Two-Unit Duplex with Fenced
New
For Sale
$495,000
16 Jennison Road, Warwick, RI 02889
Both residences feature in-unit laundry, outdoor space, and access to nearby shops, restaurants, parks, and the water.
Property Size2,240 SF
Price / SF$220.98
Days on Market7
Property Features for 16 Jennison Road
General Information
Standard status
Active
Size
2,240 SF
Property subtype
MultiFamily
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
washer/dryer in unit
private deck
fenced yard
Building Details
Year Built
1925
Buildings
1
Listing Agency:
Peluso Properties
(401) 432-7970
Listed By:
Diane Williams · License #RES.0041722
(401) 440-3261
Source:
Lockandkeyre
Added: Sep 18
Changed: Sep 23
Last Checked: Sep 22 at 3:54PM
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 Peluso Properties
Investment Insights
Based on property information with market context.
This 2,240-square-foot duplex contains two residential units, each configured with 2 bedrooms and 1 full bath. Both units include their own washer and dryer, while the property also offers a private deck and fenced yard for outdoor use. Built in 1925, the home provides a two-family layout suited to rental occupancy, owner use, or multi-generational living.
The property is located in Conimicut in Warwick, within a short walk of the water and near local shops, restaurants, and parks. It can convey with or without tenants.
The property is located in Conimicut in Warwick, within a short walk of the water and near local shops, restaurants, and parks. It can convey with or without tenants.
Key Highlights
- Two‑unit duplex totaling 2,240 square feet
- Each unit includes 2 bedrooms and 1 full bath
- Private washer and dryer provided in both units
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
$32,547
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
6.58%
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%
$650,940
$650.9K
Cap Rate 7%
$464,957
$465.0K
Cap Rate 9%
$361,633
$361.6K
Market Conditions
NOI Build-Up for 2,240 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
$49.7K $22.20/SF
− Vacancy
−$3.2K −$1.44/SF
EGI
$46.5K $20.76/SF
− OpEx
−$13.9K −$6.23/SF
NOI
$32.5K $14.53/SF
Area
Kent County, RI
Vacancy
6.50%
Lease Rate
$22.20 /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%
$650,940
Cap Rate 7%
$464,957
Cap Rate 9%
$361,633
Alternative Uses
Best Use
Multifamily LT 5
$465.0K
$406.8K – $542.5K
NOI $32,547 @ 7.0% cap · market cap 6.58%
Second Best
Apartment 5plus
$427.1K
$373.8K – $498.3K
NOI $29,900 @ 7.0% cap · market cap 6.04%
Theoretical Best
Specialty Retail
$561.0K
$490.9K – $654.5K
NOI $39,272 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
194
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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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 - Both residences feature in-unit laundry, outdoor space, and access to nearby shops, restaurants, parks, and the water.
Where is this duplex located?
The property is located at 16 Jennison Road Warwick, RI.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,240 square feet; Each unit includes 2 bedrooms and 1 full bath; Private washer and dryer provided in both units
