Four-Unit Residential
32 Harris Avenue, West Warwick, RI 02893
For Sale
$815,000
Four two-bedroom apartments are fully occupied, with recent updates to kitchens, bathrooms, windows, and building systems.
Property Size2,979 SF
Price / SF$273.58
Days on Market138
Property Features for 32 Harris Avenue
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Occupancy
Units
Unit Mix
Multifamily Units
Additional Details
Gross Income
Highway Access
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
Interior Steps
Tub Shower
Paved Driveway
Building Details
Building Size
Year Built
Buildings
Stories
Units
Listing Agency:
SERHANT.
(401) 382-0600
Listed By:
Sheil Readyhough Team
(401) 284-9003
Source:
Caldwellrealtyri
Added: Jun 25
Changed: Nov 8
Last Checked: Nov 8 at 7:46PM
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 SERHANT.
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Investment Insights
Based on property information with market context.
This four-unit residential property contains 2,979 square feet and was built in 1910. Each apartment has two bedrooms and one bathroom, and the units are fully occupied. Recent work includes a roof, two driveways, rear porches, four hot water heaters, updated kitchens and bathrooms, and replacement windows. The building also has a recently tested and certified commercial fire alarm system. Heating is provided by a combination of forced hot air and boiler systems; tenants pay their own heating expenses. Zoning is R-8.
The property sits on a large lot with off-street parking. Its limited common areas and consistent apartment layout round out the physical configuration.
The property sits on a large lot with off-street parking. Its limited common areas and consistent apartment layout round out the physical configuration.
Key Highlights
- Four occupied apartments, each with 2 bedrooms and 1 bathroom
- 2,979 square feet; built in 1910
- R‑8 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,285
Cap Rate
5.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$865,700
$865.7K
Cap Rate 7%
$618,357
$618.4K
Cap Rate 9%
$480,944
$480.9K
Market Conditions
NOI Build-Up for 2,979 SF
Gross rent
$66.1K $22.20/SF
− Vacancy
−$4.3K −$1.44/SF
EGI
$61.8K $20.76/SF
− OpEx
−$18.6K −$6.23/SF
NOI
$43.3K $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%
$865,700
Cap Rate 7%
$618,357
Cap Rate 9%
$480,944
Alternative Uses
Best Use
Multifamily LT 5
$618.4K
$541.1K – $721.4K
NOI $43,285 @ 7.0% cap · market cap 5.31%
Second Best
Apartment 5plus
$568.1K
$497.1K – $662.7K
NOI $39,764 @ 7.0% cap · market cap 4.88%
Theoretical Best
Specialty Retail
$746.1K
$652.9K – $870.5K
NOI $52,228 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
523
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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom apartments are fully occupied, with recent updates to kitchens, bathrooms, windows, and building systems.
Where is this quadplex located?
The property is located at 32 Harris Avenue West Warwick, RI.
What is the asking price?
The asking price for this property is $815,000.
What are key features of this property?
This property features: Four occupied apartments, each with 2 bedrooms and 1 bathroom; 2,979 square feet; built in 1910; R‑8 zoning
