Three-Unit Residential
For Sale
$459,900
51 Willow St, Coventry, RI 02816
A flexible three-unit layout pairs two one-bedroom residences with a two-bedroom unit.
Property Size1,130 SF
Price / SF$406.99
Days on Market9
Property Features for 51 Willow St
General Information
Standard status
Active
Size
1,130 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$3,464
Listing Agency:
eXp Realty LLC
(401) 288-3600
Listed By:
Matt Mandeville · License #REB.0204020
(401) 787-3757
Source:
Exprealty
Added: Sep 28
Changed: Oct 4
Last Checked: Oct 5 at 9:46PM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This residential income property contains three separate apartments: two with one bedroom each and one with two bedrooms. The building dates to 1900 and received a new roof and septic system in 2023. Off-street parking and a backyard provide additional on-site features.
The property is located in Coventry, with access to local shopping, restaurants, schools, parks, and major roadways.
The property is located in Coventry, with access to local shopping, restaurants, schools, parks, and major roadways.
Key Highlights
- Three apartments: two 1‑bedroom units and one 2‑bedroom unit
- New roof installed in 2023
- Septic system replaced in 2023
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,419
Cap Rate
3.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$328,380
$328.4K
Cap Rate 7%
$234,557
$234.6K
Cap Rate 9%
$182,433
$182.4K
Market Conditions
NOI Build-Up for 1,130 SF
Gross rent
$25.1K $22.20/SF
− Vacancy
−$1.6K −$1.44/SF
EGI
$23.5K $20.76/SF
− OpEx
−$7.0K −$6.23/SF
NOI
$16.4K $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 Rate 5%
$328,380
Cap Rate 7%
$234,557
Cap Rate 9%
$182,433
Alternative Uses
Best Use
Multifamily LT 5
$234.6K
$205.2K – $273.7K
NOI $16,419 @ 7.0% cap · market cap 3.57%
Second Best
Apartment 5plus
$215.5K
$188.5K – $251.4K
NOI $15,083 @ 7.0% cap · market cap 3.28%
Theoretical Best
Specialty Retail
$283.0K
$247.6K – $330.2K
NOI $19,811 @ 7.0% cap · market cap 4.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
556
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - A flexible three-unit layout pairs two one-bedroom residences with a two-bedroom unit.
Where is this triplex located?
The property is located at 51 Willow St Coventry, RI.
What is the asking price?
The asking price for this property is $459,900.
What are key features of this property?
This property features: Three apartments: two 1‑bedroom units and one 2‑bedroom unit; New roof installed in 2023; Septic system replaced in 2023
