Coventry Multifamily Investment
For Sale
$800,000
505 Washington St, Coventry, RI 02816
Well-maintained 6-unit residential property in a convenient location.
Property Size5,222 SF
Price / SF$153.20
Days on Market189
Property Features for 505 Washington St
General Information
Standard status
Active
Size
5,222 SF
Property subtype
Multi-Family
Building Details
Year Built
1850
Listing Agency:
Century 21 Limitless
Listed By:
Kyle Seyboth · License #REB.0019335
(508) 726-3492
Source:
Alpernandmesenbourg
Added: Mar 27
Changed: Sep 16
Last Checked: Sep 30 at 2:27PM
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 Century 21 Limitless
Investment Insights
Based on property information with market context.
This is a 6-unit residential property located in Coventry, Rhode Island. The property features a unit mix of two 1-bedroom units and four 2-bedroom units. The layouts are functional and appealing. Off-street parking is available for residents. The property is situated with access to shopping, dining, and everyday amenities along the Washington Street corridor. Route 117 and Interstate 95 are easily accessible, allowing for commutes to Warwick, Cranston, and Providence. The property is located close to Centre of New England, Tiogue Lake, and the Washington Secondary Bike Path.
Key Highlights
- Strong income potential from a well‑maintained 6‑unit residential property.
- Desirable unit mix: two 1‑bedroom and four 2‑bedroom units.
- Convenient location with easy access to shopping, dining, and amenities along Washington Street.
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
$69,704
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
8.71%
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%
$1,394,080
$1.4M
Cap Rate 7%
$995,771
$995.8K
Cap Rate 9%
$774,489
$774.5K
Market Conditions
NOI Build-Up for 5,222 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
$136.0K $26.04/SF
− Vacancy
−$9.2K −$1.77/SF
EGI
$126.7K $24.27/SF
− OpEx
−$57.0K −$10.92/SF
NOI
$69.7K $13.35/SF
Area
Kent County, RI
Vacancy
6.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$1,394,080
Cap Rate 7%
$995,771
Cap Rate 9%
$774,489
Alternative Uses
Best Use
Apartment 5plus
$995.8K
$871.3K – $1.16M
NOI $69,704 @ 7.0% cap · market cap 8.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.31M
$1.14M – $1.53M
NOI $91,552 @ 7.0% cap · market cap 11.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
228
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
Check the figures for this property
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?
Apartment building - Well-maintained 6-unit residential property in a convenient location.
Where is this apartment building located?
The property is located at 505 Washington St Coventry, RI.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Strong income potential from a well‑maintained 6‑unit residential property.; Desirable unit mix: two 1‑bedroom and four 2‑bedroom units.; Convenient location with easy access to shopping, dining, and amenities along Washington Street.
