4-Unit Multifamily
For Sale
$645,000
46 Ames Street, Coventry, RI 02816
Residential Income, Coventry, RI
Property Size2,560 SF
Lot Size0.34 Acres
Price / SF$251.95
Days on Market18
Property Features for 46 Ames Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 3, Basement, Bedroom 3, Bathroom 4, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 4
Parking
8
Parking features
None
Window features
Insulated Windows
Interior features
Wall (Dry Wall), Attic Stairs, Internal Expansion, Plumbing (Mixed)
Basement
Unfinished, Full
Appliances
Gas Water Heater
Subdivision
Phenix
Standard status
Active
Size
2,560 SF
Lot size
0.34 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6143
Utilities
Sewer type
Septic Tank
Heating system
Baseboard, Natural Gas
Building Details
Year built
1880
Floors in Building
3
Number of units
4
Flooring type
Carpet
Building materials
Dry Wall, Vinyl Siding
Buildings
1
Listing Agency:
Ri Real Estate Services
(401) 885-5400
Listed By:
Stephen Smith · License #RES.0015703
(401) 572-0335
Added: Oct 20
Changed: Nov 2
Last Checked: Nov 6 at 8:06AM
MLS# 1426263
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.
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Investment Insights
Based on property information with market context.
This 2,560-square-foot multifamily building contains four residential units and dates to 1880. The property also includes a full basement and an approximately 40-by-32-foot walk-up third-floor area arranged as five rooms. That space may offer expansion options, subject to applicable approvals and zoning requirements.
The building is served by city water and a septic system. Separate gas baseboard heating systems and gas hot water tanks serve the units, alongside five circuit-breaker electrical services. The property sits on 0.3392 acres at 46 Ames Street in Coventry. Four long-term tenants currently occupy the residential units.
The building is served by city water and a septic system. Separate gas baseboard heating systems and gas hot water tanks serve the units, alongside five circuit-breaker electrical services. The property sits on 0.3392 acres at 46 Ames Street in Coventry. Four long-term tenants currently occupy the residential units.
Key Highlights
- Four residential units in a 2,560‑square‑foot building
- Approximately 40‑by‑32‑foot third‑floor area with five rooms
- Full basement with bulkhead walkout providing a second means of egress
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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Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
173
Businesses Nearby
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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 - A five-room walk-up on the upper level may support future expansion, subject to required approvals.
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 in a 2,560‑square‑foot building; Approximately 40‑by‑32‑foot third‑floor area with five rooms; Full basement with bulkhead walkout providing a second means of egress
