Equestrian Estate with Indoor
For Sale
$2,500,000
3622 Main Road, Tiverton, RI 02878
Residential Income, Tiverton, RI
Property Size4,876 SF
Lot Size32.00 Acres
Price / SF$512.72
Days on Market458
Property Features for 3622 Main Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-80
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 4, Bathroom 5, Basement, Bedroom 4, Bedroom 5, Bedroom 7, Bathroom 3, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking
55
Interior features
Wall (Cermaic), Wall (Plaster), Insulation (Unknown)
Fireplace
1
Basement
Full, Unfinished
Appliances
Electric Water Heater, Dishwasher, Oven/Range, Refrigerator
Subdivision
South Tiverton
Lot features
Barn, Horse Permitted, Out Building, Stable
View
Water
Standard status
Active
Size
4,876 SF
Lot size
32.00 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
22706
Utilities
Sewer type
Cesspool, Septic Tank
Heating system
Oil, Baseboard
Water source
Well
Building Details
Year built
1900
Floors in Building
1
Number of units
3
Flooring type
Laminate, Carpet, Hardwood
Building materials
Ceramic, Plaster, Aluminum Siding, Shingles, Vinyl Siding
Listing Agency:
Keller Williams Coastal · Keller Williams Realty
(401) 845-9200
Listed By:
Jennifer Hilton
(401) 787-3173
Added: May 20, 2025
Changed: Aug 20
Last Checked: Aug 20 at 12:06PM
MLS# 1385160
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 32-acre equestrian property includes three barns with 44 stalls, a modern indoor riding arena with LED lighting, and an outdoor riding ring positioned to capture views across the surrounding landscape. The primary residence includes an indoor pool and views of the Sakonnet River, while two oversized garages provide additional space for equipment or storage.
A separate two-family residence dates to 1754 and is identified as having been owned by Captain Robert Gray. The property also includes a main residence with four bathrooms, seven bedrooms, a basement, hardwood and laminate flooring, oil baseboard heat, and a fireplace. Water is supplied by a well, with septic tank and cesspool systems listed for the property.
A separate two-family residence dates to 1754 and is identified as having been owned by Captain Robert Gray. The property also includes a main residence with four bathrooms, seven bedrooms, a basement, hardwood and laminate flooring, oil baseboard heat, and a fireplace. Water is supplied by a well, with septic tank and cesspool systems listed for the property.
Key Highlights
- 32‑acre equestrian property with three barns and 44 stalls
- Modern indoor riding arena with LED lighting
- Outdoor riding ring with views across the surrounding landscape
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
$81,440
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
3.26%
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%
$1,628,800
$1.6M
Cap Rate 7%
$1,163,429
$1.2M
Cap Rate 9%
$904,889
$904.9K
Market Conditions
NOI Build-Up for 4,876 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
$124.6K $25.56/SF
− Vacancy
−$8.3K −$1.70/SF
EGI
$116.3K $23.86/SF
− OpEx
−$34.9K −$7.16/SF
NOI
$81.4K $16.70/SF
Area
Newport County, RI
Vacancy
6.65%
Lease Rate
$25.56 /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%
$1,628,800
Cap Rate 7%
$1,163,429
Cap Rate 9%
$904,889
Alternative Uses
Best Use
Multifamily LT 5
$1.16M
$1.02M – $1.36M
NOI $81,440 @ 7.0% cap · market cap 3.26%
Second Best
Apartment 5plus
$1.03M
$905.4K – $1.21M
NOI $72,428 @ 7.0% cap · market cap 2.90%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
67
Businesses Nearby
Explore this area
Business Placement
Demographics for 02878, RI
16,359
Population
7,747
Households
2.1
Avg Household Size
50
Median Age
40%
College-Educated
93%
High-School Grad
29.1 sq mi
ZIP Area
562
Density / Sq Mi
$99,542
Median Household Income
$49,228
Median Earnings
$1,228
Median Rent
$367,400
Median Home Value
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?
Horse & equestrian property - Large equestrian property with multiple barns, riding facilities, a residence, and a separate historic two-family home.
Where is this horse & equestrian property located?
The property is located at 3622 Main Road Tiverton, RI.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 32‑acre equestrian property with three barns and 44 stalls; Modern indoor riding arena with LED lighting; Outdoor riding ring with views across the surrounding landscape
