Duplex with Oversized
1987 Warwick Avenue, Warwick, RI 02889
For Sale
New
$849,900
Separate water, sewer, gas, and electric services serve each unit.
Property Size3,600 SF
Lot Size0.34 Acres
Price / SF$236.08
Days on Market7
Property Features for 1987 Warwick Avenue
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Utilities to Site
Building Details
Year Built
Buildings
Listing Agency:
RI Real Estate Services
(401) 885-5400
Listed By:
Nicholas Varras · License #RES.0047760
(401) 486-9287
Source:
Lockandkeyre
Added: Nov 1
Changed: Nov 6
Last Checked: Nov 6 at 9:28AM
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 RI Real Estate Services
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Investment Insights
Based on property information with market context.
This 2026-construction duplex is designed with two units, each offering 1,800 square feet, three bedrooms, one and a half bathrooms, and an open living area. Laundry rooms sit on the second floor near the bedrooms. Each side has high-efficiency gas heat and hot water, central air conditioning, and an oversized garage.
The property occupies an almost 15,000-square-foot lot. Landscaping, fences, patios, and driveways are planned before closing. Water, sewer, gas, and electric service are separately metered by unit.
The property occupies an almost 15,000-square-foot lot. Landscaping, fences, patios, and driveways are planned before closing. Water, sewer, gas, and electric service are separately metered by unit.
Key Highlights
- Two units at 1,800 sqft per side
- Each unit has 3 bedrooms and 1.5 bathrooms
- Separate water, sewer, gas, and electric utilities for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,308
Cap Rate
6.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,046,160
$1.0M
Cap Rate 7%
$747,257
$747.3K
Cap Rate 9%
$581,200
$581.2K
Market Conditions
NOI Build-Up for 3,600 SF
Gross rent
$79.9K $22.20/SF
− Vacancy
−$5.2K −$1.44/SF
EGI
$74.7K $20.76/SF
− OpEx
−$22.4K −$6.23/SF
NOI
$52.3K $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 Rate 5%
$1,046,160
Cap Rate 7%
$747,257
Cap Rate 9%
$581,200
Alternative Uses
Best Use
Multifamily LT 5
$747.3K
$653.9K – $871.8K
NOI $52,308 @ 7.0% cap · market cap 6.15%
Second Best
Apartment 5plus
$686.5K
$600.7K – $800.9K
NOI $48,053 @ 7.0% cap · market cap 5.65%
Theoretical Best
Specialty Retail
$901.6K
$788.9K – $1.05M
NOI $63,115 @ 7.0% cap · market cap 7.43%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Explore this area
Business Placement
Demographics for 02889, RI
28,277
Population
11,947
Households
2.4
Avg Household Size
44
Median Age
26%
College-Educated
91%
High-School Grad
8.5 sq mi
ZIP Area
3,327
Density / Sq Mi
$85,617
Median Household Income
$50,988
Median Earnings
$1,216
Median Rent
$299,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Duplexes in Kent County, RI
Properties on Market for Duplexes in Kent County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Separate water, sewer, gas, and electric services serve each unit.
Where is this duplex located?
The property is located at 1987 Warwick Avenue Warwick, RI.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Two units at 1,800 sqft per side; Each unit has 3 bedrooms and 1.5 bathrooms; Separate water, sewer, gas, and electric utilities for each unit
