Duplex with Oversized 3-Car
For Sale
$745,000
195 Town Farm Road, Coventry, RI 02816
MULTI_FAMILY - Coventry, RI
Property Size3,033 SF
Lot Size2.00 Acres
Price / SF$245.63
Days on Market46
Property Features for 195 Town Farm Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2A
Bedrooms
6
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 6, Bathroom 3, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 2, Basement, Bedroom 1, Bedroom 5, Bedroom 2
Parking
7
Parking features
Open
Window features
Insulated Windows, Skylight(s)
Patio and Porch features
Deck
Interior features
Wall (Plaster), Wall (Wood), Attic, Attic Stairs, Stairs, Plumbing (Mixed), Insulation (Unknown)
Exterior features
Deck
Basement
Partial, Unfinished
Appliances
Electric Water Heater, Dishwasher, Microwave, Oven/Range, Refrigerator
Subdivision
Western/Central
Lot features
Paved Driveway
Standard status
Active
Size
3,033 SF
Lot size
2.00 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7224
Utilities
Sewer type
Septic Tank
Heating system
Oil, Baseboard
Water source
Well
Amenities
wood floors
laundry areas
oil heat
Building Details
Year built
1790
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Pine, Vinyl
Building materials
Plaster, Wood Wall(s), Vinyl Siding
Listing Agency:
Doorley Real Estate Inc
(401) 398-7070
Listed By:
Elizabeth VARS
(401) 578-4538
Added: Jun 27
Changed: Aug 9
Last Checked: Aug 11 at 5:06PM
MLS# 1416482
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 duplex offers two separate living areas with individual laundry areas, wood floors, and separate utilities and meters, all heated with oil and baseboard systems. The property includes an attic and attic stairs for additional storage, plus a deck.
Set on 2 acres and totaling 3,033 SF, the first-floor unit has approximately 1,700 SF of living space with 3–4 bedrooms, a full bath, an eat-in kitchen, and a spacious living room with ample storage. The second-floor unit provides approximately 1,300 SF with 3 bedrooms, a full bath, kitchen, formal dining room, and a living room, along with attic storage options. The second-floor tenant will be moving out as of Sept. 1.
A standout feature is the oversized 3-car garage equipped with a professional lift. The home is served by a well and a septic tank, and it includes an ISDS listed as a 6-bed system.
The property also includes open parking.
Set on 2 acres and totaling 3,033 SF, the first-floor unit has approximately 1,700 SF of living space with 3–4 bedrooms, a full bath, an eat-in kitchen, and a spacious living room with ample storage. The second-floor unit provides approximately 1,300 SF with 3 bedrooms, a full bath, kitchen, formal dining room, and a living room, along with attic storage options. The second-floor tenant will be moving out as of Sept. 1.
A standout feature is the oversized 3-car garage equipped with a professional lift. The home is served by a well and a septic tank, and it includes an ISDS listed as a 6-bed system.
The property also includes open parking.
Key Highlights
- 2‑acre site with total 3,033 SF duplex under zoning R2A
- Oversized 3‑car garage with a professional lift
- First‑floor unit offers approx. 1,700 SF with 3–4 bedrooms and eat‑in kitchen
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
$44,069
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
5.92%
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%
$881,380
$881.4K
Cap Rate 7%
$629,557
$629.6K
Cap Rate 9%
$489,656
$489.7K
Market Conditions
NOI Build-Up for 3,033 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
$67.3K $22.20/SF
− Vacancy
−$4.4K −$1.44/SF
EGI
$63.0K $20.76/SF
− OpEx
−$18.9K −$6.23/SF
NOI
$44.1K $14.53/SF
Area
Kent County, RI
Vacancy
6.50%
Lease Rate
$22.20 /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%
$881,380
Cap Rate 7%
$629,557
Cap Rate 9%
$489,656
Alternative Uses
Best Use
Multifamily LT 5
$629.6K
$550.9K – $734.5K
NOI $44,069 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$578.4K
$506.1K – $674.8K
NOI $40,485 @ 7.0% cap · market cap 5.43%
Theoretical Best
Specialty Retail
$759.6K
$664.7K – $886.3K
NOI $53,175 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Explore this area
Business Placement
Demographics for 02816, RI
33,206
Population
14,505
Households
2.3
Avg Household Size
45
Median Age
32%
College-Educated
93%
High-School Grad
36.9 sq mi
ZIP Area
900
Density / Sq Mi
$97,941
Median Household Income
$51,773
Median Earnings
$1,168
Median Rent
$317,400
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?
Duplex - Zoned R2A with an oversized 3-car garage, oil heat, and separate utilities for each unit.
Where is this duplex located?
The property is located at 195 Town Farm Road Coventry, RI.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: 2‑acre site with total 3,033 SF duplex under zoning R2A; Oversized 3‑car garage with a professional lift; First‑floor unit offers approx. 1,700 SF with 3–4 bedrooms and eat‑in kitchen
