Well-Maintained 3-Unit Residential
For Sale
$560,000
Pending
28 Bridge Street, West Warwick, RI 02893
Three fully residential units offer two bedrooms and a full bath, with front and rear decks and off-street parking.
Property Size2,475 SF
Days on Market69
Property Features for 28 Bridge Street
General Information
Standard status
Pending
Size
2,475 SF
Property subtype
MultiFamily
Additional Details
Highway Access
Yes
Multifamily Units
3
Building Details
Year Built
1880
Listing Agency:
RE/MAX Real Estate Center
(401) 823-7600
Listed By:
Keith Volpicelli · License #RES.0041559
(401) 864-0055
Source:
Lockandkeyre
Added: Jul 5
Changed: Sep 10
Last Checked: Sep 10 at 5:46AM
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 RE/MAX Real Estate Center
Investment Insights
Based on property information with market context.
This well-maintained three-unit multifamily property includes a modern layout in each unit with two bedrooms, one full bathroom, a living room, and a kitchen. Unit three adds a bonus loft for additional flexible space. The home features full front and rear decks for tenant enjoyment, along with a large driveway designed to accommodate tenant parking. Off-street parking is also available, and the property includes a big backyard that abuts a bike path.
The exterior is vinyl sided, and the roof is described as about 8 years old. A full Lead Safe Certificate has been obtained. The property is located in an appealing Riverpoint area of West Warwick, with convenient access to highway routes, a hospital, and everyday amenities.
Parking and outdoor space are part of the overall unit experience here, with deck access at the front and rear of the building and a sizable yard area extending to a bike path.
The exterior is vinyl sided, and the roof is described as about 8 years old. A full Lead Safe Certificate has been obtained. The property is located in an appealing Riverpoint area of West Warwick, with convenient access to highway routes, a hospital, and everyday amenities.
Parking and outdoor space are part of the overall unit experience here, with deck access at the front and rear of the building and a sizable yard area extending to a bike path.
Key Highlights
- 3‑unit multifamily built in 1880, with three fully residential units
- Each unit has 2 bedrooms and 1 full bathroom, with a living room and kitchen
- Unit 3 includes a bonus loft
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
$35,962
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
6.42%
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%
$719,240
$719.2K
Cap Rate 7%
$513,743
$513.7K
Cap Rate 9%
$399,578
$399.6K
Market Conditions
NOI Build-Up for 2,475 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
$54.9K $22.20/SF
− Vacancy
−$3.6K −$1.44/SF
EGI
$51.4K $20.76/SF
− OpEx
−$15.4K −$6.23/SF
NOI
$36.0K $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%
$719,240
Cap Rate 7%
$513,743
Cap Rate 9%
$399,578
Alternative Uses
Best Use
Multifamily LT 5
$513.7K
$449.5K – $599.4K
NOI $35,962 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$472.0K
$413.0K – $550.6K
NOI $33,037 @ 7.0% cap · market cap 5.90%
Theoretical Best
Specialty Retail
$619.9K
$542.4K – $723.2K
NOI $43,392 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
536
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?
Triplex - Three fully residential units offer two bedrooms and a full bath, with front and rear decks and off-street parking.
Where is this triplex located?
The property is located at 28 Bridge Street West Warwick, RI.
What is the asking price?
The asking price for this property is $560,000.
What are key features of this property?
This property features: 3‑unit multifamily built in 1880, with three fully residential units; Each unit has 2 bedrooms and 1 full bathroom, with a living room and kitchen; Unit 3 includes a bonus loft
