Two-Family Townhouse-Style
For Sale
$565,000
44 Warwick Road, Pawtucket, RI 02861
Residential Income, Pawtucket, RI
Property Size2,074 SF
Lot Size0.13 Acres
Price / SF$272.42
Days on Market48
Property Features for 44 Warwick Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 1, Bedroom 5, Bedroom 2, Bedroom 6, Basement, Bathroom 1, Bathroom 2, Bedroom 3
Parking
3
Parking features
None
Patio and Porch features
Porch, Deck
Interior features
Wall (Dry Wall), Plumbing (Mixed), Insulation (Unknown)
Exterior features
Deck, Porch
Basement
Unfinished, Storage Space, Full
Appliances
Gas Water Heater, Dryer, Oven/Range, Refrigerator, Washer
Subdivision
Darlington
Lot features
Corner Lot, Fenced, Paved Driveway
Standard status
Active
Size
2,074 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5744
Utilities
Heating system
Baseboard, Natural Gas
Water source
Public
Amenities
off-street parking
fenced backyard
storage shed
updated kitchens
hardwood and parquet flooring
Building Details
Year built
1920
Floors in Building
3
Number of units
2
Flooring type
Hardwood, Parquet Wood, Tile - Ceramic
Building materials
Dry Wall, Vinyl Siding
Listing Agency:
Innovate Real Estate
(401) 323-8292
Listed By:
Manny Menezes · License #REC.0206180
(401) 323-8292
Added: Jul 16
Changed: Aug 28
Last Checked: Sep 1 at 1:06AM
MLS# 1418016
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.
Investment Insights
Based on property information with market context.
Located at 44 Warwick Road, this 1920 two-family property contains 2074 square feet on a 0.13-acre lot. Each residence includes three bedrooms, while the second- and third-floor unit extends across a townhouse-style layout. Both kitchens have been updated with granite countertops, and the interiors feature hardwood and parquet flooring along with ceramic tile. Improvements include newer heating systems, a newer roof, and vinyl siding. The property also includes a fenced backyard, deck, porch, storage shed, gas water heater, and laundry appliances.
A green space sits across the street, and Slater Park is nearby with walking trails and recreational facilities. The property is in Pawtucket’s Darlington neighborhood, with access to highways, shopping, restaurants, and daily services. The Pawtucket/Central Falls MBTA station provides rail service to Providence and Boston.
A green space sits across the street, and Slater Park is nearby with walking trails and recreational facilities. The property is in Pawtucket’s Darlington neighborhood, with access to highways, shopping, restaurants, and daily services. The Pawtucket/Central Falls MBTA station provides rail service to Providence and Boston.
Key Highlights
- Two‑family property with 2074 square feet on a 0.13‑acre lot
- Each unit has 3 bedrooms; the upper residence uses a second- and third‑floor townhouse‑style layout
- Updated kitchens include 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
Property Profile
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
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 - Two residential units combine three-bedroom layouts with updated kitchens and a townhouse-style upper-floor arrangement.
Where is this duplex located?
The property is located at 44 Warwick Road 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 property with 2074 square feet on a 0.13‑acre lot; Each unit has 3 bedrooms; the upper residence uses a second- and third‑floor townhouse‑style layout; Updated kitchens include granite countertops
