Updated Triplex with Solar
For Sale
$750,000
39 Pike St, West Warwick, RI 02893
Three separate units include private utilities, basement storage, and washer and dryer hookups.
Property Size3,244 SF
Price / SF$231.20
Days on Market29
Property Features for 39 Pike St
General Information
Standard status
Active
Size
3,244 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
3
Amenities
garage
solar panels
basement storage with washer/dryer hookups
Building Details
Year Built
1900
Listing Agency:
Family First Realty RI, LLC
(401) 385-3640
Listed By:
Michele Stevenin
Source:
Alpernandmesenbourg
Added: Aug 4
Changed: Aug 30
Last Checked: Aug 31 at 7:30PM
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 Family First Realty RI, LLC
Investment Insights
Based on property information with market context.
This 3,244-square-foot triplex, built in 1900, includes three residential units with separate utility service and individual basement storage areas. Each basement provides washer and dryer hookups. Recent improvements include new kitchens, updated flooring, a replacement roof, and solar panels designed to improve energy efficiency.
The property also includes a detached oversized two-car garage, off-street parking for multiple vehicles, and additional street parking. Its West Warwick address at 39 Pike St places the property near shopping, restaurants, highways, and other local amenities. The unit configuration supports either full rental occupancy or an owner-occupant arrangement with additional units available for rent.
The property also includes a detached oversized two-car garage, off-street parking for multiple vehicles, and additional street parking. Its West Warwick address at 39 Pike St places the property near shopping, restaurants, highways, and other local amenities. The unit configuration supports either full rental occupancy or an owner-occupant arrangement with additional units available for rent.
Key Highlights
- 3,244‑square‑foot triplex with three residential units
- Built in 1900 with new kitchens, updated flooring, and a replacement roof
- Solar panels added for improved energy efficiency
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
$47,135
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
6.28%
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%
$942,700
$942.7K
Cap Rate 7%
$673,357
$673.4K
Cap Rate 9%
$523,722
$523.7K
Market Conditions
NOI Build-Up for 3,244 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
$72.0K $22.20/SF
− Vacancy
−$4.7K −$1.44/SF
EGI
$67.3K $20.76/SF
− OpEx
−$20.2K −$6.23/SF
NOI
$47.1K $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%
$942,700
Cap Rate 7%
$673,357
Cap Rate 9%
$523,722
Alternative Uses
Best Use
Multifamily LT 5
$673.4K
$589.2K – $785.6K
NOI $47,135 @ 7.0% cap · market cap 6.28%
Second Best
Apartment 5plus
$618.6K
$541.3K – $721.7K
NOI $43,301 @ 7.0% cap · market cap 5.77%
Theoretical Best
Specialty Retail
$812.5K
$710.9K – $947.9K
NOI $56,874 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
470
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
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?
Triplex - Three separate units include private utilities, basement storage, and washer and dryer hookups.
Where is this triplex located?
The property is located at 39 Pike St West Warwick, RI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 3,244‑square‑foot triplex with three residential units; Built in 1900 with new kitchens, updated flooring, and a replacement roof; Solar panels added for improved energy efficiency
