.8 sq mi
ZIP Area
766
Density / Sq Mi
$112,457
Median Household Income
$60,020
Median Earnings
$1,188
Median Rent
$461,700
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?
Multifamily property - Existing improvements include a fireplace, deck, and documented hot water systems.
Where is this multifamily property located?
The property is located at 159 Ten Rod Road North North Kingstown, RI.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Multifamily property built in 1940; Deck among the exterior features; Fireplace included
