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    Charming Two-Family Home Title is generated by Realmo AI

    6 Middle Street, West Warwick, RI 02893

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    Claim this Listing
    For Sale
    $575,000

    Two-family home with historic charm and modern living.

    Type:Multi-family
    Property size:
    2,388 SF
    Lot size:
    0.25 Acres
    Price / SF:
    $240/SF
    Added:
    May 13, 2026
    Days on Market:
    18
    Last Refresh:
    May 19 at 4:42 am

    Property Features for 6 Middle Street

    General Information

    Standard status
    Active
    Size
    2,388 SF
    Lot size
    0.25 Acres
    Property subtype
    Multi-family

    Building Details

    Year Built
    1922

    We can help!

    Listing Contact
    LP Home Team

    Listing agent LP Home Team

    Listing office Residential Properties Ltd.

    Listing date May 13, 2026

    Source Milburyre

    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 Residential Properties Ltd.

    HighLights

    • Two‑family home ideal for investors or owner‑occupants looking to rent one unit.
    • New roof installed in 2026, ensuring long‑term peace of mind.
    • Two units, each featuring three spacious bedrooms and a full bath.
    • Desirable location near parks, schools, and shopping in a quiet neighborhood.
    • Detached two‑car garage.
    • Unfinished attic (473 sq ft) and basement offering potential for customization and expansion.

    Overview

    This two-family home, built in 1922, is located in West Warwick. The property offers a total of 2,388 square feet. The first-floor unit features three bedrooms and a full bath, along with a front porch. The second-floor unit mirrors this layout and includes an open porch. A new roof was installed in 2026. The unfinished attic provides 473 square feet of potential for future renovations. The full unfinished basement includes laundry facilities for tenant convenience. The property is set on a quarter-acre lot with landscaping that includes flower beds and vineyard vines, and a detached two-car garage. The property is located in a quiet neighborhood near parks, schools, and shopping. This property is suited for investors or homeowners wishing to occupy one unit and rent the other.

    Local Financial Insights For Multifamily LT 5

    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 $53.0k $22.20
    − Vacancy −$3.4k −$1.44
    EGI $49.6k $20.76
    − OpEx −$14.9k −$6.23
    NOI $34.7k $14.53
    2,388 SF · lease $22.20/SF/yr · vacancy 6.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $495.7K
    $433.7K – $578.3K (±1% cap)
    NOI $34,697 @ 7.0% cap · market cap 6.03%
    Second Best
    Apartment 5plus
    $455.4K
    $398.4K – $531.3K (±1% cap)
    NOI $31,875 @ 7.0% cap · market cap 5.54%
    Theoretical Best
    Specialty Retail
    $598.1K
    $523.3K – $697.8K (±1% cap)
    NOI $41,866 @ 7.0% cap · market cap 7.28%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    West Warwick
    County
    Kent
    State
    Rhode Island
    Longitude
    -71.5295303
    Latitude
    41.7055799

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    FAQs

    What type of property is this?
    Duplex - Two-family home with historic charm and modern living.
    Where is this duplex located?
    The property is located at 6 Middle Street West Warwick, RI.
    What is the asking price?
    The asking price for this property is $575,000.
    What are key features of this property?
    This property features: Two‑family home ideal for investors or owner‑occupants looking to rent one unit.; New roof installed in 2026, ensuring long‑term peace of mind.; Two units, each featuring **three spacious bedrooms and a full bath.**
    We can help!
    Listing Contact
    LP Home Team
    Learn More
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    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
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