Multi-Building Apartment
New
For Sale
$4,975,000
185 Washington Road, Barrington, RI 02806
Residential Income, Barrington, RI
Property Size18,938 SF
Lot Size1.01 Acres
Price / SF$262.70
Days on Market4
Property Features for 185 Washington Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
28
Bathrooms
28
Full bathrooms
22
Half bathrooms
12
Rooms
Bathroom 12, Bedroom 17, Bathroom 2, Bathroom 14, Basement, Bedroom 14, Bedroom 25, Bathroom 4, Bathroom 3, Bathroom 17, Bedroom 5, Bedroom 8, Bedroom 20, Bathroom 10, Bedroom 26, Bathroom 20, Bedroom 18, Bedroom 2, Bathroom 6, Bathroom 15, Bathroom 16, Bedroom 15, Bathroom 18, Bathroom 13, Bathroom 21, Bedroom 3, Bedroom 24, Bedroom 22, Bathroom 22, Bedroom 27, Bathroom 19, Bathroom 9, Bedroom 9, Bedroom 11, Bedroom 28, Bedroom 7, Bedroom 16, Bathroom 8, Bathroom 7, Bathroom 5, Bedroom 10, Bedroom 19, Bedroom 1, Bedroom 13, Bathroom 1, Bedroom 6, Bedroom 21, Bedroom 12, Bedroom 23, Bedroom 4, Bathroom 23, Bathroom 11
Parking
31
Parking features
None
Interior features
Stairs
Basement
Full, Unfinished
Appliances
Gas Water Heater
Subdivision
Haines Park
Standard status
Active
Size
18,938 SF
Lot size
1.01 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
48750
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas, Forced Air
Cooling system
Ductless, Central Air
Amenities
central air/mini-splits
in-unit laundry
high ceilings
dedicated off-street parking
Building Details
Year built
2008
Number of units
3
Flooring type
Hardwood, Tile - Ceramic, Laminate
Building materials
Brick, Vinyl Siding
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Stephen Gaskin · License #RES.0048283
(508) 991-0151
Added: Aug 26
Last Checked: Aug 29 at 1:06AM
MLS# 1419484
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 apartment property comprises 14 units distributed among six separate buildings on a 1.0106-acre site. The configuration includes a four-unit brick building, a two-family residence, and four townhouse-style duplex buildings. The 18,938-square-foot property was built in 2008 and includes primarily two-bedroom residences, with features that include hardwood, ceramic tile, and laminate flooring, natural-gas heating, central air, ductless systems, and gas water heaters. Public sewer serves the property.
Located at 185 Washington Road in Barrington, the asset is near the town center, waterfront, East Bay Bike Path, schools, and everyday amenities. Its setting provides access to Providence, the greater East Bay, and Southeastern Massachusetts. The multi-building arrangement creates distinct residential structures within one apartment property, including brick and vinyl-sided construction and townhouse-style layouts.
Located at 185 Washington Road in Barrington, the asset is near the town center, waterfront, East Bay Bike Path, schools, and everyday amenities. Its setting provides access to Providence, the greater East Bay, and Southeastern Massachusetts. The multi-building arrangement creates distinct residential structures within one apartment property, including brick and vinyl-sided construction and townhouse-style layouts.
Key Highlights
- 14 units across six separate buildings
- 1.0106‑acre site with 18,938 square feet of property area
- Configuration includes a four‑unit brick building, a two‑family residence, and four duplex buildings
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
$287,241
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
5.77%
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%
$5,744,820
$5.7M
Cap Rate 7%
$4,103,443
$4.1M
Cap Rate 9%
$3,191,567
$3.2M
Market Conditions
NOI Build-Up for 18,938 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
$556.8K $29.40/SF
− Vacancy
−$34.5K −$1.82/SF
EGI
$522.3K $27.58/SF
− OpEx
−$235.0K −$12.41/SF
NOI
$287.2K $15.17/SF
Area
Bristol County, RI
Vacancy
6.20%
Lease Rate
$29.40 /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%
$5,744,820
Cap Rate 7%
$4,103,443
Cap Rate 9%
$3,191,567
Alternative Uses
Best Use
Apartment 5plus
$4.10M
$3.59M – $4.79M
NOI $287,241 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.34M
$5.54M – $7.39M
NOI $443,506 @ 7.0% cap · market cap 8.91%
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?
Apartment building - Fourteen residential units across six buildings with varied layouts and a mix of central air and ductless cooling.
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 six separate buildings; 1.0106‑acre site with 18,938 square feet of property area; Configuration includes a four‑unit brick building, a two‑family residence, and four duplex buildings
