Side-by-Side Townhouse
For Sale
$775,000
Pending
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
Days on Market91
Property Features for 348 Market St
General Information
Standard status
Pending
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) 254-1900
Listed By:
Julie Vargas
(401) 345-1823
Source:
Iverty
Added: Aug 3
Changed: Oct 31
Last Checked: Oct 30 at 4:23PM
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
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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 / Yr
$35,224
Cap Rate
4.55%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
137
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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
