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 Market399
Property Features for 21 Federal
General Information
Standard status
Pending
Size
4,154 SF
Lot size
0.80 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$12,019
Amenities
Laundry Room
Baseboard Heating
Circuit Breakers
Common Area
Gas Heating
Building Details
Year Built
1850
Listing Agency:
RE/MAX RIVER'S EDGE
(401) 245-2000
Listed By:
MICHELLE CARTWRIGHT · License #224874
(401) 433-5100
Source:
Corcoran
Added: Sep 30, 2025
Changed: Nov 2
Last Checked: Nov 1 at 5:50AM
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
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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 / Yr
$63,006
Cap Rate
5.04%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
809
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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.
