Two-Unit Duplex
New
For Sale
$465,000
27 Centre Street, West Warwick, RI 02893
Built in 1880, the property accommodates owner occupancy, rental use, or multigenerational living.
Property Size3,084 SF
Price / SF$150.78
Days on Market7
Property Features for 27 Centre Street
General Information
Standard status
Active
Size
3,084 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Building Details
Year Built
1880
Listing Agency:
JJProperty Mgmt & Multiservice
(401) 941-2420
Listed By:
Jackie Alvarez
Source:
Lockandkeyre
Added: Aug 13
Changed: Aug 19
Last Checked: Aug 19 at 7:39AM
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 JJProperty Mgmt & Multiservice
Investment Insights
Based on property information with market context.
Located at 27 Centre Street in West Warwick, Rhode Island, this duplex property contains two residential units within approximately 3,084 square feet of property area. Constructed in 1880, the two-family configuration supports several established residential arrangements, including owner occupancy with rental use or multigenerational living. The property is offered for sale and is classified as a duplex within the multifamily and residential income property categories. Its two-unit layout provides a straightforward framework for evaluating residential occupancy and rental operations.
Key Highlights
- Two residential units in a duplex configuration
- Approximately 3,084 square feet of property area
- Built in 1880
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
$41,166
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
8.85%
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%
$823,320
$823.3K
Cap Rate 7%
$588,086
$588.1K
Cap Rate 9%
$457,400
$457.4K
Market Conditions
NOI Build-Up for 3,084 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
$80.3K $26.04/SF
− Vacancy
−$5.5K −$1.77/SF
EGI
$74.8K $24.27/SF
− OpEx
−$33.7K −$10.92/SF
NOI
$41.2K $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 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%
$823,320
Cap Rate 7%
$588,086
Cap Rate 9%
$457,400
Alternative Uses
Best Use
Multifamily LT 5
$640.1K
$560.1K – $746.8K
NOI $44,810 @ 7.0% cap · market cap 9.64%
Second Best
Apartment 5plus
$588.1K
$514.6K – $686.1K
NOI $41,166 @ 7.0% cap · market cap 8.85%
Theoretical Best
Specialty Retail
$772.4K
$675.9K – $901.2K
NOI $54,069 @ 7.0% cap · market cap 11.63%
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
388
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
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 - Built in 1880, the property accommodates owner occupancy, rental use, or multigenerational living.
Where is this duplex located?
The property is located at 27 Centre Street West Warwick, RI.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Two residential units in a duplex configuration; Approximately 3,084 square feet of property area; Built in 1880
