Triplex with Water
For Sale
$559,000
37 Remington St, Warwick, RI 02888
Flexible three-floor layout with private decks, individual utilities, and a separate studio unit.
Property Size2,436 SF
Price / SF$229.47
Days on Market37
Property Features for 37 Remington St
General Information
Standard status
Active
Size
2,436 SF
Property subtype
Multi-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
washer/dryer
yard
off-street parking
gas heat
Building Details
Year Built
1905
Buildings
1
Stories
3
Listing Agency:
Westcott Properties
(401) 421-5300
Listed By:
Joy Riley · License #3100765
Source:
Alpernandmesenbourg
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 25 at 3:56AM
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 2,436-square-foot triplex, built in 1905, includes three distinct living areas. The first floor has two bedrooms, one bathroom, hardwood flooring, and a private deck. The second floor provides one bedroom, one bathroom, hardwood floors, and another private deck. A studio on the third floor has its own entrance and utilities, allowing it to function independently or connect with the second-floor unit as a two-level townhouse-style residence.
Each unit has individual gas heat and water service. The property also includes a spacious yard, ample off-street parking, and laundry equipment on the lower level. Located at the corner of Remington Street and Narragansett Parkway in Warwick’s Historic Pawtuxet Village, the property is within walking distance of parks, restaurants, shops, marinas, and the Rhode Island Yacht Club.
Each unit has individual gas heat and water service. The property also includes a spacious yard, ample off-street parking, and laundry equipment on the lower level. Located at the corner of Remington Street and Narragansett Parkway in Warwick’s Historic Pawtuxet Village, the property is within walking distance of parks, restaurants, shops, marinas, and the Rhode Island Yacht Club.
Key Highlights
- 2,436 SF triplex built in 1905
- First‑floor unit with 2 bedrooms, 1 bath, hardwood floors, and a private deck
- Second‑floor unit includes 1 bedroom, 1 bath, hardwood floors, and a 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
$35,395
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
6.33%
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%
$707,900
$707.9K
Cap Rate 7%
$505,643
$505.6K
Cap Rate 9%
$393,278
$393.3K
Market Conditions
NOI Build-Up for 2,436 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
$54.1K $22.20/SF
− Vacancy
−$3.5K −$1.44/SF
EGI
$50.6K $20.76/SF
− OpEx
−$15.2K −$6.23/SF
NOI
$35.4K $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%
$707,900
Cap Rate 7%
$505,643
Cap Rate 9%
$393,278
Alternative Uses
Best Use
Multifamily LT 5
$505.6K
$442.4K – $589.9K
NOI $35,395 @ 7.0% cap · market cap 6.33%
Second Best
Apartment 5plus
$464.5K
$406.5K – $541.9K
NOI $32,516 @ 7.0% cap · market cap 5.82%
Theoretical Best
Specialty Retail
$610.1K
$533.9K – $711.8K
NOI $42,708 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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 - Flexible three-floor layout with private decks, individual utilities, and a separate studio unit.
Where is this triplex located?
The property is located at 37 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: 2,436 SF triplex built in 1905; First‑floor unit with 2 bedrooms, 1 bath, hardwood floors, and a private deck; Second‑floor unit includes 1 bedroom, 1 bath, hardwood floors, and a private deck
