Waterfront Multifamily
New
For Sale
$375,000
31 Phillips Hill Road, Coventry, RI 02816
Two homes share a waterfront lot and require rehabilitation; both are offered AS IS.
Property Size2,100 SF
Price / SF$178.57
Days on Market4
Property Features for 31 Phillips Hill Road
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1880
Buildings
2
Listing Agency:
RE/MAX Preferred
(401) 677-6117
Listed By:
Michael Zompa · License #24734
Source:
Onshorerealtors
Added: Aug 17
Changed: Aug 18
Last Checked: Aug 19 at 5:18AM
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 Preferred
Investment Insights
Based on property information with market context.
This multifamily property includes two separate homes on one waterfront lot, with a combined property size of 2,100 SF. Each residence contains 2 bedrooms and 1 bathroom. Both homes require rehabilitation and are offered AS IS. The property dates to 1880 and includes nearly an acre of land.
Located at 31 Phillips Hill Road in Coventry, Rhode Island, the homes sit along Stump Pond and directly border the Coventry Bike Path. The configuration provides two residential structures within a single waterfront parcel, with the existing condition and two-home layout defining the property’s scope.
Located at 31 Phillips Hill Road in Coventry, Rhode Island, the homes sit along Stump Pond and directly border the Coventry Bike Path. The configuration provides two residential structures within a single waterfront parcel, with the existing condition and two-home layout defining the property’s scope.
Key Highlights
- Two waterfront homes situated on one lot
- Combined property size of 2,100 SF
- Each home includes 2 bedrooms and 1 bathroom
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
$28,031
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
7.47%
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%
$560,620
$560.6K
Cap Rate 7%
$400,443
$400.4K
Cap Rate 9%
$311,456
$311.5K
Market Conditions
NOI Build-Up for 2,100 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
$54.7K $26.04/SF
− Vacancy
−$3.7K −$1.77/SF
EGI
$51.0K $24.27/SF
− OpEx
−$22.9K −$10.92/SF
NOI
$28.0K $13.35/SF
Area
Kent County, RI
Vacancy
6.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$560,620
Cap Rate 7%
$400,443
Cap Rate 9%
$311,456
Alternative Uses
Best Use
Apartment 5plus
$400.4K
$350.4K – $467.2K
NOI $28,031 @ 7.0% cap · market cap 7.47%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$526.0K
$460.2K – $613.6K
NOI $36,817 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
33
Businesses Nearby
Explore this area
Business Placement
Demographics for 02816, RI
33,206
Population
14,505
Households
2.3
Avg Household Size
45
Median Age
32%
College-Educated
93%
High-School Grad
36.9 sq mi
ZIP Area
900
Density / Sq Mi
$97,941
Median Household Income
$51,773
Median Earnings
$1,168
Median Rent
$317,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two homes share a waterfront lot and require rehabilitation; both are offered AS IS.
Where is this multifamily property located?
The property is located at 31 Phillips Hill Road Coventry, RI.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two waterfront homes situated on one lot; Combined property size of 2,100 SF; Each home includes 2 bedrooms and 1 bathroom
