Duplex With 3-Bedroom
New
For Sale
$599,900
41 Payan St, West Warwick, RI 02893
Built in 2005, the property combines private outdoor areas, in-unit laundry, and varied garage accommodations.
Property Size2,160 SF
Price / SF$277.73
Days on Market4
Property Features for 41 Payan St
General Information
Standard status
Active
Size
2,160 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,387
Amenities
hardwood flooring
updated appliances
private outdoor deck space
in-unit laundry
off-street parking
Building Details
Year Built
2005
Buildings
1
Listing Agency:
REMAX Revolution
(401) 864-3849
Listed By:
John Manocchio
(401) 864-3849
Source:
Exprealty
Added: Aug 11
Changed: Aug 14
Last Checked: Aug 14 at 12:22PM
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 REMAX Revolution
Investment Insights
Based on property information with market context.
This 2160-square-foot duplex at 41 Payan St in West Warwick includes two three-bedroom units, each with 1 1/2 bathrooms. Both residences feature hardwood flooring, updated appliances, private deck space, and in-unit laundry. One unit has an attached garage, while the other includes a converted garage offering additional space. Weil-McLain gas boilers and vinyl siding complete the property’s physical improvements.
The building occupies a corner lot with ample off-street parking. Both units are currently leased on month-to-month arrangements, providing a straightforward two-unit configuration with established occupancy.
The building occupies a corner lot with ample off-street parking. Both units are currently leased on month-to-month arrangements, providing a straightforward two-unit configuration with established occupancy.
Key Highlights
- 2160 SF duplex built in 2005
- Two 3‑bedroom units, each with 1 1/2 bathrooms
- Private outdoor deck space and in‑unit laundry in both units
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
$31,385
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
5.23%
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%
$627,700
$627.7K
Cap Rate 7%
$448,357
$448.4K
Cap Rate 9%
$348,722
$348.7K
Market Conditions
NOI Build-Up for 2,160 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
$48.0K $22.20/SF
− Vacancy
−$3.1K −$1.44/SF
EGI
$44.8K $20.76/SF
− OpEx
−$13.5K −$6.23/SF
NOI
$31.4K $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%
$627,700
Cap Rate 7%
$448,357
Cap Rate 9%
$348,722
Alternative Uses
Best Use
Multifamily LT 5
$448.4K
$392.3K – $523.1K
NOI $31,385 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$411.9K
$360.4K – $480.5K
NOI $28,832 @ 7.0% cap · market cap 4.81%
Theoretical Best
Specialty Retail
$541.0K
$473.4K – $631.2K
NOI $37,869 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
609
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
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Frequently Asked Questions
What type of property is this?
Duplex - Built in 2005, the property combines private outdoor areas, in-unit laundry, and varied garage accommodations.
Where is this duplex located?
The property is located at 41 Payan St West Warwick, RI.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 2160 SF duplex built in 2005; Two 3‑bedroom units, each with 1 1/2 bathrooms; Private outdoor deck space and in‑unit laundry in both units
