Triplex with Private
For Sale
$559,000
Pending
37-39 Remington St, Warwick, RI 02888
Three distinct living spaces include a separate-entry studio and individually served gas heat and water.
Property Size2,198 SF
Days on Market55
Property Features for 37-39 Remington St
General Information
Standard status
Pending
Size
2,198 SF
Property subtype
3 Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA, 1 x studio
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Amenities
hardwood floors
private deck
yard
off-street parking
washer/dryer
Building Details
Year Built
1905
Buildings
1
Stories
3
Listing Agency:
Westcott Properties
(401) 421-5300
Listed By:
Jordan Healy · License #3100765
(413) 717-0635
Source:
Lockandkeyre
Added: Jul 7
Changed: Aug 29
Last Checked: Aug 29 at 6:29PM
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 Westcott Properties
Investment Insights
Based on property information with market context.
This 1905 triplex provides three distinct living spaces within a multi-level configuration. The first-floor residence has two bedrooms, one bath, hardwood flooring, and a private deck. Upstairs, a one-bedroom, one-bath unit includes hardwood floors and its own deck. The third-floor studio has a separate entrance and utilities, allowing it to function independently or connect with the second floor as a two-level townhouse-style arrangement.
Individual gas heat and water serve each unit. The property also offers a spacious yard, ample off-street parking, and lower-level laundry facilities with a washer and dryer. Water views accompany the corner setting at Remington and Narragansett Parkway in Warwick’s Historic Pawtuxet Village, within walking distance of local parks, restaurants, shops, marinas, and the Rhode Island Yacht Club.
Individual gas heat and water serve each unit. The property also offers a spacious yard, ample off-street parking, and lower-level laundry facilities with a washer and dryer. Water views accompany the corner setting at Remington and Narragansett Parkway in Warwick’s Historic Pawtuxet Village, within walking distance of local parks, restaurants, shops, marinas, and the Rhode Island Yacht Club.
Key Highlights
- Three‑unit property totaling 2,198 square feet
- First‑floor unit with 2 bedrooms, 1 bath, hardwood floors, and private deck
- Second‑floor unit includes 1 bedroom, 1 bath, hardwood floors, and private deck
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
$31,937
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
5.71%
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%
$638,740
$638.7K
Cap Rate 7%
$456,243
$456.2K
Cap Rate 9%
$354,856
$354.9K
Market Conditions
NOI Build-Up for 2,198 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
$48.8K $22.20/SF
− Vacancy
−$3.2K −$1.44/SF
EGI
$45.6K $20.76/SF
− OpEx
−$13.7K −$6.23/SF
NOI
$31.9K $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%
$638,740
Cap Rate 7%
$456,243
Cap Rate 9%
$354,856
Alternative Uses
Best Use
Multifamily LT 5
$456.2K
$399.2K – $532.3K
NOI $31,937 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$419.1K
$366.7K – $489.0K
NOI $29,339 @ 7.0% cap · market cap 5.25%
Theoretical Best
Specialty Retail
$550.5K
$481.7K – $642.3K
NOI $38,535 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
309
Businesses Nearby
Explore this area
Business Placement
Demographics for 02888, RI
19,578
Population
9,117
Households
2.1
Avg Household Size
46
Median Age
32%
College-Educated
96%
High-School Grad
5.9 sq mi
ZIP Area
3,318
Density / Sq Mi
$88,750
Median Household Income
$55,561
Median Earnings
$1,218
Median Rent
$318,100
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?
Triplex - Three distinct living spaces include a separate-entry studio and individually served gas heat and water.
Where is this triplex located?
The property is located at 37-39 Remington St Warwick, RI.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: Three‑unit property totaling 2,198 square feet; First‑floor unit with 2 bedrooms, 1 bath, hardwood floors, and private deck; Second‑floor unit includes 1 bedroom, 1 bath, hardwood floors, and private deck
