Coventry RI Multifamily
505 Washington Street Coventry, RI 02816
For Sale
$900,000
MULTI_FAMILY - Coventry, RI
Property Size5,222 SF
Lot Size0.18 Acres
Price / SF$172.35
Days on Market129
Property Features for 505 Washington Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 10
- Bathrooms
- 6
- Rooms
- Bathroom 4, Bathroom 2, Bedroom 2, Bedroom 1, Bedroom 6, Bedroom 10, Bedroom 4, Bathroom 1, Bedroom 8, Bathroom 3, Bathroom 5, Bedroom 9, Bedroom 3, Basement, Bathroom 6, Bedroom 7, Bedroom 5
- Parking
- 10
- Parking features
- None
- Basement
- Unfinished, Full
- 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
(508) 567-3468
Listed By:
Kyle Seyboth · License #32535
(508) 726-3492
Added: Mar 20
Changed: Jul 23
Last Checked: Jul 26 at 11:06PM
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.
Investment Insights
Based on property information with market context.
This is an excellent investment opportunity in Coventry, Rhode Island, featuring a well-maintained 6-unit residential property. 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. The property has strong income potential and is in a sought-after and convenient location. Off-street parking adds valuable convenience 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. It is close to the Centre of New England, Tiogue Lake, and the Washington Secondary Bike Path for added lifestyle appeal. The property size is 5222 square feet and the lot size is 0.18 acres.
Key Highlights
- 6‑unit residential property in Coventry, Rhode Island with a unit mix of two 1‑bedroom units and four 2‑bedroom units
- Off‑street parking for residents
- Heating includes electric heating with baseboard systems
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $136.0k | $26.04 |
| − Vacancy | −$9.2k | −$1.77 |
| EGI | $126.7k | $24.27 |
| − OpEx | −$57.0k | −$10.92 |
| NOI | $69.7k | $13.35 |
5,222 SF · lease $26.04/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$995.8K
$871.3K – $1.16M
NOI $69,704 @ 7.0% cap · market cap 7.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.31M
$1.14M – $1.53M
NOI $91,552 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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: 6‑unit residential property in Coventry, Rhode Island with a unit mix of two 1‑bedroom units and four 2‑bedroom units; Off‑street parking for residents; Heating includes electric heating with baseboard systems
