Historic Multifamily with Fire-Station
For Sale
$895,000
22 South Avenue, Tiverton, RI 02878
Circa 1890 multifamily property with heated, finished barn plus multiple outbuildings and mechanical updates.
Property Size2,070 SF
Price / SF$432.37
Days on Market51
Property Features for 22 South Avenue
General Information
Standard status
Active
Size
2,070 SF
Property subtype
Multi-family
Building Details
Year Built
1890
Listing Agency:
Hearth & Harbor Realty
Listed By:
Carol A. Guimond
(781) 933-7200
Source:
Jmulkerinrealty
Added: Jul 17
Changed: Sep 4
Last Checked: Sep 4 at 10:48AM
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
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
$30,748
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
3.44%
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%
$614,960
$615.0K
Cap Rate 7%
$439,257
$439.3K
Cap Rate 9%
$341,644
$341.6K
Market Conditions
NOI Build-Up for 2,070 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 $29.04/SF
− Vacancy
−$4.2K −$2.03/SF
EGI
$55.9K $27.01/SF
− OpEx
−$25.2K −$12.15/SF
NOI
$30.7K $14.85/SF
Area
Newport County, RI
Vacancy
7.00%
Lease Rate
$29.04 /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%
$614,960
Cap Rate 7%
$439,257
Cap Rate 9%
$341,644
Alternative Uses
Best Use
Apartment 5plus
$439.3K
$384.4K – $512.5K
NOI $30,748 @ 7.0% cap · market cap 3.44%
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 3.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
146
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?
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 $895,000.
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
