Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    505 Washington Street Coventry, RI 02816

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $900,000

    Well-maintained 6-unit residential property in a convenient location.

    Type:Commercial
    Added:
    Mar 20, 2026
    Days on Market:
    50
    Last Refresh:
    Apr 25 at 6:19 am

    Property Features for 505 Washington Street

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1850

    We can help!

    Listing Contact
    Kyle Seyboth

    Listing agent Kyle Seyboth License #REB.0794296

    Listing office Century 21 Limitless

    Listing date Mar 20, 2026

    Source Liongatere

    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

    HighLights

    • Strong income potential from a well‑maintained 6‑unit residential property.
    • Desirable unit mix of two 1‑bedroom and four 2‑bedroom units.
    • Convenient location with easy access to shopping, dining, and everyday amenities along Washington Street.
    • Quick access to Route 117 and Interstate 95 for commuting to Warwick, Cranston, and Providence.
    • Off‑street parking for residents.
    • Close proximity to Centre of New England, Tiogue Lake, and the Washington Secondary Bike Path.

    Overview

    Coventry Multifamily Investment Opportunity

    Located in Coventry, Rhode Island, this property features a well-maintained 6-unit residential building. The unit mix includes two 1-bedroom units and four 2-bedroom units. The layouts are functional and appealing, offering flexibility to accommodate a variety of tenants. Off-street parking is available for residents. The property is situated with easy access to shopping, dining, and everyday amenities along the Washington Street corridor. Quick access to Route 117 and Interstate 95 allows for an easy commute to Warwick, Cranston, and Providence. The property is close to the Centre of New England, Tiogue Lake, and the Washington Secondary Bike Path.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Coventry
    County
    Kent
    State
    Rhode Island
    Longitude
    -71.5404482
    Latitude
    41.6955623

    Nearby Similar for Sale

    • $800,000

      Coventry RI Investment Opportunity

      Well-maintained 5-unit residential property in a convenient location.
      513 Washington Street, Coventry, RI 02816
      View Details
    • $800,000

      Coventry, RI Investment Opportunity

      Well-maintained 5-unit residential property in a convenient location.
      513 Washington Street, Coventry, RI 02816
      View Details
    • $900,000

      Coventry Multifamily Investment Opportunity

      Well-maintained 6-unit residential property in a convenient location.
      505 Washington Street, Coventry, RI 02816
      View Details
    • $1,500

      Coventry Commercial Space For Lease

      1,430 sq ft commercial space on busy Tiogue Avenue.
      1049 Tiogue Avenue unit: F, Coventry, RI 02816
      View Details
    • $21

      Coventry Commercial Condo with Garage

      Heated commercial condo with garage/storage and high visibility.
      1012 Tiogue Avenue unit: 25, Coventry, RI 02816
      View Details
    • $485,000

      Coventry Two-Family Home For Sale

      Spacious two-family home in desirable Coventry location.
      29 Anthony Street, Coventry, RI 02816
      View Details
    • $479,900

      Coventry Two-Family Home For Sale

      Two-family home in residential neighborhood, ideal for owner-occupant or investor.
      22 Harris Street, Coventry, RI 02816
      View Details
    • $1,450,000

      Mixed-Use Commercial Property Available

      18,500 sq ft mixed-use property with vacant suites.
      1193 Tiogue Avenue, Coventry, RI 02816
      View Details
    • $15

      Coventry Commercial Property For Sale

      High-traffic location suitable for office, retail, or professional use.
      2435 Nooseneck Hill Road unit: A-5, Coventry, RI 02816
      View Details
    • $499,000

      Coventry Two-Family Home For Sale

      Well-maintained two-family home with spacious units in Coventry, Rhode Island.
      31 Anthony Street, Coventry, RI 02816
      View Details
    • $650,000

      Riverfront Restaurant with Income Apartments

      Renovated restaurant/bar with two apartments in high-traffic location.
      1152 Main Street, Coventry, RI 02816
      View Details
    • $900,000

      Coventry RI Investment Opportunity

      Well-maintained 6-unit residential property in a convenient location.
      505 Washington Street, Coventry, RI 02816
      View Details

    FAQs

    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 Street Coventry, RI.
    What is the asking price?
    The asking price for this property is $900,000.
    What are key features of this property?
    This property features: Strong income potential from a well‑maintained 6‑unit residential property.; Desirable unit mix of two 1‑bedroom and four 2‑bedroom units.; Convenient location with easy access to shopping, dining, and everyday amenities along Washington Street.
    (508) 726-3492
    We can help!
    Listing Contact
    Kyle Seyboth
    Real Estate License ID: REB.0794296
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    505 Washington Street, Coventry, RI 02816
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!