Three-Unit Multifamily
For Sale
$560,000
Pending
28 Bridge Street, West Warwick, RI 02893
Residential Income, West Warwick, RI
Property Size2,475 SF
Lot Size0.21 Acres
Days on Market48
Property Features for 28 Bridge Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 4, Bedroom 5, Bathroom 3, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking
6
Parking features
None
Interior features
Wall (Dry Wall), Attic Stairs, Plumbing (Mixed), Insulation (Walls)
Basement
Full, Unfinished
Standard status
Pending
Size
2,475 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6189
Utilities
Heating system
Oil, Baseboard
Water source
Public
Amenities
front and rear decks
backyard
Building Details
Year built
1880
Floors in Building
3
Number of units
3
Building materials
Dry Wall, Vinyl Siding
Listing Agency:
Re/Max Real Estate Center · RE/MAX International
(401) 823-7600
Listed By:
Keith Volpicelli
(401) 864-0055
Added: Jul 5
Changed: Aug 20
Last Checked: Aug 21 at 12:06PM
MLS# 1416709
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.
This 2,475-square-foot triplex, built in 1880, contains three residential units with similar layouts. Each apartment includes two bedrooms, one full bathroom, a living area, and a kitchen; the third unit also offers a loft. Front and rear decks serve each unit, while the property includes a basement and a 0.212-acre lot with a backyard adjoining the bike path. A mature grapevine is also part of the grounds.
The building has vinyl siding, mixed wall plumbing, wall insulation, drywall construction, and oil-fired baseboard heat. Public water serves the property, and full Lead Safe Certificates have been obtained. The roof was replaced 8 years ago. The property is located in West Warwick near highway access, a hospital, and everyday conveniences.
The building has vinyl siding, mixed wall plumbing, wall insulation, drywall construction, and oil-fired baseboard heat. Public water serves the property, and full Lead Safe Certificates have been obtained. The roof was replaced 8 years ago. The property is located in West Warwick near highway access, a hospital, and everyday conveniences.
Key Highlights
- Three‑unit property with 2,475 square feet of building area
- Each unit includes 2 bedrooms and 1 full bathroom
- Unit three adds a bonus loft to its apartment layout
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
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained triplex with consistent two-bedroom layouts, private decks, and a backyard bordering the bike path.
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: Three‑unit property with 2,475 square feet of building area; Each unit includes 2 bedrooms and 1 full bathroom; Unit three adds a bonus loft to its apartment layout
