Updated Duplex with
New
For Sale
$499,000
36 Greenhill Street, West Warwick, RI 02893
Residential Income, West Warwick, RI
Property Size2,705 SF
Lot Size0.14 Acres
Price / SF$184.47
Days on Market5
Property Features for 36 Greenhill Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 5, Bedroom 6, Bathroom 1, Basement, Bedroom 1
Parking
4
Interior features
Wall (Dry Wall), Attic, Stairs, Plumbing (Mixed)
Basement
Unfinished, Storage Space, Full
Appliances
Gas Water Heater, Dishwasher, Dryer, Microwave, Refrigerator, Washer
Lot features
Paved Driveway
Standard status
Active
Size
2,705 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5087
Utilities
Heating system
Natural Gas, Baseboard, Steam
Water source
Public
Amenities
off-street parking
detached one-car garage
full basement
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Flooring type
Carpet, Hardwood
Building materials
Dry Wall, Wood
Listing Agency:
Keller Williams Leading Edge · Keller Williams Realty
(401) 333-4900
Listed By:
Denali Group
(401) 524-0770
Added: Sep 22
Changed: Sep 24
Last Checked: Sep 26 at 10:06AM
MLS# 1424016
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 2,705-square-foot duplex contains two three-bedroom units, providing a practical two-family layout in a property built in 1890. Both residences feature kitchens updated 3 years ago with granite counters and stainless steel appliances, along with newly completed bathrooms equipped with tub-and-shower combinations. The property also includes a full basement, attic, mixed plumbing, hardwood and carpet flooring, and natural gas heating.
Exterior features include off-street parking and a detached one-car garage that adds storage or workspace. The 0.14-acre lot is served by public water, and the property is positioned near shopping, dining, transportation, and major highways. The home will be delivered free of tenants if closing occurs after November 1st.
Exterior features include off-street parking and a detached one-car garage that adds storage or workspace. The 0.14-acre lot is served by public water, and the property is positioned near shopping, dining, transportation, and major highways. The home will be delivered free of tenants if closing occurs after November 1st.
Key Highlights
- Two three‑bedroom units within a 2,705‑square‑foot duplex
- Kitchens updated 3 years ago with granite counters and stainless steel appliances
- Bathrooms feature new tub‑and‑shower combinations
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
$39,303
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
7.88%
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%
$786,060
$786.1K
Cap Rate 7%
$561,471
$561.5K
Cap Rate 9%
$436,700
$436.7K
Market Conditions
NOI Build-Up for 2,705 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
$60.1K $22.20/SF
− Vacancy
−$3.9K −$1.44/SF
EGI
$56.1K $20.76/SF
− OpEx
−$16.8K −$6.23/SF
NOI
$39.3K $14.53/SF
Area
Kent County, RI
Vacancy
6.50%
Lease Rate
$22.20 /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%
$786,060
Cap Rate 7%
$561,471
Cap Rate 9%
$436,700
Alternative Uses
Best Use
Multifamily LT 5
$561.5K
$491.3K – $655.1K
NOI $39,303 @ 7.0% cap · market cap 7.88%
Second Best
Apartment 5plus
$515.8K
$451.3K – $601.8K
NOI $36,107 @ 7.0% cap · market cap 7.24%
Theoretical Best
Specialty Retail
$677.5K
$592.8K – $790.4K
NOI $47,424 @ 7.0% cap · market cap 9.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
668
Businesses Nearby
Explore this area
Business Placement
Demographics for 02893, RI
31,030
Population
15,103
Households
2.1
Avg Household Size
41
Median Age
25%
College-Educated
90%
High-School Grad
7.8 sq mi
ZIP Area
3,978
Density / Sq Mi
$73,903
Median Household Income
$49,087
Median Earnings
$1,249
Median Rent
$293,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 three-bedroom units offer updated kitchens, new bathrooms, and off-street parking.
Where is this duplex located?
The property is located at 36 Greenhill Street West Warwick, RI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two three‑bedroom units within a 2,705‑square‑foot duplex; Kitchens updated 3 years ago with granite counters and stainless steel appliances; Bathrooms feature new tub‑and‑shower combinations
