Townhouse-Style
New
For Sale
$997,500
33 Kenyon School Road, Richmond, RI 02836
Residential Income, Richmond, RI
Property Size3,840 SF
Lot Size4.46 Acres
Price / SF$259.77
Days on Market2
Property Features for 33 Kenyon School Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
5
Full bathrooms
4
Half bathrooms
2
Rooms
Bathroom 6, Bathroom 2, Bedroom 3, Bathroom 3, Bathroom 1, Bathroom 4, Bedroom 2, Bedroom 4, Basement, Bedroom 1, Bathroom 5
Parking
10
Parking features
None
Window features
Insulated Windows
Patio and Porch features
Porch, Deck
Interior features
Wall (Dry Wall), Attic, Plumbing (Mixed), Insulation (Ceiling), Insulation (Floors), Insulation (Walls)
Exterior features
Deck, Porch
Basement
Finished, Full
Appliances
Electric Water Heater, Dishwasher, Dryer, Microwave, Oven/Range, Refrigerator, Washer
Subdivision
Kenyon
Lot features
Out Building, Private Compound, Wooded
Standard status
Active
Size
3,840 SF
Lot size
4.46 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9418
Utilities
Sewer type
Septic Tank
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Well
Building Details
Year built
2024
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Carpet, Tile - Ceramic
Building materials
Dry Wall, Vinyl Siding
Listing Agency:
Ri Real Estate Services
(401) 885-5400
Listed By:
Tim Silvia
(401) 474-1889
Added: Aug 21
Last Checked: Aug 22 at 7:06AM
MLS# 1421109
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.
Investment Insights
Based on property information with market context.
Built in 2024, this 3,840-square-foot duplex contains two townhouse-style residences, each with 2 bedrooms and 2 1/2 bathrooms. Both units provide open-concept living areas, walkout access, and finished lower levels that can accommodate a guest area, home office, family room, or other flexible use. Hardwood, carpet, and ceramic tile flooring are paired with natural-gas forced-air heating and central air conditioning. Each residence also includes a deck or porch, kitchen appliances, and separate utility systems supported by a well and septic tank.
The property occupies 4.46 acres in Richmond, with a private setting near the University of Rhode Island. South County beaches, restaurants, shopping, and recreation are also nearby. The acreage may support future barns, garages, workshops, additional outbuildings, or an accessory dwelling unit, subject to local zoning and approvals.
The property occupies 4.46 acres in Richmond, with a private setting near the University of Rhode Island. South County beaches, restaurants, shopping, and recreation are also nearby. The acreage may support future barns, garages, workshops, additional outbuildings, or an accessory dwelling unit, subject to local zoning and approvals.
Key Highlights
- 2024 construction with 3,840 square feet
- Two townhouse‑style units, each with 2 bedrooms and 2 1/2 bathrooms
- 4.46‑acre property in Richmond
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
Lease Details
2
Residential units
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer flexible layouts, private outdoor space, and finished lower levels for additional living or workspace.
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 construction with 3,840 square feet; Two townhouse‑style units, each with 2 bedrooms and 2 1/2 bathrooms; 4.46‑acre property in Richmond
