Mixed-Use Retail and Residential
For Sale
$1,325,000
21 East Road, Tiverton, RI 02878
Renovated retail storefront plus three legal residential units and a 3-bay garage/workshop on two lots.
Property Size2,352 SF
Lot Size6.00 Acres
Price / SF$563.35
Days on Market153
Property Features for 21 East Road
General Information
Standard status
Active
Size
2,352 SF
Lot size
6.00 Acres
Property subtype
Multi-family
Lease Term
[]
Additional Details
Multifamily Units
3
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Hearth & Harbor Realty
Listed By:
Deborah Plant
(401) 619-8222
Source:
Teridegnan
Added: Apr 6
Changed: Sep 4
Last Checked: Sep 4 at 9:54AM
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 Hearth & Harbor Realty
Investment Insights
Based on property information with market context.
This for-sale mixed-use property includes 3 legal residential units, a renovated retail storefront, and a 1,500-square-foot 3-bay garage/workshop on two lots sold together. The main residence at 21 East Road is a classic 1920s Cape featuring original woodwork and hardwood floors. It is currently configured as a 2-family home with a 2-bedroom, 1-bath unit on each floor, with the option to convert to a single-family layout. A separate 540-square-foot 1-bedroom, 1-bath cottage provides additional flexible residential space.
The commercial component at 31 East Road is a renovated 1,075-square-foot retail space with new cedar shingles, roof, windows, and a ductless mini-split system. The garage/workshop has been newly sided, adding to the utility-focused improvements.
The offering is situated in historic Tiverton Four Corners, combining village convenience with privacy. The property is set on nearly 6 acres, with the 31 East Road offering for real estate only and the business not included.
The commercial component at 31 East Road is a renovated 1,075-square-foot retail space with new cedar shingles, roof, windows, and a ductless mini-split system. The garage/workshop has been newly sided, adding to the utility-focused improvements.
The offering is situated in historic Tiverton Four Corners, combining village convenience with privacy. The property is set on nearly 6 acres, with the 31 East Road offering for real estate only and the business not included.
Key Highlights
- Main residence at 21 East Rd: classic 1920 Cape with 2,352 sq ft of finished living space and original woodwork plus hardwood floors
- Includes 3 legal residential units total: 2‑family configuration with 2 bed/1 bath on each floor and a separate 540 sq ft 1 bed/1 bath cottage
- Renovated 31 East retail storefront: 1,075 sq ft with new cedar shingles, roof, windows, and ductless mini‑split system (real estate only)
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
$39,284
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
2.96%
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%
$785,680
$785.7K
Cap Rate 7%
$561,200
$561.2K
Cap Rate 9%
$436,489
$436.5K
Market Conditions
NOI Build-Up for 2,352 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
$60.1K $25.56/SF
− Vacancy
−$4.0K −$1.70/SF
EGI
$56.1K $23.86/SF
− OpEx
−$16.8K −$7.16/SF
NOI
$39.3K $16.70/SF
Area
Newport County, RI
Vacancy
6.65%
Lease Rate
$25.56 /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%
$785,680
Cap Rate 7%
$561,200
Cap Rate 9%
$436,489
Alternative Uses
Best Use
Multifamily LT 5
$561.2K
$491.1K – $654.7K
NOI $39,284 @ 7.0% cap · market cap 2.96%
Second Best
Apartment 5plus
$499.1K
$436.7K – $582.3K
NOI $34,937 @ 7.0% cap · market cap 2.64%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
94
Businesses Nearby
Explore this area
Business Placement
Demographics for 02878, RI
16,359
Population
7,747
Households
2.1
Avg Household Size
50
Median Age
40%
College-Educated
93%
High-School Grad
29.1 sq mi
ZIP Area
562
Density / Sq Mi
$99,542
Median Household Income
$49,228
Median Earnings
$1,228
Median Rent
$367,400
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?
Triplex - Renovated retail storefront plus three legal residential units and a 3-bay garage/workshop on two lots.
Where is this triplex located?
The property is located at 21 East Road Tiverton, RI.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: Main residence at 21 East Rd: classic 1920 Cape with 2,352 sq ft of finished living space and original woodwork plus hardwood floors; Includes 3 legal residential units total: 2‑family configuration with 2 bed/1 bath on each floor and a separate 540 sq ft 1 bed/1 bath cottage; Renovated 31 East retail storefront: 1,075 sq ft with new cedar shingles, roof, windows, and ductless mini‑split system (real estate only)
