Two-Home Residential Income
283 Palmer Avenue, Warwick, RI 02889
MULTI_FAMILY - Warwick, RI
Property size:
2,072 SFLot size:
0.21 AcresPrice / SF:
$275/SF- Added:
- Feb 3, 2026
- Days on Market:
- 144
- Last Refresh:
- Jun 27 at 7:06 pm
Property Features for 283 Palmer Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 3
- Rooms
- Bathroom 1, Bathroom 3, Bedroom 4, Basement, Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2
- Parking
- 7
- Parking features
- Garage
- Interior features
- Wall (Cermaic), Wall (Dry Wall), Plumbing (Mixed), Insulation (Unknown)
- Fireplace
- 1
- Basement
- Full, Unfinished
- Standard status
- Active
- Size
- 2,072 SF
- Lot size
- 0.21 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 5869
Utilities
- Sewer type
- Septic Tank
- Heating system
- Natural Gas, Steam, Forced Air
Building Details
- Year built
- 1925
- Floors in Building
- 1
- Number of units
- 2
- Flooring type
- Laminate
- Building materials
- Ceramic, Dry Wall, Aluminum Siding, Vinyl Siding
Listing agent Maria Santos (866) 828-3951
Listing office Exp Realty 10 Dorrance Street, Suite 700, West Hartford, RI (888) 315-3445
Listing date Feb 3, 2026
MLS# 1404330
Listing URL
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.
HighLights
- Two single‑family homes on one lot in Warwick, with separation between the homes for owner occupancy and rental use
- Multiple updates across both residences; flexible layout for living and rental use
- Home features oversized primary bedroom with double closets, sliders to a deck, and 2 mini‑split AC units
- Includes 1.5 bathrooms in the residence with the oversized primary bedroom
- Fireplace present and laminate flooring throughout
- Garage parking; natural gas forced‑air/steam heating; septic tank sewer; aluminum and vinyl siding
Overview
This offering includes two single-family homes on one lot in Warwick. The property features an expansive, well-maintained yard with separation between the two residences, supporting privacy and flexible use for either owner-occupancy or renting. Updates have been completed to both homes, contributing to the homes’ functionality and long-term usability.
One residence is described as having an oversized primary bedroom with double closets, sliders opening to a deck, two mini split AC units, and 1.5 bathrooms. The second home is also noted as having received multiple updates, though no additional interior specifics were provided in the remarks. The site is presented as a cohesive parcel sized at 0.21 acres.
The layout is well-suited to buyers seeking a residential income setup with room to live in one home while renting the other. The remarks also note potential for short-term rental use, subject to city approval. Buyers should review applicable local requirements for both long-term and any short-term rental plans. Located in Warwick and within walking distance to Rocky Point State Park, the property’s coastal-area positioning may appeal to owner-occupants and investors alike.
One residence is described as having an oversized primary bedroom with double closets, sliders opening to a deck, two mini split AC units, and 1.5 bathrooms. The second home is also noted as having received multiple updates, though no additional interior specifics were provided in the remarks. The site is presented as a cohesive parcel sized at 0.21 acres.
The layout is well-suited to buyers seeking a residential income setup with room to live in one home while renting the other. The remarks also note potential for short-term rental use, subject to city approval. Buyers should review applicable local requirements for both long-term and any short-term rental plans. Located in Warwick and within walking distance to Rocky Point State Park, the property’s coastal-area positioning may appeal to owner-occupants and investors alike.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $46.0k | $22.20 |
| − Vacancy | −$3.0k | −$1.44 |
| EGI | $43.0k | $20.76 |
| − OpEx | −$12.9k | −$6.23 |
| NOI | $30.1k | $14.53 |
2,072 SF · lease $22.20/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$430.1K
$376.3K – $501.8K
NOI $30,106 @ 7.0% cap · market cap 5.28%
Second Best
Apartment 5plus
$395.1K
$345.7K – $461.0K
NOI $27,657 @ 7.0% cap · market cap 4.85%
Theoretical Best
Specialty Retail
$518.9K
$454.1K – $605.4K
NOI $36,326 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Warwick
- County
- Kent
- State
- Rhode Island
- Longitude
- -71.372418
- Latitude
- 41.694546
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Two updated single-family homes on one lot with a separated yard for owner occupancy and rental use.
Where is this duplex located?
The property is located at 283 Palmer Avenue Warwick, RI.
What is the asking price?
The asking price for this property is $569,999.
What are key features of this property?
This property features: Two single‑family homes on one lot in Warwick, with separation between the homes for owner occupancy and rental use; Multiple updates across both residences; flexible layout for living and rental use; Home features oversized primary bedroom with double closets, sliders to a deck, and 2 mini‑split AC units
