6-Unit Apartment
For Sale
$775,000
505 Washington Street, Coventry, RI 02816
Residential Income, Coventry, RI
Property Size5,222 SF
Lot Size0.18 Acres
Price / SF$148.41
Days on Market221
Property Features for 505 Washington Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 7, Basement, Bedroom 2, Bathroom 2, Bathroom 4, Bedroom 10, Bathroom 5, Bathroom 3, Bedroom 6, Bedroom 4, Bedroom 8, Bedroom 5, Bedroom 3, Bathroom 6, Bedroom 1, Bedroom 9, Bathroom 1
Parking
10
Parking features
None
Basement
Full, Unfinished
Appliances
Electric Water Heater, Gas Water Heater
Standard status
Active
Size
5,222 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6869
Utilities
Heating system
Electric (Heating), Baseboard
Building Details
Year built
1850
Number of units
4
Flooring type
Laminate
Building materials
Vinyl Siding
Listing Agency:
Century 21 Limitless · Century 21 Real Estate
(508) 567-3468
Listed By:
Kyle Seyboth
(508) 726-3492
Added: Mar 20
Changed: Oct 22
Last Checked: Oct 26 at 9:06AM
MLS# 1407049
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 6-unit apartment building contains two 1-bedroom residences and four 2-bedroom residences within 5,222 square feet. The 0.18-acre property was built in 1850 and includes a basement, vinyl siding, laminate flooring, electric and baseboard heating, and both electric and gas water heaters.
The property is located along Washington Street in Coventry, with shopping, dining, and everyday amenities nearby. Route 117 and Interstate 95 provide connections to Warwick, Cranston, and Providence. Centre of New England, Tiogue Lake, and the Washington Secondary Bike Path are also in the surrounding area.
The property is located along Washington Street in Coventry, with shopping, dining, and everyday amenities nearby. Route 117 and Interstate 95 provide connections to Warwick, Cranston, and Providence. Centre of New England, Tiogue Lake, and the Washington Secondary Bike Path are also in the surrounding area.
Key Highlights
- 6‑unit apartment building with two 1‑bedroom units and four 2‑bedroom units
- 5,222 square feet on a 0.18‑acre lot
- Built in 1850 with vinyl siding and laminate flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$69,704
Cap Rate
8.99%
Suggested Prices Based on Cap Rates
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
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 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 8.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.31M
$1.14M – $1.53M
NOI $91,552 @ 7.0% cap · market cap 11.81%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
6
Residential units
Yes
Highway access
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Apartment property with a varied unit mix, basement space, and access to shopping, dining, and regional transportation routes.
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 $775,000.
What are key features of this property?
This property features: 6‑unit apartment building with two 1‑bedroom units and four 2‑bedroom units; 5,222 square feet on a 0.18‑acre lot; Built in 1850 with vinyl siding and laminate flooring
