Building Details

Year Built 2008

Buildings 6

Listing Agency: Residential Properties Ltd. Show Phone

Listed By: Stephen Gaskin · License #RES.0048283 Show Phone

Source: Lockandkeyre

Added: Aug 26 Changed: Oct 13 Last Checked: Oct 15 at 12:53AM

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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 Residential Properties Ltd.

Investment Insights

Based on property information with market context.

This 14-unit multifamily property comprises six buildings on more than an acre. The configuration includes a four-unit brick building, a two-family residence, and four townhouse-style duplex buildings. The 18,976-square-foot property was built in 2008, with residences primarily arranged as two-bedroom units. Features across many residences include central air or mini-split systems, in-unit laundry, high ceilings, and spacious living areas. Dedicated off-street parking accommodates over 30 vehicles throughout the property.

The property is located near Barrington's town center, waterfront, East Bay Bike Path, schools, and everyday amenities. Access to Providence, the greater East Bay, and Southeastern Massachusetts adds regional connectivity. Its multi-building layout combines varied residential configurations within a single multifamily asset.

Key Highlights

• 14 units across 6 separate buildings
• 18,976 square feet on more than an acre
• Four‑unit brick building, two‑family residence, and four townhouse‑style duplexes

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$320,431

Cap Rate

6.44%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,408,620 $6.4M

Cap Rate 7%

$4,577,586 $4.6M

Cap Rate 9%

$3,560,344 $3.6M

Market Conditions

NOI Build-Up for 18,976 SF

Gross rent

$489.6K $25.80/SF

− Vacancy

−$31.8K −$1.68/SF

EGI

$457.8K $24.12/SF

− OpEx

−$137.3K −$7.24/SF

NOI

$320.4K $16.89/SF

Area

Bristol County, RI

Vacancy

6.50%

Lease Rate

$25.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,408,620

Cap Rate 7%

$4,577,586

Cap Rate 9%

$3,560,344

Alternative Uses

Best Use

Multifamily LT 5

$4.58M

$4.01M – $5.34M (±1% cap)

NOI $320,431 @ 7.0% cap · market cap 6.44%

Second Best

Apartment 5plus

$4.11M

$3.60M – $4.80M (±1% cap)

NOI $287,818 @ 7.0% cap · market cap 5.79%

Theoretical Best

Office A

$6.35M

$5.55M – $7.41M (±1% cap)

NOI $444,395 @ 7.0% cap · market cap 8.93%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Dental Office Real Estate Agency Law Firm Restaurant Hair Salon Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

14

Residential units

Location Intelligence

Trade Area within ½ mile

196

Businesses Nearby

Explore this area Business Placement

Demographics for 02806, RI

17,153

Population

6,341

Households

2.7

Avg Household Size

43

Median Age

72%

College-Educated

98%

High-School Grad

8.2 sq mi

ZIP Area

2,092

Density / Sq Mi

$150,542

Median Household Income

$76,040

Median Earnings

$1,794

Median Rent

$591,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Apartment building - Six-building residential asset with primarily two-bedroom units, varied layouts, and off-street parking.

Where is this apartment building located?

The property is located at 185 Washington Road Barrington, RI.

What is the asking price?

The asking price for this property is $4,975,000.

What are key features of this property?

This property features: 14 units across 6 separate buildings; 18,976 square feet on more than an acre; Four‑unit brick building, two‑family residence, and four townhouse‑style duplexes