Two-Unit New Construction
1987 Warwick Avenue, Warwick, RI 02889
For Sale
New
$849,900
Residential Income, Warwick, RI
Property Size3,600 SF
Lot Size0.34 Acres
Price / SF$236.08
Days on Market7
Property Features for 1987 Warwick Avenue
General Information
Property type
Property subtype
Property condition
Bedrooms
Bathrooms
Full bathrooms
Half bathrooms
Rooms
Parking
Parking features
Interior features
Basement
Appliances
Lot features
Standard status
Size
Lot size
Additional Details
Individually Metered Utilities
Taxes and HOA fees
Tax Year
Utilities
Heating system
Cooling system
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Buildings
Listing Agency:
Ri Real Estate Services
(401) 885-5400
Listed By:
Nicholas Varras · License #RES.0047760
(401) 486-9287
Added: Nov 1
Last Checked: Nov 7 at 2:06AM
MLS# 1425446
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.
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Investment Insights
Based on property information with market context.
This two-unit duplex is under construction, with a planned 2026 build year. The 3,600-square-foot property is configured as two residences of 1,800 square feet each. Each side includes three bedrooms, one-and-a-half bathrooms, open living space, and a laundry room on the second floor. Heating and hot water are gas-fired, with central air conditioning in each unit. Oversized garages are planned for both residences.
The property occupies a 0.3418-acre lot. Separate water, sewer, gas, and electric service is provided to each unit. Landscaping, fences, patios, and driveways are planned for completion before closing.
The property occupies a 0.3418-acre lot. Separate water, sewer, gas, and electric service is provided to each unit. Landscaping, fences, patios, and driveways are planned for completion before closing.
Key Highlights
- 3,600 square feet total, with 1800 sqft per side
- 0.3418‑acre lot
- Each unit has 3 bedrooms and 1.5 bathrooms
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.
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Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
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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
$299,900
Median Home Value
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Market
Average Price Trend$/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 - Each residence has three bedrooms, one-and-a-half bathrooms, and a second-floor laundry room.
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: 3,600 square feet total, with 1800 sqft per side; 0.3418‑acre lot; Each unit has 3 bedrooms and 1.5 bathrooms
