14-Unit Multifamily
New
For Sale
$4,975,000
185 Washington Road, Barrington, RI 02806
Six-building residential asset with primarily two-bedroom units, varied layouts, and off-street parking.
Property Size18,976 SF
Price / SF$262.17
Days on Market5
Property Features for 185 Washington Road
General Information
Standard status
Active
Size
18,976 SF
Property subtype
Commercial
Additional Details
Multifamily Units
14
Amenities
central air
in-unit laundry
off-street parking
Building Details
Year Built
2008
Buildings
6
Listing Agency:
Residential Properties Ltd.
(508) 991-0151
Listed By:
Stephen Gaskin · License #RES.0048283
(508) 991-0151
Source:
Lockandkeyre
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 10:10PM
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.
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 = 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?
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
