4-Unit Building with Third-Floor
New
For Sale
$645,000
46 Ames Street, Coventry, RI 02816
Four occupied apartments are supported by separate gas heating systems and individual hot water tanks.
Property Size2,560 SF
Price / SF$251.95
Days on Market6
Property Features for 46 Ames Street
General Information
Standard status
Active
Size
2,560 SF
Property subtype
MultiFamily
Additional Details
Utilities to Site
Yes
Multifamily Units
4
Tenant in Place
Yes
Building Details
Year Built
1880
Buildings
1
Listing Agency:
RI Real Estate Services
(401) 885-5400
Listed By:
Stephen Smith · License #RES.0015703
(401) 572-0335
Source:
Lockandkeyre
Added: Oct 20
Changed: Oct 25
Last Checked: Oct 24 at 5:22PM
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 RI Real Estate Services
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Investment Insights
Based on property information with market context.
Built in 1880, this 2,560-square-foot residential property contains four apartments, each occupied by a long-term tenant. The building has a full basement with a walkout bulkhead exit, plus a walk-up third floor with five rooms across approximately 40' x 32'. The upper-level area may offer expansion potential, subject to zoning requirements and applicable approvals; possible residential uses include an accessory dwelling unit or a fifth unit.
Services and mechanicals include city water, a newer septic system, four gas baseboard heating systems, four gas hot water tanks, and five circuit-breaker electrical services.
Services and mechanicals include city water, a newer septic system, four gas baseboard heating systems, four gas hot water tanks, and five circuit-breaker electrical services.
Key Highlights
- Four residential units with long‑term tenants
- 2,560 square feet; built in 1880
- Third‑floor walk‑up space measures approximately 40' x 32' and contains five rooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,197
Cap Rate
5.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$743,940
$743.9K
Cap Rate 7%
$531,386
$531.4K
Cap Rate 9%
$413,300
$413.3K
Market Conditions
NOI Build-Up for 2,560 SF
Gross rent
$56.8K $22.20/SF
− Vacancy
−$3.7K −$1.44/SF
EGI
$53.1K $20.76/SF
− OpEx
−$15.9K −$6.23/SF
NOI
$37.2K $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 Rate 5%
$743,940
Cap Rate 7%
$531,386
Cap Rate 9%
$413,300
Alternative Uses
Best Use
Multifamily LT 5
$531.4K
$465.0K – $620.0K
NOI $37,197 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$488.2K
$427.1K – $569.5K
NOI $34,171 @ 7.0% cap · market cap 5.30%
Theoretical Best
Specialty Retail
$641.2K
$561.0K – $748.0K
NOI $44,882 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
173
Businesses Nearby
Explore this area
Business Placement
Demographics for 02816, RI
33,206
Population
14,505
Households
2.3
Avg Household Size
45
Median Age
32%
College-Educated
93%
High-School Grad
36.9 sq mi
ZIP Area
900
Density / Sq Mi
$97,941
Median Household Income
$51,773
Median Earnings
$1,168
Median Rent
$317,400
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?
Quadplex - Four occupied apartments are supported by separate gas heating systems and individual hot water tanks.
Where is this quadplex located?
The property is located at 46 Ames Street Coventry, RI.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: Four residential units with long‑term tenants; 2,560 square feet; built in 1880; Third‑floor walk‑up space measures approximately 40' x 32' and contains five rooms
