Historic Warren Multifamily Investment
For Sale
$1,250,000
Pending
21 Federal, Warren, RI 02885
Six-unit historic mansion in Warren's Waterfront Historic District.
Property Size4,154 SF
Lot Size0.80 Acres
Days on Market317
Property Features for 21 Federal
General Information
Standard status
Pending
Size
4,154 SF
Lot size
0.80 Acres
Property subtype
Commercial
Building Details
Year Built
1850
Listing Agency:
RE/MAX RIVER'S EDGE
(401) 245-2000
Listed By:
MICHELLE CARTWRIGHT · License #224874
Source:
Corcoran
Added: Sep 30, 2025
Changed: Jul 6
Last Checked: Jul 23 at 9:02AM
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 RE/MAX RIVER'S EDGE
Investment Insights
Based on property information with market context.
The Bosworth Mansion, constructed around 1850, is a mid-19th century Greek Revival property located in Warren, Rhode Island's Waterfront Historic District. This six-unit multifamily property is situated on a 0.8-acre lot near Belcher Cove, Main Street, and Water Street. The property contains original architectural details and natural light. The unit mix includes two one-bedroom units, three one-bedroom units with a flex room suitable for an office or guest space, and a two-bedroom unit on the third floor. Additional features include a one-car garage with expansion potential, fire-code compliance, coin-operated laundry in the basement, and storage space. The property is walkable to the East Bay Bike Path, Main Street shops, and the Water Street district, which features cafes, restaurants, and boutiques. It is also near the new Fall River train station with commuter service to Boston and a short distance to Providence. Condo conversion or the building of additional units may be a possibility, subject to proper approvals.
Key Highlights
- Historic 1850 Bosworth Mansion in Warren's Waterfront Historic District.
- Rare .8‑acre lot within walking distance to Belcher Cove, Main Street, and Water Street.
- Six‑unit property with diverse layouts including one and two‑bedroom options, some with flex rooms.
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
$63,006
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
5.04%
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%
$1,260,120
$1.3M
Cap Rate 7%
$900,086
$900.1K
Cap Rate 9%
$700,067
$700.1K
Market Conditions
NOI Build-Up for 4,154 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
$122.1K $29.40/SF
− Vacancy
−$7.6K −$1.82/SF
EGI
$114.6K $27.58/SF
− OpEx
−$51.6K −$12.41/SF
NOI
$63.0K $15.17/SF
Area
Bristol County, RI
Vacancy
6.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,260,120
Cap Rate 7%
$900,086
Cap Rate 9%
$700,067
Alternative Uses
Best Use
Apartment 5plus
$900.1K
$787.6K – $1.05M
NOI $63,006 @ 7.0% cap · market cap 5.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.22M – $1.62M
NOI $97,282 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
809
Businesses Nearby
Explore this area
Business Placement
Demographics for 02885, RI
11,147
Population
5,546
Households
2
Avg Household Size
47
Median Age
36%
College-Educated
90%
High-School Grad
6.2 sq mi
ZIP Area
1,798
Density / Sq Mi
$89,722
Median Household Income
$53,980
Median Earnings
$1,253
Median Rent
$363,900
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?
Apartment building - Six-unit historic mansion in Warren's Waterfront Historic District.
Where is this apartment building located?
The property is located at 21 Federal Warren, RI.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Historic 1850 Bosworth Mansion in Warren's Waterfront Historic District.; Rare .8‑acre lot within walking distance to Belcher Cove, Main Street, and Water Street.; Six‑unit property with diverse layouts including one and two‑bedroom options, some with flex rooms.
