Historic Warren Multifamily Investment
21 Federal Warren, RI 02885
21 Federal, Warren, RI, 02885
$1,250,000
For Sale
$1,250,000
Six-unit historic mansion in Warren's Waterfront Historic District.
Property Size4,154 SF
Lot Size0.80 Acres
Price / SF$300.91
Days on Market290
Property Features for 21 Federal
General Information
- Standard status
- Active
- 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 Checked: Jul 15 at 8:27 pm
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.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $122.1k | $29.40 |
| − Vacancy | −$7.6k | −$1.82 |
| EGI | $114.6k | $27.58 |
| − OpEx | −$51.6k | −$12.41 |
| NOI | $63.0k | $15.17 |
4,154 SF · lease $29.40/SF/yr · vacancy 6.20% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
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.
