Two-Unit Duplex with Separate
30 Shippen Ave, Warwick, RI 02888
For Sale
New
$525,000
One residence is leased, while the other is available for occupancy with stainless steel appliances and hardwood flooring.
Property Size2,520 SF
Price / SF$208.33
Days on Market7
Property Features for 30 Shippen Ave
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Utilities to Site
Tenant in Place
Taxes and HOA fees
Annual Taxes
Building Details
Buildings
Listing Agency:
eXp Realty
(888) 315-3445
Listed By:
Slocum Home Team · License RI #38011
(401) 593-1129
Source:
Exprealty
Added: Nov 3
Changed: Nov 9
Last Checked: Nov 8 at 6:11AM
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 eXp Realty
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Investment Insights
Based on property information with market context.
This Warwick duplex contains two units, each arranged with two bedrooms and one full bathroom. The first-floor residence is vacant and includes stainless steel appliances and dark hardwood floors. The second-floor unit is leased for $2,150 per month. Built in 1941, the property also has vinyl siding and replacement windows.
A private corner lot provides a paved six-car driveway. Each unit has separate utilities, gas heat, and 100-amp electric service. The property is connected to city sewer, and a new main electrical service line has been installed.
A private corner lot provides a paved six-car driveway. Each unit has separate utilities, gas heat, and 100-amp electric service. The property is connected to city sewer, and a new main electrical service line has been installed.
Key Highlights
- Two units, each with 2 bedrooms and 1 full bathroom
- Second‑floor residence leased at $2,150 per month
- First‑floor unit is vacant; stainless steel appliances and dark hardwood floors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,615
Cap Rate
6.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$732,300
$732.3K
Cap Rate 7%
$523,071
$523.1K
Cap Rate 9%
$406,833
$406.8K
Market Conditions
NOI Build-Up for 2,520 SF
Gross rent
$55.9K $22.20/SF
− Vacancy
−$3.6K −$1.44/SF
EGI
$52.3K $20.76/SF
− OpEx
−$15.7K −$6.23/SF
NOI
$36.6K $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 Rate 5%
$732,300
Cap Rate 7%
$523,071
Cap Rate 9%
$406,833
Alternative Uses
Best Use
Multifamily LT 5
$523.1K
$457.7K – $610.3K
NOI $36,615 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$480.5K
$420.5K – $560.6K
NOI $33,637 @ 7.0% cap · market cap 6.41%
Theoretical Best
Specialty Retail
$631.2K
$552.3K – $736.4K
NOI $44,181 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
Explore this area
Business Placement
Demographics for 02888, RI
19,578
Population
9,117
Households
2.1
Avg Household Size
46
Median Age
32%
College-Educated
96%
High-School Grad
5.9 sq mi
ZIP Area
3,318
Density / Sq Mi
$88,750
Median Household Income
$55,561
Median Earnings
$1,218
Median Rent
$318,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Duplexes in Kent County, RI
Properties on Market for Duplexes in Kent County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - One residence is leased, while the other is available for occupancy with stainless steel appliances and hardwood flooring.
Where is this duplex located?
The property is located at 30 Shippen Ave Warwick, RI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 full bathroom; Second‑floor residence leased at $2,150 per month; First‑floor unit is vacant; stainless steel appliances and dark hardwood floors
