6-Unit Apartment
New
For Sale
$999,000
220 Washington Street, West Warwick, RI 02893
A varied one-, two-, and three-bedroom layout includes renovated units and shared laundry access.
Property Size4,295 SF
Price / SF$232.60
Days on Market5
Property Features for 220 Washington Street
General Information
Standard status
Active
Size
4,295 SF
Property subtype
Commercial
Additional Details
Gross Income
$108,720
Multifamily Units
6
Amenities
dishwashers
microwaves
in-unit laundry
shared coin-operated washer and dryer
Building Details
Year Built
1900
Listing Agency:
Start Realty
(401) 380-7000
Listed By:
Crystal D'Agostino · License #REB.0016758
(401) 714-2588
Source:
Lockandkeyre
Added: Oct 15
Changed: Oct 19
Last Checked: Oct 19 at 2:55PM
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 Start Realty
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Investment Insights
Based on property information with market context.
This 4,295-square-foot apartment building, constructed in 1900, contains six units with one-, two-, and three-bedroom floor plans. Two apartments have been renovated with dishwashers, microwaves, and in-unit laundry. The other four have received updates and share access to coin-operated laundry. Leases are month to month. Residents pay for electricity, while the owner covers gas.
Improvements completed within the last five years include a replacement roof, new electrical service and panels, and a new AO Smith water heater. The Buderus cast iron gas boiler received professional service before the current heating season.
The property is on Washington Street in West Warwick, with local shopping, dining, services, and major commuting routes described as accessible from the area.
Improvements completed within the last five years include a replacement roof, new electrical service and panels, and a new AO Smith water heater. The Buderus cast iron gas boiler received professional service before the current heating season.
The property is on Washington Street in West Warwick, with local shopping, dining, services, and major commuting routes described as accessible from the area.
Key Highlights
- Six apartments with one-, two-, and three‑bedroom layouts
- 4,295 SF; built in 1900
- Two renovated apartments include dishwashers, microwaves, and in‑unit laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,330
Cap Rate
5.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,146,600
$1.1M
Cap Rate 7%
$819,000
$819.0K
Cap Rate 9%
$637,000
$637.0K
Market Conditions
NOI Build-Up for 4,295 SF
Gross rent
$111.8K $26.04/SF
− Vacancy
−$7.6K −$1.77/SF
EGI
$104.2K $24.27/SF
− OpEx
−$46.9K −$10.92/SF
NOI
$57.3K $13.35/SF
Area
Kent County, RI
Vacancy
6.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,146,600
Cap Rate 7%
$819,000
Cap Rate 9%
$637,000
Alternative Uses
Best Use
Apartment 5plus
$819.0K
$716.6K – $955.5K
NOI $57,330 @ 7.0% cap · market cap 5.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.08M
$941.3K – $1.26M
NOI $75,300 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
614
Businesses Nearby
Explore this area
Business Placement
Demographics for 02893, RI
31,030
Population
15,103
Households
2.1
Avg Household Size
41
Median Age
25%
College-Educated
90%
High-School Grad
7.8 sq mi
ZIP Area
3,978
Density / Sq Mi
$73,903
Median Household Income
$49,087
Median Earnings
$1,249
Median Rent
$293,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - A varied one-, two-, and three-bedroom layout includes renovated units and shared laundry access.
Where is this apartment building located?
The property is located at 220 Washington Street West Warwick, RI.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Six apartments with one-, two-, and three‑bedroom layouts; 4,295 SF; built in 1900; Two renovated apartments include dishwashers, microwaves, and in‑unit laundry
