Historic Duplex With Finished
New
For Sale
$895,000
22 South Avenue, Tiverton, RI 02878
MULTI_FAMILY - Tiverton, RI
Property Size2,070 SF
Lot Size0.29 Acres
Price / SF$432.37
Days on Market4
Property Features for 22 South Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RES
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 1, Basement, Bedroom 4, Bathroom 1
Parking
5
Window features
Storm Window(s)
Patio and Porch features
Porch
Interior features
Wall (Dry Wall), Wall (Plaster), Attic, Stairs, Plumbing (Mixed), Insulation (Ceiling), Insulation (Walls)
Exterior features
Porch
Basement
Storage Space, Full, Unfinished
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Subdivision
Stonebridge
Lot features
Barn, Out Building, Paved Driveway
Standard status
Active
Size
2,070 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5189
Utilities
Sewer type
Septic Tank
Heating system
Baseboard, Natural Gas, Oil
Water source
Public
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Flooring type
Laminate, Hardwood
Building materials
Dry Wall, Plaster, Shingles, Wood
Listing Agency:
Hearth & Harbor Realty
(401) 816-5187
Listed By:
Carol Guimond
(401) 418-0462
Added: Aug 6
Changed: Aug 8
Last Checked: Aug 9 at 12:06AM
MLS# 1419975
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1890, this two-family property at 22 South Avenue provides 2,070 square feet across two residential units. Each unit offers more than 1,000 square feet, two to three bedrooms, flexible room arrangements, hardwood flooring, high ceilings, built-ins, and a sunroom. Mechanical improvements include new windows with Azek trim and updated heating systems. The property also includes a finished, heated 896-square-foot barn with exposed beams and hardwood floors. Originally used as Tiverton’s first fire station, the barn adds a distinctive secondary structure for office, studio, or recreation use.
Set in Tiverton’s Stonebridge area, the property is near marinas, the Tiverton Yacht Club, Coastal Roasters, and Grinnell’s Beach. Additional improvements include a three-bay garage, potting shed, full-sized greenhouse with cover, porch, public water, and septic service. The 0.287-acre parcel is zoned RES.
Set in Tiverton’s Stonebridge area, the property is near marinas, the Tiverton Yacht Club, Coastal Roasters, and Grinnell’s Beach. Additional improvements include a three-bay garage, potting shed, full-sized greenhouse with cover, porch, public water, and septic service. The 0.287-acre parcel is zoned RES.
Key Highlights
- 2,070‑square‑foot duplex on a 0.287‑acre RES‑zoned parcel
- Each unit offers 1,000+ square feet and 2–3 bedrooms
- Finished and heated 896‑square‑foot barn with exposed beams and 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
$34,574
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
3.86%
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%
$691,480
$691.5K
Cap Rate 7%
$493,914
$493.9K
Cap Rate 9%
$384,156
$384.2K
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
$52.9K $25.56/SF
− Vacancy
−$3.5K −$1.70/SF
EGI
$49.4K $23.86/SF
− OpEx
−$14.8K −$7.16/SF
NOI
$34.6K $16.70/SF
Area
Newport County, RI
Vacancy
6.65%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
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%
$691,480
Cap Rate 7%
$493,914
Cap Rate 9%
$384,156
Alternative Uses
Best Use
Multifamily LT 5
$493.9K
$432.2K – $576.2K
NOI $34,574 @ 7.0% cap · market cap 3.86%
Second Best
Apartment 5plus
$439.3K
$384.4K – $512.5K
NOI $30,748 @ 7.0% cap · market cap 3.44%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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?
Duplex - Two-unit residence with flexible layouts, updated mechanical systems, garage, greenhouse, and additional finished space.
Where is this duplex 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: 2,070‑square‑foot duplex on a 0.287‑acre RES‑zoned parcel; Each unit offers 1,000+ square feet and 2–3 bedrooms; Finished and heated 896‑square‑foot barn with exposed beams and hardwood floors
