Side-by-Side Townhouse
New
For Sale
$775,000
348 Market St, Warren, RI 02885
Two residences with separate utilities, updated kitchens, fenced outdoor space, and a detached garage with office area.
Property Size2,086 SF
Price / SF$371.52
Days on Market7
Property Features for 348 Market St
General Information
Standard status
Active
Size
2,086 SF
Total Parking Spaces
3
Property subtype
2 Family - 2 Units Side by Side
Additional Details
Multifamily Units
2
Building Details
Building Size
2,086 SF
Year Built
1900
Listing Agency:
Century 21 Topsail Realty
(401) 345-1823
Listed By:
Julie Vargas · License #452508574
(401) 345-1823
Source:
Iverty
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 9 at 4:41AM
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 Century 21 Topsail Realty
Investment Insights
Based on property information with market context.
Located at 348 Market St in Warren’s waterfront community, this 2,086-square-foot duplex contains two side-by-side townhouse residences. Constructed in 1900, the property retains original hardwood flooring and period character while incorporating updated kitchens, modern appliances, walk-in showers, and refreshed mechanical systems. Each unit includes spacious double living rooms and separate utilities.
An additional lot expands the property’s functionality with a heated three-car detached garage and separate office space. The fenced yard provides dedicated outdoor area, while the garage and office support storage, workshop, hobby, contractor, or home-based business use subject to local regulations.
An additional lot expands the property’s functionality with a heated three-car detached garage and separate office space. The fenced yard provides dedicated outdoor area, while the garage and office support storage, workshop, hobby, contractor, or home-based business use subject to local regulations.
Key Highlights
- 2,086‑square‑foot side‑by‑side townhouse duplex
- Built in 1900 with original hardwood floors and period details
- Two residences with separate utilities and updated mechanical systems
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
$35,224
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
4.55%
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%
$704,480
$704.5K
Cap Rate 7%
$503,200
$503.2K
Cap Rate 9%
$391,378
$391.4K
Market Conditions
NOI Build-Up for 2,086 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
$53.8K $25.80/SF
− Vacancy
−$3.5K −$1.68/SF
EGI
$50.3K $24.12/SF
− OpEx
−$15.1K −$7.24/SF
NOI
$35.2K $16.89/SF
Area
Bristol County, RI
Vacancy
6.50%
Lease Rate
$25.80 /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%
$704,480
Cap Rate 7%
$503,200
Cap Rate 9%
$391,378
Alternative Uses
Best Use
Multifamily LT 5
$503.2K
$440.3K – $587.1K
NOI $35,224 @ 7.0% cap · market cap 4.55%
Second Best
Apartment 5plus
$452.0K
$395.5K – $527.3K
NOI $31,639 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$697.9K
$610.7K – $814.2K
NOI $48,852 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
123
Businesses Nearby
Explore this area
Business Placement
Demographics for 02885, RI
11,147
Population
5,546
Households
2
Avg Household Size
47
Median Age
36%
College-Educated
90%
High-School Grad
6.2 sq mi
ZIP Area
1,798
Density / Sq Mi
$89,722
Median Household Income
$53,980
Median Earnings
$1,253
Median Rent
$363,900
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?
Duplex - Two residences with separate utilities, updated kitchens, fenced outdoor space, and a detached garage with office area.
Where is this duplex located?
The property is located at 348 Market St Warren, RI.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 2,086‑square‑foot side‑by‑side townhouse duplex; Built in 1900 with original hardwood floors and period details; Two residences with separate utilities and updated mechanical systems
