Updated Triplex with Hardwood
For Sale
$919,000
192 Washington Road, Barrington, RI 02806
Residential Income, Barrington, RI
Property Size2,667 SF
Lot Size0.23 Acres
Price / SF$344.58
Days on Market111
Property Features for 192 Washington Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R10
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Basement, Bedroom 3, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 1, Bedroom 5
Parking
8
Parking features
None
Interior features
Wall (Dry Wall), Wall (Plaster), Attic Stairs, Attic Storage, Cathedral Ceilings
Basement
Storage Space, Full, Unfinished
Appliances
Gas Water Heater, Dishwasher, Dryer, Microwave, Oven/Range, Refrigerator, Washer
Standard status
Active
Size
2,667 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8314
Utilities
Heating system
Natural Gas, Baseboard
Building Details
Year built
1860
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Tile - Ceramic
Building materials
Dry Wall, Plaster, Clapboard
Additional Structures
Storage
Listing Agency:
The Mello Group, Inc.
(508) 640-0505
Listed By:
Susan Grieve
(401) 451-6632
Added: May 5
Changed: Aug 21
Last Checked: Aug 23 at 12:06PM
MLS# 1411888
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 3-unit triplex contains 2,667 square feet on a 0.2296-acre lot and dates to 1860. Each apartment includes an updated kitchen, modernized bathroom, and hardwood flooring, with spacious interiors and natural light noted throughout the units. The property also includes a basement, attic storage with stairs, ceramic tile, plaster and drywall finishes, cathedral ceilings, and natural-gas baseboard heat.
Appliances include a gas water heater, dishwasher, dryer, microwave, oven/range, refrigerator, and washer. Zoned R10, the property is located near waterfront areas, marinas, shops, dining, and scenic bike paths, with access to Providence and surrounding areas. Parking features are listed as none.
Appliances include a gas water heater, dishwasher, dryer, microwave, oven/range, refrigerator, and washer. Zoned R10, the property is located near waterfront areas, marinas, shops, dining, and scenic bike paths, with access to Providence and surrounding areas. Parking features are listed as none.
Key Highlights
- 3‑unit triplex with 2,667 square feet
- 0.2296‑acre lot in Barrington, RI
- Updated kitchens and modernized bathrooms in each apartment
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
4.90%
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 4.90%
Second Best
Apartment 5plus
$577.9K
$505.7K – $674.2K
NOI $40,452 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$892.3K
$780.7K – $1.04M
NOI $62,458 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three apartments feature updated kitchens, modernized bathrooms, and hardwood flooring.
Where is this triplex located?
The property is located at 192 Washington Road Barrington, RI.
What is the asking price?
The asking price for this property is $919,000.
What are key features of this property?
This property features: 3‑unit triplex with 2,667 square feet; 0.2296‑acre lot in Barrington, RI; Updated kitchens and modernized bathrooms in each apartment
