187 Washington, Barrington, RI 02806

Building Details

Year Built 2008 More

Listing Agency: RESIDENTIAL PROPERTIES LTD. Show Phone

Listed By: EDDIE RAYDEN Show Phone

Source: Corcoran

Added: Sep 30, 2025 Changed: Aug 8 Last Checked: Aug 25 at 8:17AM

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Investment Insights

Based on property information with market context.

This 14-unit residential complex is located in Barrington, Rhode Island, on nearly an acre. The property is situated near beaches, a bike path, schools, and the town center. The complex includes four newer buildings, each containing eight high-end units, all featuring two bedrooms and 2.5 baths. Additionally, there is a well-maintained building with two units, each offering two bedrooms and one bath. A recently converted brick building houses four high-end two-bedroom units, two with one bath and two with 1.5 baths. Many units feature high ceilings, central air conditioning, in-unit washer and dryer, and off-street parking. The property is centrally located with proximity to the East Bay, Providence, and Southeastern Massachusetts. The property size is 18,522 square feet.

Key Highlights

• High‑income generating 14‑unit residential complex in a highly desirable Barrington location.
• Scarcely available investment opportunity.
• Proximity to beaches, bike path, schools, and town center.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$280,932

Cap Rate

5.11%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,618,640 $5.6M

Cap Rate 7%

$4,013,314 $4.0M

Cap Rate 9%

$3,121,467 $3.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 18,522 SF

Gross rent

$544.5K $29.40/SF

− Vacancy

−$33.8K −$1.82/SF

EGI

$510.8K $27.58/SF

− OpEx

−$229.9K −$12.41/SF

NOI

$280.9K $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 Rate 5%

$5,618,640

Cap Rate 7%

$4,013,314

Cap Rate 9%

$3,121,467

Alternative Uses

Best Use

Apartment 5plus

$4.01M

$3.51M – $4.68M (±1% cap)

NOI $280,932 @ 7.0% cap · market cap 5.11%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$6.20M

$5.42M – $7.23M (±1% cap)

NOI $433,763 @ 7.0% cap · market cap 7.89%

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

Property Analytics

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Open Analytics

Location Intelligence

Trade Area within ½ mile

196

Businesses Nearby

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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

Frequently Asked Questions

What type of property is this?

Apartment building - Well-maintained 14-unit residential complex in desirable Barrington location.

Where is this apartment building located?

The property is located at 187 Washington Barrington, RI.

What is the asking price?

The asking price for this property is $5,500,000.

What are key features of this property?

This property features: High‑income generating 14‑unit residential complex in a highly desirable Barrington location.; Scarcely available investment opportunity.; Proximity to beaches, bike path, schools, and town center.