Duplex With Detached
New
For Sale
$775,000
348 MARKET St, Warren, RI 02885
MULTI_FAMILY - Warren, RI
Property Size2,086 SF
Lot Size0.41 Acres
Price / SF$371.52
Days on Market7
Property Features for 348 MARKET St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-10
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 4, Bathroom 4, Bathroom 3, Bathroom 1, Bathroom 2, Basement, Bedroom 3, Bedroom 2, Bedroom 1
Parking
4
Parking features
Open
Window features
Insulated Windows
Patio and Porch features
Patio
Interior features
Wall (Dry Wall), Wall (Plaster), Plumbing (Copper), Plumbing (Mixed), Plumbing (PVC), Insulation (Ceiling), Insulation (Walls)
Exterior features
Patio, Screened Pch/Patio/Dck/Brzwy
Basement
Storage Space, Full, Unfinished
Appliances
Electric Water Heater, Dishwasher, Dryer, Disposal, Microwave, Oven/Range, Refrigerator, Washer
Subdivision
Market/ Cove Estates
Lot features
Extra Lot, Fenced, Out Building, Paved Driveway
Standard status
Active
Size
2,086 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5930
Utilities
Sewer type
Public Sewer
Heating system
Oil, Natural Gas, Zoned, Steam
Cooling system
Window Unit(s)
Water source
Public
Amenities
fenced yard
office space
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Laminate, Hardwood, Tile - Ceramic
Building materials
Dry Wall, Plaster, Aluminum Siding
Listing Agency:
Century 21 Topsail Realty · Century 21 Real Estate
(401) 683-4900
Listed By:
Julie Vargas
(401) 345-1823
Added: Aug 3
Changed: Aug 8
Last Checked: Aug 9 at 11:06AM
MLS# 1419591
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.
This 2,086-square-foot side-by-side townhouse duplex occupies two separate legal lots in Warren, RI. Built in 1900, the property combines original hardwood flooring and period details with updated kitchens, modern appliances, walk-in showers, and updated mechanical systems. Each residence includes spacious double living rooms, separate utilities, and access to a fenced yard.
The second lot contains a heated three-car detached garage with a separate office, providing substantial workspace and storage. The property also includes public water, public sewer, patio space, and open parking. Zoned R-10, the site may offer future expansion or redevelopment possibilities, subject to municipal approvals and buyer due diligence.
The second lot contains a heated three-car detached garage with a separate office, providing substantial workspace and storage. The property also includes public water, public sewer, patio space, and open parking. Zoned R-10, the site may offer future expansion or redevelopment possibilities, subject to municipal approvals and buyer due diligence.
Key Highlights
- Side‑by‑side townhouse duplex on two separate legal lots
- 2,086 square feet on 0.4117 acres
- Heated three‑car detached garage with separate office
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
Property Profile
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 offer separate utilities, updated kitchens, and fenced outdoor space.
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: Side‑by‑side townhouse duplex on two separate legal lots; 2,086 square feet on 0.4117 acres; Heated three‑car detached garage with separate office
