Historic Multifamily with Fire-Station
22 South Avenue Tiverton, RI 02878
22 South Avenue, Tiverton, RI, 02878
$899,000
Pending
For Sale
$899,000
Pending
Circa 1890 multifamily property with heated, finished barn plus multiple outbuildings and mechanical updates.
Property Size2,070 SF
Days on Market25
Property Features for 22 South Avenue
General Information
- Standard status
- Pending
- Size
- 2,070 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1890
Listing agency
Hearth & Harbor Realty
(401) 439-0866
Listed by
Renee Durost · License #452508574
(401) 439-0866
Source
Iverty
Added: Jun 27 Updated: Jul 20 at 7:45PM Checked: Jul 21 at 3:15AM
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.
Circa 1890s home on South Avenue offers a rare combination of character and flexibility, with multiple generous units featuring original details such as wainscoting, vintage moldings, built-ins, and hardwood floors. The units are described as offering 1,000+ sq. ft. of living space and flexible layouts with 2–3 bedrooms per unit.
Adding to the property’s uniqueness is a remarkable 896 sq. ft. barn that is described as finished and heated, with exposed beams and hardwoods. The barn was once home to Tiverton’s very first fire station and is positioned for a range of uses, including office, studio, recreation space, or possible ADU.
The property also includes a 3-bay garage, a potting shed, and a full greenhouse, along with many mechanical updates. The listing notes the home is located in the Stonebridge area and is near Grinnell’s Beach, Coastal Roasters, the marina, and TYC.
Adding to the property’s uniqueness is a remarkable 896 sq. ft. barn that is described as finished and heated, with exposed beams and hardwoods. The barn was once home to Tiverton’s very first fire station and is positioned for a range of uses, including office, studio, recreation space, or possible ADU.
The property also includes a 3-bay garage, a potting shed, and a full greenhouse, along with many mechanical updates. The listing notes the home is located in the Stonebridge area and is near Grinnell’s Beach, Coastal Roasters, the marina, and TYC.
Key Highlights
- Circa 1890 multifamily home with multiple generously sized units, each offering 1,000+ sq. ft. of living space
- Finished, heated 896 sq. ft. barn with exposed beams and hardwoods, previously used as Tiverton’s first fire station
- Historic interior details including wainscoting, vintage moldings, built‑ins, and beautiful hardwood floors
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 | $60.1k | $29.04 |
| − Vacancy | −$4.2k | −$2.03 |
| EGI | $55.9k | $27.01 |
| − OpEx | −$25.2k | −$12.15 |
| NOI | $30.7k | $14.85 |
2,070 SF · lease $29.04/SF/yr · vacancy 7.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$439.3K
$384.4K – $512.5K
NOI $30,748 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$493.9K
$432.2K – $576.2K
NOI $34,574 @ 7.0% cap · market cap 3.85%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Multifamily property - Circa 1890 multifamily property with heated, finished barn plus multiple outbuildings and mechanical updates.
Where is this multifamily property located?
The property is located at 22 South Avenue Tiverton, RI.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Circa 1890 multifamily home with multiple generously sized units, each offering 1,000+ sq. ft. of living space; Finished, heated 896 sq. ft. barn with exposed beams and hardwoods, previously used as Tiverton’s first fire station; Historic interior details including wainscoting, vintage moldings, built‑ins, and beautiful hardwood floors
