Two-Building Multi-Family
For Sale
$850,000
400 Thames St, Bristol, RI 02809
Single-lot compound with two separate buildings, each containing two rental units in Bristol’s downtown.
Property Size3,748 SF
Price / SF$226.79
Days on Market94
Property Features for 400 Thames St
General Information
Standard status
Active
Size
3,748 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1890
Tenancy
Multi
Listing Agency:
Keller Williams Coastal
Listed By:
The Chris Woodard Team
(401) 845-9200
Source:
Alpernandmesenbourg
Added: Jul 19
Changed: Oct 2
Last Checked: Oct 7 at 2:50PM
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 Keller Williams Coastal
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Investment Insights
Based on property information with market context.
This sale features a two-building multi-family compound set on a single lot, with each building containing two rental units. The property is configured as two separate multifamily houses, providing four total residential rental units within the compound.
Located in Bristol’s walkable downtown district at 400 & 406 Thames Street, the public remarks note waterfront views and Independence Park directly across the street. The same remarks also indicate convenient access to the East Bay Bike Path and close proximity to historic downtown shopping, seaside cafes, and coastal restaurants.
For buyers seeking either an investment property or an owner-occupant approach, the key functional takeaway is the split configuration of two buildings, each with two units, all assembled on one lot.
Located in Bristol’s walkable downtown district at 400 & 406 Thames Street, the public remarks note waterfront views and Independence Park directly across the street. The same remarks also indicate convenient access to the East Bay Bike Path and close proximity to historic downtown shopping, seaside cafes, and coastal restaurants.
For buyers seeking either an investment property or an owner-occupant approach, the key functional takeaway is the split configuration of two buildings, each with two units, all assembled on one lot.
Key Highlights
- Built in 1890 with two separate multi‑family houses on a single lot at 400 & 406 Thames Street
- Each building has 2 rental units, for a total of 4 rental units on one property
- Located in Bristol’s downtown area, with walkable access to historic downtown shopping and dining
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$63,289
Cap Rate
7.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,265,780
$1.3M
Cap Rate 7%
$904,129
$904.1K
Cap Rate 9%
$703,211
$703.2K
Market Conditions
NOI Build-Up for 3,748 SF
Gross rent
$96.7K $25.80/SF
− Vacancy
−$6.3K −$1.68/SF
EGI
$90.4K $24.12/SF
− OpEx
−$27.1K −$7.24/SF
NOI
$63.3K $16.89/SF
Area
Bristol County, RI
Vacancy
6.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,265,780
Cap Rate 7%
$904,129
Cap Rate 9%
$703,211
Alternative Uses
Best Use
Multifamily LT 5
$904.1K
$791.1K – $1.05M
NOI $63,289 @ 7.0% cap · market cap 7.45%
Second Best
Apartment 5plus
$812.1K
$710.6K – $947.5K
NOI $56,848 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,774 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
626
Businesses Nearby
Explore this area
Business Placement
Demographics for 02809, RI
22,493
Population
9,670
Households
2.3
Avg Household Size
44
Median Age
46%
College-Educated
92%
High-School Grad
9.8 sq mi
ZIP Area
2,295
Density / Sq Mi
$96,005
Median Household Income
$41,266
Median Earnings
$1,352
Median Rent
$447,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Single-lot compound with two separate buildings, each containing two rental units in Bristol’s downtown.
Where is this duplex located?
The property is located at 400 Thames St Bristol, RI.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Built in 1890 with two separate multi‑family houses on a single lot at 400 & 406 Thames Street; Each building has 2 rental units, for a total of 4 rental units on one property; Located in Bristol’s downtown area, with walkable access to historic downtown shopping and dining
