Two-Family Home with Wrap-Around
For Sale
$465,000
49 West Warwick Avenue, West Warwick, RI 02893
Corner two-family home with hardwood floors and a full walkout lower level with semi-finished bonus space.
Property Size2,205 SF
Price / SF$210.88
Days on Market13
Property Features for 49 West Warwick Avenue
General Information
Standard status
Active
Size
2,205 SF
Property subtype
Multifamily
Building Details
Year Built
1920
Buildings
1
Tenancy
Multi
Listing Agency:
REMAX Revolution
(401) 921-5011
Listed By:
The Peter Izzi Team
Source:
Lockandkeyre
Added: Jul 27
Changed: Jul 30
Last Checked: Aug 7 at 12:54AM
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.
Located at 49 West Warwick Avenue, West Warwick, RI, this corner two-family home (built in 1920) offers classic character and flexible living space. The property features hardwood floors and a classic wrap-around porch that runs along the corner setting. Each unit is laid out with three bedrooms and one bath, with a flexible layout that allows for a potential fourth bedroom.
Beyond the main living areas, there is a full walkout lower level with a semi-finished area, providing additional bonus space for a variety of uses. The combination of unit configuration and lower-level flexibility supports multiple ways to update and personalize the home.
With its original charm and options to restore and reconfigure rooms, this is a practical fit for buyers looking for a two-family home with strong internal flexibility.
Beyond the main living areas, there is a full walkout lower level with a semi-finished area, providing additional bonus space for a variety of uses. The combination of unit configuration and lower-level flexibility supports multiple ways to update and personalize the home.
With its original charm and options to restore and reconfigure rooms, this is a practical fit for buyers looking for a two-family home with strong internal flexibility.
Key Highlights
- Full walkout lower level with a semi‑finished area for added bonus space
- Each unit has three bedrooms and one bath, with a flexible layout for potential fourth bedroom
- Corner‑lot two‑family home with classic wrap‑around porch
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
$32,038
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
6.89%
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%
$640,760
$640.8K
Cap Rate 7%
$457,686
$457.7K
Cap Rate 9%
$355,978
$356.0K
Market Conditions
NOI Build-Up for 2,205 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
$49.0K $22.20/SF
− Vacancy
−$3.2K −$1.44/SF
EGI
$45.8K $20.76/SF
− OpEx
−$13.7K −$6.23/SF
NOI
$32.0K $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%
$640,760
Cap Rate 7%
$457,686
Cap Rate 9%
$355,978
Alternative Uses
Best Use
Multifamily LT 5
$457.7K
$400.5K – $534.0K
NOI $32,038 @ 7.0% cap · market cap 6.89%
Second Best
Apartment 5plus
$420.5K
$367.9K – $490.6K
NOI $29,433 @ 7.0% cap · market cap 6.33%
Theoretical Best
Specialty Retail
$552.3K
$483.2K – $644.3K
NOI $38,658 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
409
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Corner two-family home with hardwood floors and a full walkout lower level with semi-finished bonus space.
Where is this duplex located?
The property is located at 49 West Warwick Avenue West Warwick, RI.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Full walkout lower level with a semi‑finished area for added bonus space; Each unit has three bedrooms and one bath, with a flexible layout for potential fourth bedroom; Corner‑lot two‑family home with classic wrap‑around porch
