Historic Three-Unit
For Sale
$659,900
55 Warren Avenue, Warren, RI 02855
Three three-bedroom residences include off-street parking and updated building systems.
Property Size4,000 SF
Price / SF$164.98
Days on Market8
Property Features for 55 Warren Avenue
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Multifamily
Building Details
Year Built
1910
Listing Agency:
Engel & Volkers Oceanside
(401) 638-0010
Listed By:
W. George Buteau
Source:
Lockandkeyre
Added: Aug 15
Changed: Aug 22
Last Checked: Aug 22 at 4:03AM
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 Engel & Volkers Oceanside
Investment Insights
Based on property information with market context.
This 4,000-square-foot triplex, built in 1910, contains three residential units with three bedrooms in each. Recent improvements include a new roof, new windows, and additional updates throughout the property. Off-street parking supports the three-unit configuration, while preserved columns, built-ins, and original architectural elements retain the building’s historic character.
The property is located in Warren’s Historic District at 55 Warren Avenue. Waterfront access, restaurants, shops, cafés, and downtown Warren are all within walking distance, providing a pedestrian-oriented setting for residents.
With nine total bedrooms and a combination of historic detailing and completed improvements, the property supports both owner-occupancy and residential rental use.
The property is located in Warren’s Historic District at 55 Warren Avenue. Waterfront access, restaurants, shops, cafés, and downtown Warren are all within walking distance, providing a pedestrian-oriented setting for residents.
With nine total bedrooms and a combination of historic detailing and completed improvements, the property supports both owner-occupancy and residential rental use.
Key Highlights
- Three‑unit residential property with 4,000 square feet
- Each of the three units includes three bedrooms
- Nine total bedrooms across the property
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
$60,670
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
9.19%
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%
$1,213,400
$1.2M
Cap Rate 7%
$866,714
$866.7K
Cap Rate 9%
$674,111
$674.1K
Market Conditions
NOI Build-Up for 4,000 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
$117.6K $29.40/SF
− Vacancy
−$7.3K −$1.82/SF
EGI
$110.3K $27.58/SF
− OpEx
−$49.6K −$12.41/SF
NOI
$60.7K $15.17/SF
Area
Bristol County, RI
Vacancy
6.20%
Lease Rate
$29.40 /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%
$1,213,400
Cap Rate 7%
$866,714
Cap Rate 9%
$674,111
Alternative Uses
Best Use
Multifamily LT 5
$964.9K
$844.3K – $1.13M
NOI $67,544 @ 7.0% cap · market cap 10.24%
Second Best
Apartment 5plus
$866.7K
$758.4K – $1.01M
NOI $60,670 @ 7.0% cap · market cap 9.19%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,675 @ 7.0% cap · market cap 14.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
711
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three three-bedroom residences include off-street parking and updated building systems.
Where is this triplex located?
The property is located at 55 Warren Avenue Warren, RI.
What is the asking price?
The asking price for this property is $659,900.
What are key features of this property?
This property features: Three‑unit residential property with 4,000 square feet; Each of the three units includes three bedrooms; Nine total bedrooms across the property
