Updated Three-Unit
For Sale
$899,900
192 Washington Rd, Barrington, RI 02806
Three apartments combine refreshed interiors, hardwood flooring, and spacious layouts with strong owner-occupant flexibility.
Property Size2,667 SF
Price / SF$337.42
Days on Market9
Property Features for 192 Washington Rd
General Information
Standard status
Active
Size
2,667 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1860
Listing Agency:
The Mello Group, Inc.
Listed By:
Susan Grieve
(508) 640-0505
Source:
Rhodeislandhomesforsale
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 22 at 5:42PM
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 The Mello Group, Inc.
Investment Insights
Based on property information with market context.
Built in 1860, this three-unit multifamily property offers an established residential configuration in Barrington. Each apartment includes an updated kitchen, a modernized bathroom, hardwood floors, and a spacious layout with abundant natural light. The interiors are well maintained and suited to a range of occupancy arrangements, including living in one unit while renting the others.
The property is located near the waterfront, marinas, local shops, restaurants, and scenic bike paths. Barrington also provides access to Providence and surrounding communities, adding regional connectivity to its coastal setting. The combination of three separate apartments, refreshed interior features, and a location near everyday amenities supports both investment and multi-generational living uses.
The property is located near the waterfront, marinas, local shops, restaurants, and scenic bike paths. Barrington also provides access to Providence and surrounding communities, adding regional connectivity to its coastal setting. The combination of three separate apartments, refreshed interior features, and a location near everyday amenities supports both investment and multi-generational living uses.
Key Highlights
- Three‑unit multifamily property built in 1860
- Updated kitchens and modernized bathrooms in each apartment
- Hardwood floors and spacious layouts throughout the units
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
$45,035
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
5.00%
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%
$900,700
$900.7K
Cap Rate 7%
$643,357
$643.4K
Cap Rate 9%
$500,389
$500.4K
Market Conditions
NOI Build-Up for 2,667 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
$68.8K $25.80/SF
− Vacancy
−$4.5K −$1.68/SF
EGI
$64.3K $24.12/SF
− OpEx
−$19.3K −$7.24/SF
NOI
$45.0K $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%
$900,700
Cap Rate 7%
$643,357
Cap Rate 9%
$500,389
Alternative Uses
Best Use
Multifamily LT 5
$643.4K
$562.9K – $750.6K
NOI $45,035 @ 7.0% cap · market cap 5.00%
Second Best
Apartment 5plus
$577.9K
$505.7K – $674.2K
NOI $40,452 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$892.3K
$780.7K – $1.04M
NOI $62,458 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three apartments combine refreshed interiors, hardwood flooring, and spacious layouts with strong owner-occupant flexibility.
Where is this triplex located?
The property is located at 192 Washington Rd Barrington, RI.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Three‑unit multifamily property built in 1860; Updated kitchens and modernized bathrooms in each apartment; Hardwood floors and spacious layouts throughout the units
