Two-Family Townhouse-Style
For Sale
$565,000
44 Warwick Rd, Pawtucket, RI 02861
Two three-bedroom units feature updated kitchens, hardwood finishes, off-street parking, and private outdoor amenities.
Property Size2,074 SF
Price / SF$272.42
Days on Market10
Property Features for 44 Warwick Rd
General Information
Standard status
Active
Size
2,074 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Amenities
off-street parking
fenced backyard
storage shed
Building Details
Year Built
1920
Listing Agency:
Manny Menezes, Innovate Real Estate
Listed By:
Michelle Terry Team
(508) 202-0008
Source:
Centralmassachusettsproperties
Added: Sep 18
Changed: Sep 26
Last Checked: Sep 26 at 7:23AM
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 Manny Menezes, Innovate Real Estate
Investment Insights
Based on property information with market context.
This two-family duplex contains 2,074 square feet and was built in 1920. Each residence offers three bedrooms, with the upper unit arranged across the second and third floors in a townhouse-style configuration. Both kitchens have been updated with granite countertops. Property improvements include newer heating systems, a newer roof, and vinyl siding, while hardwood and parquet flooring add distinctive interior finishes. Off-street parking, a fenced backyard, and a storage shed provide useful exterior amenities.
A neighborhood green space sits directly across Warwick Road, and Slater Park is nearby with walking trails and recreational facilities. The property also offers access to major highways, shopping, restaurants, and everyday services. The Pawtucket/Central Falls MBTA station is close by, with rail connections to Providence and Boston.
A neighborhood green space sits directly across Warwick Road, and Slater Park is nearby with walking trails and recreational facilities. The property also offers access to major highways, shopping, restaurants, and everyday services. The Pawtucket/Central Falls MBTA station is close by, with rail connections to Providence and Boston.
Key Highlights
- Two‑family duplex with 2,074 square feet
- Two three‑bedroom units, including a second- and third‑floor townhouse‑style layout
- Updated kitchens with granite countertops
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
$34,533
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
6.11%
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%
$690,660
$690.7K
Cap Rate 7%
$493,329
$493.3K
Cap Rate 9%
$383,700
$383.7K
Market Conditions
NOI Build-Up for 2,074 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
$52.8K $25.44/SF
− Vacancy
−$3.4K −$1.65/SF
EGI
$49.3K $23.79/SF
− OpEx
−$14.8K −$7.14/SF
NOI
$34.5K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /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%
$690,660
Cap Rate 7%
$493,329
Cap Rate 9%
$383,700
Alternative Uses
Best Use
Multifamily LT 5
$493.3K
$431.7K – $575.6K
NOI $34,533 @ 7.0% cap · market cap 6.11%
Second Best
Apartment 5plus
$391.5K
$342.6K – $456.8K
NOI $27,407 @ 7.0% cap · market cap 4.85%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
Explore this area
Business Placement
Demographics for 02861, RI
27,833
Population
11,928
Households
2.3
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
3.6 sq mi
ZIP Area
7,731
Density / Sq Mi
$83,044
Median Household Income
$47,384
Median Earnings
$1,278
Median Rent
$285,200
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom units feature updated kitchens, hardwood finishes, off-street parking, and private outdoor amenities.
Where is this duplex located?
The property is located at 44 Warwick Rd Pawtucket, RI.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Two‑family duplex with 2,074 square feet; Two three‑bedroom units, including a second- and third‑floor townhouse‑style layout; Updated kitchens with granite countertops
