14-Unit Multifamily
New
For Sale
$4,975,000
185 Washington Road, Barrington, RI 02806
Commercial/Business,Commercial Sale, Barrington, RI
Property Size18,976 SF
Lot Size1.01 Acres
Price / SF$262.17
Days on Market3
Property Features for 185 Washington Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
NB-COMM
Rooms
Basement
Parking
31
Basement
Full
Subdivision
Haines Park
Lot features
Corner Lot, Paved, Sidewalks, Suburban
Standard status
Active
Size
18,976 SF
Lot size
1.01 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
48750
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Amenities
central air or mini-splits
in-unit laundry
off-street parking
Building Details
Year built
2008
Number of units
3
Building materials
Brick
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Stephen Gaskin · License #RES.0048283
(508) 991-0151
Added: Aug 26
Last Checked: Aug 28 at 11:06PM
MLS# 1419482
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 14-unit multifamily property comprises six separate buildings totaling 18,976 square feet on 1.0106 acres. The improvements include a four-unit brick building, a two-family residence, and four townhouse-style duplexes. Most residences are two-bedroom layouts, with features that include central air or mini-split systems, in-unit laundry, high ceilings, and spacious living areas. Forced-air heating, central air, public sewer, and off-street parking support the property’s residential configuration.
Located at 185 Washington Road in Barrington, the property is near the town center, waterfront, East Bay Bike Path, schools, and everyday amenities. The location also provides access to Providence, the greater East Bay, and Southeastern Massachusetts. Zoning is NB-COMM, and the property was built in 2008.
Located at 185 Washington Road in Barrington, the property is near the town center, waterfront, East Bay Bike Path, schools, and everyday amenities. The location also provides access to Providence, the greater East Bay, and Southeastern Massachusetts. Zoning is NB-COMM, and the property was built in 2008.
Key Highlights
- 14 residential units across six separate buildings
- 18,976 square feet on 1.0106 acres
- Four‑unit brick building, two‑family residence, and four townhouse‑style duplexes
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
$320,431
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
6.44%
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%
$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
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
$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 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%
$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
NOI $320,431 @ 7.0% cap · market cap 6.44%
Second Best
Apartment 5plus
$4.11M
$3.60M – $4.80M
NOI $287,818 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$6.35M
$5.55M – $7.41M
NOI $444,395 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Multi-building residential asset with varied layouts, dedicated parking, and access to Barrington’s town center and waterfront.
Where is this multifamily property 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 residential units across six separate buildings; 18,976 square feet on 1.0106 acres; Four‑unit brick building, two‑family residence, and four townhouse‑style duplexes
