Two-Unit Duplex with Side
New
For Sale
$860,000
18 Fortin Road, South Kingstown, RI 02881
Residential Income, South Kingstown, RI
Property Size3,108 SF
Lot Size0.31 Acres
Price / SF$276.71
Days on Market2
Property Features for 18 Fortin Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-10
Bedrooms
8
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 4, Basement, Bedroom 5, Bedroom 6, Bathroom 5, Bathroom 1, Bedroom 8, Bathroom 6, Bathroom 3, Bedroom 3, Bedroom 7, Bedroom 2, Bedroom 1, Bathroom 2, Bathroom 4
Parking
8
Parking features
None
Window features
Insulated Windows
Interior features
Wall (Dry Wall), Plumbing (Mixed), Insulation (Ceiling), Insulation (Walls)
Basement
Full, Partially Finished
Appliances
Gas Water Heater, Dishwasher, Dryer, Range Hood, Microwave, Oven/Range, Refrigerator, Washer
Subdivision
Kingston
Lot features
Paved Driveway
Standard status
Active
Size
3,108 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6383
Utilities
Heating system
Zoned, Natural Gas
Building Details
Year built
1997
Floors in Building
1
Number of units
2
Flooring type
Laminate
Building materials
Dry Wall, Vinyl Siding
Listing Agency:
Carty Realty
(401) 783-0044
Listed By:
David Carty · License #REB.0016121
(401) 662-9600
Added: Sep 15
Last Checked: Sep 16 at 10:06PM
MLS# 1423421
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 1997 duplex contains 3,108 square feet on a 0.31-acre lot, with two residences offering four bedrooms and three bathrooms per side. Each unit includes a private deck, and recent improvements include brand-new Pella windows and a new roof. Interior features include drywall, mixed plumbing, ceiling and wall insulation, laminate flooring, and zoned natural-gas heating. Kitchens are equipped with refrigerators, dishwashers, microwaves, ovens/ranges, range hoods, and gas water heaters, while washers and dryers are also provided.
The property is within walking distance of URI’s main campus. Both sides are leased through the end of May 2027. R-10 zoning applies to the property, which is located at 18 Fortin Road in South Kingstown, Rhode Island.
The property is within walking distance of URI’s main campus. Both sides are leased through the end of May 2027. R-10 zoning applies to the property, which is located at 18 Fortin Road in South Kingstown, Rhode Island.
Key Highlights
- Two‑unit duplex with 4 bedrooms and 3 bathrooms per side
- 3,108 square feet on 0.31 acres
- Brand‑new Pella windows and a new roof
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
$37,489
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
4.36%
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%
$749,780
$749.8K
Cap Rate 7%
$535,557
$535.6K
Cap Rate 9%
$416,544
$416.5K
Market Conditions
NOI Build-Up for 3,108 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
$55.9K $18.00/SF
− Vacancy
−$2.4K −$0.77/SF
EGI
$53.6K $17.23/SF
− OpEx
−$16.1K −$5.17/SF
NOI
$37.5K $12.06/SF
Area
Washington County, RI
Vacancy
4.27%
Lease Rate
$18.00 /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%
$749,780
Cap Rate 7%
$535,557
Cap Rate 9%
$416,544
Alternative Uses
Best Use
Multifamily LT 5
$535.6K
$468.6K – $624.8K
NOI $37,489 @ 7.0% cap · market cap 4.36%
Second Best
Apartment 5plus
$467.4K
$408.9K – $545.3K
NOI $32,715 @ 7.0% cap · market cap 3.80%
Theoretical Best
Healthcare Medical
$621.0K
$543.4K – $724.5K
NOI $43,468 @ 7.0% cap · market cap 5.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
376
Businesses Nearby
Explore this area
Business Placement
Demographics for 02881, RI
8,443
Population
1,247
Households
6.8
Avg Household Size
20
Median Age
83%
College-Educated
98%
High-School Grad
3.4 sq mi
ZIP Area
2,483
Density / Sq Mi
$5,951
Median Earnings
$1,368
Median Rent
$481,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Eight-bedroom layout with six bathrooms, Pella windows, and a new roof serves two separate residences.
Where is this duplex located?
The property is located at 18 Fortin Road South Kingstown, RI.
What is the asking price?
The asking price for this property is $860,000.
What are key features of this property?
This property features: Two‑unit duplex with 4 bedrooms and 3 bathrooms per side; 3,108 square feet on 0.31 acres; Brand‑new Pella windows and a new roof
