Barrington Multifamily Investment
For Sale
$5,500,000
187 Washington, Barrington, RI 02806
Well-maintained 14-unit residential complex in desirable Barrington location.
Property Size18,522 SF
Lot Size0.99 Acres
Price / SF$296.94
Days on Market314
Property Features for 187 Washington
General Information
Standard status
Active
Size
18,522 SF
Lot size
0.99 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$49,346
Amenities
Central air
Central Air Cooling
Common Area
Ductless Cooling
Forced Air Heating
In Unit
Building Details
Year Built
2008
Listing Agency:
RESIDENTIAL PROPERTIES LTD.
(401) 245-9600
Listed By:
EDDIE RAYDEN
Source:
Corcoran
Added: Sep 30, 2025
Changed: Aug 8
Last Checked: Apr 5 at 8:19PM
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 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 = 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
$280,932
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
5.11%
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%
$5,618,640
$5.6M
Cap Rate 7%
$4,013,314
$4.0M
Cap Rate 9%
$3,121,467
$3.1M
Market Conditions
NOI Build-Up for 18,522 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
$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 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%
$5,618,640
Cap Rate 7%
$4,013,314
Cap Rate 9%
$3,121,467
Alternative Uses
Best Use
Apartment 5plus
$4.01M
$3.51M – $4.68M
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
NOI $433,763 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - 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.
