Newer Two-Unit Townhouse
For Sale
$997,500
33 Kenyon School Road, Richmond, RI 02836
Two townhouse-style residences feature open-concept layouts and finished walkout lower levels.
Property Size3,840 SF
Price / SF$259.77
Days on Market9
Property Features for 33 Kenyon School Road
General Information
Standard status
Active
Size
3,840 SF
Property subtype
Multifamily
Building Details
Year Built
2024
Listing Agency:
RI Real Estate Services
(401) 885-5400
Listed By:
Tim Silvia
Source:
Lockandkeyre
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 24 at 3:29AM
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 RI Real Estate Services
Investment Insights
Based on property information with market context.
Built in 2024, this townhouse-style duplex contains two separate residences, each with 2 bedrooms, 2½ bathrooms, an open-concept layout, and a finished walkout lower level. Both units include living areas with direct walkout access, while the lower levels provide additional finished space that can support a guest suite, office, family room, or other flexible use.
The property encompasses approximately 4.5 private acres at 33 Kenyon School Road in Richmond, Rhode Island. Its setting places the duplex near the University of Rhode Island, South County beaches, restaurants, shopping, and recreation. The acreage also provides room for future site improvements or additional structures, subject to local zoning and approvals.
The property encompasses approximately 4.5 private acres at 33 Kenyon School Road in Richmond, Rhode Island. Its setting places the duplex near the University of Rhode Island, South County beaches, restaurants, shopping, and recreation. The acreage also provides room for future site improvements or additional structures, subject to local zoning and approvals.
Key Highlights
- 2024‑built duplex with two townhouse‑style residences
- Each unit offers 2 bedrooms and 2½ bathrooms
- Approximately 4.5 private acres in Richmond, RI
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
$46,318
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
4.64%
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%
$926,360
$926.4K
Cap Rate 7%
$661,686
$661.7K
Cap Rate 9%
$514,644
$514.6K
Market Conditions
NOI Build-Up for 3,840 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
$69.1K $18.00/SF
− Vacancy
−$3.0K −$0.77/SF
EGI
$66.2K $17.23/SF
− OpEx
−$19.9K −$5.17/SF
NOI
$46.3K $12.06/SF
Area
Washington County, RI
Vacancy
4.27%
Lease Rate
$18.00 /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%
$926,360
Cap Rate 7%
$661,686
Cap Rate 9%
$514,644
Alternative Uses
Best Use
Multifamily LT 5
$661.7K
$579.0K – $772.0K
NOI $46,318 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$577.4K
$505.3K – $673.7K
NOI $40,420 @ 7.0% cap · market cap 4.05%
Theoretical Best
Healthcare Medical
$767.2K
$671.3K – $895.1K
NOI $53,706 @ 7.0% cap · market cap 5.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Explore this area
Business Placement
Demographics for 02836, RI
158
Population
94
Households
1.7
Avg Household Size
41
Median Age
43%
High-School Grad
0.3 sq mi
ZIP Area
527
Density / Sq Mi
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two townhouse-style residences feature open-concept layouts and finished walkout lower levels.
Where is this duplex located?
The property is located at 33 Kenyon School Road Richmond, RI.
What is the asking price?
The asking price for this property is $997,500.
What are key features of this property?
This property features: 2024‑built duplex with two townhouse‑style residences; Each unit offers 2 bedrooms and 2½ bathrooms; Approximately 4.5 private acres in Richmond, RI
