Two-Family Residential Income
For Sale
$440,000
27 South Street, West Warwick, RI 02893
Well-maintained two-family home with two separate units, each offering two bedrooms and one full bathroom.
Property Size1,536 SF
Price / SF$286.46
Days on Market63
Property Features for 27 South Street
General Information
Standard status
Active
Size
1,536 SF
Property subtype
MultiFamily
Additional Details
Highway Access
Yes
Building Details
Year Built
1982
Buildings
1
Tenancy
Multi
Listing Agency:
Century 21 Limitless
(508) 567-3468
Listed By:
Kyle Seyboth · License #REB.0019335
(508) 726-3492
Source:
Lockandkeyre
Added: Jul 26
Changed: Sep 24
Last Checked: Sep 24 at 9:46AM
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 Century 21 Limitless
Investment Insights
Based on property information with market context.
This well-maintained two-family home offers two separate units, each with two bedrooms and one full bathroom. The property includes two separate heating systems, providing independent comfort and convenience for each unit.
Located in West Warwick in an established residential neighborhood, the home is described as being just minutes from Downtown West Warwick and Riverpoint Village, with access to local restaurants, cafes, shops, and community events. It is also stated to be near the Bald Hill Road retail corridor, including Warwick Mall, grocery stores, and entertainment.
Additional access points are described as near Interstate 95, Route 2, and Route 117, with proximity to Riverpoint Park and the Washington Secondary Bike Path.
Located in West Warwick in an established residential neighborhood, the home is described as being just minutes from Downtown West Warwick and Riverpoint Village, with access to local restaurants, cafes, shops, and community events. It is also stated to be near the Bald Hill Road retail corridor, including Warwick Mall, grocery stores, and entertainment.
Additional access points are described as near Interstate 95, Route 2, and Route 117, with proximity to Riverpoint Park and the Washington Secondary Bike Path.
Key Highlights
- Well‑maintained two‑family home built in 1982 in West Warwick
- Two separate units, each with 2 bedrooms and 1 full bathroom
- Two separate heating systems for the home
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
$22,318
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
5.07%
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%
$446,360
$446.4K
Cap Rate 7%
$318,829
$318.8K
Cap Rate 9%
$247,978
$248.0K
Market Conditions
NOI Build-Up for 1,536 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
$34.1K $22.20/SF
− Vacancy
−$2.2K −$1.44/SF
EGI
$31.9K $20.76/SF
− OpEx
−$9.6K −$6.23/SF
NOI
$22.3K $14.53/SF
Area
Kent County, RI
Vacancy
6.50%
Lease Rate
$22.20 /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%
$446,360
Cap Rate 7%
$318,829
Cap Rate 9%
$247,978
Alternative Uses
Best Use
Multifamily LT 5
$318.8K
$279.0K – $372.0K
NOI $22,318 @ 7.0% cap · market cap 5.07%
Second Best
Apartment 5plus
$292.9K
$256.3K – $341.7K
NOI $20,503 @ 7.0% cap · market cap 4.66%
Theoretical Best
Specialty Retail
$384.7K
$336.6K – $448.8K
NOI $26,929 @ 7.0% cap · market cap 6.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
422
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
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained two-family home with two separate units, each offering two bedrooms and one full bathroom.
Where is this duplex located?
The property is located at 27 South Street West Warwick, RI.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Well‑maintained two‑family home built in 1982 in West Warwick; Two separate units, each with 2 bedrooms and 1 full bathroom; Two separate heating systems for the home
