Multifamily Investment Opportunity in
388 Child Street, Warren, RI 02885
MULTI_FAMILY - Warren, RI
Property size:
4,389 SFLot size:
0.60 AcresPrice / SF:
$204/SF- Added:
- Mar 14, 2026
- Days on Market:
- 65
- Last Refresh:
- May 17 at 11:06 am
Property Features for 388 Child Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- VB
- Bedrooms
- 11
- Bathrooms
- 4
- Rooms
- Bedroom 11, Bedroom 5, Bathroom 1, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 8, Bedroom 6, Bedroom 7, Bedroom 1, Bathroom 3, Bathroom 4, Basement, Bedroom 10, Bedroom 9, Bedroom 3
- Parking
- 25
- Parking features
- Garage
- Window features
- Storm Window(s)
- Patio and Porch features
- Porch
- Interior features
- Plumbing (Mixed), Insulation (Unknown)
- Exterior features
- Porch
- Basement
- Full, Unfinished, Storage Space
- Appliances
- Dryer, Range Hood, Oven/Range, Refrigerator, Washer
- Standard status
- Active Under Contract
- Size
- 4,389 SF
- Lot size
- 0.60 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 8950
Utilities
- Sewer type
- Public Sewer
- Heating system
- Electric (Heating), Natural Gas, Oil, Heat Pump (Heating), Baseboard
- Cooling system
- Ductless
- Water source
- Public
Building Details
- Year built
- 1880
- Floors in Building
- 3
- Number of units
- 4
- Flooring type
- Tile - Ceramic, Hardwood, Carpet
- Building materials
- Clapboard, Shingles, Wood
Listing agent Michael Russo License #REB.0017244 (401) 465-0417
Listing office Ri Real Estate Services 631 Main Street, East Greenwich, RI (401) 885-5400
Listing date Mar 14, 2026
MLS# 1406536
Listing URL
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.
HighLights
- Multifaceted property with significant potential for increased revenue and development due to its Village Business zoning.
- Includes a three‑family Victorian, a single‑family Colonial, and a vacant lot suitable for building.
- Ample land area behind existing homes allows for potential construction of a cottage, ADU, or garage.
- All units have separate electric, gas, and water utilities.
- The vacant lot has a curb cut and all public utilities available, simplifying new construction.
- The three‑family Victorian features sizable 2‑3 bedroom units with original character and charm.
Overview
Located in the heart of Warren, this property presents a multifaceted investment opportunity with potential for increased revenue and development. The property features a three-family Victorian, a single-family Colonial, and a vacant lot that previously accommodated a house, making it likely suitable for new construction. Ample land area behind the existing homes offers additional possibilities such as a cottage, ADU, or garage. The first building, a three-family Victorian, contains sizable units with two to three bedrooms on the first and second floors, and a one-bedroom unit on the third floor. The second building is a Colonial with soaring ceilings and period details, offering four bedrooms and the opportunity for restoration. All units have separate electric, gas, and water utilities. The vacant lot has a curb cut and available public utilities, potentially providing a building site for a single or two-family home. The property is zoned Village Business, offering various possibilities. The property size is 4389 square feet on a 0.6-acre lot.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$739.7K
NOI $66,570 @ 9.00% cap · cautious / downside scenario
Moderate
$951.0K
NOI $66,570 @ 7.00% cap · market / base-case scenario
Aggressive
$1.33M
NOI $66,570 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $129.0k | $29.40 |
| − Vacancy | −$8.0k | −$1.82 |
| EGI | $121.0k | $27.58 |
| − OpEx | −$54.5k | −$12.41 |
| NOI | $66.6k | $15.17 |
4,389 SF · lease $29.40/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$951.0K
$832.1K – $1.11M
NOI $66,570 @ 7.0% cap · market cap 7.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.47M
$1.28M – $1.71M
NOI $102,785 @ 7.0% cap · market cap 11.43%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Residential land & home ...
Location Insight
- Map
- Local Demand
- City
- Warren
- County
- Bristol
- State
- Rhode Island
- Longitude
- -71.268795
- Latitude
- 41.729445
Nearby Similar for Sale
FAQs
What type of property is this?
Multifamily property - Multifaceted property with potential for increased revenue and development.
Where is this multifamily property located?
The property is located at 388 Child Street Warren, RI.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Multifaceted property with significant potential for increased revenue and development due to its Village Business zoning.; Includes a three‑family Victorian, a single‑family Colonial, and a vacant lot suitable for building.; Ample land area behind existing homes allows for potential construction of a cottage, ADU, or garage.
