Duplex With Oversized
For Sale
$589,000
65 Summit Avenue, West Warwick, RI 02893
Two-family residence with separate apartment access and versatile finished lower-level space.
Property Size2,322 SF
Price / SF$253.66
Days on Market9
Property Features for 65 Summit Avenue
General Information
Standard status
Active
Size
2,322 SF
Property subtype
MultiFamily
Occupancy
100%
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Amenities
side porch
front porch
separate laundry
extra storage
garage with workshop and bonus room
fenced yard
Building Details
Year Built
1890
Tenancy
Single
Listing Agency:
RE/MAX Professionals
(401) 304-4663
Listed By:
Renee Fallon · License #RES.0042361
(401) 304-4663
Source:
Lockandkeyre
Added: Aug 24
Changed: Aug 31
Last Checked: Aug 31 at 3:41PM
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 RE/MAX Professionals
Investment Insights
Based on property information with market context.
This 1890-built duplex combines a primary residence with a separate second-level apartment. The first floor measures 1,190 square feet and includes an updated kitchen with granite countertops, an island, breakfast nook, and stainless steel appliances, along with dining and living rooms, a primary bedroom, hardwood flooring, a full bath with claw-foot tub, and porch access.
The finished lower level measures 1,132 square feet and is reached from the first floor or through an exterior entrance. It includes a full bath, two additional rooms, laundry and utility areas, and storage. The 1,132-square-foot second-floor apartment has a private entry and separate utilities, plus an eat-in kitchen, three bedrooms, living room, full bath, and laundry.
An oversized garage adds a workshop, storage, and finished bonus room above. The property also includes vinyl windows, two separate driveways, a fenced yard, and a roof described as 10 years young. Located at 65 Summit Avenue in West Warwick, Rhode Island.
The finished lower level measures 1,132 square feet and is reached from the first floor or through an exterior entrance. It includes a full bath, two additional rooms, laundry and utility areas, and storage. The 1,132-square-foot second-floor apartment has a private entry and separate utilities, plus an eat-in kitchen, three bedrooms, living room, full bath, and laundry.
An oversized garage adds a workshop, storage, and finished bonus room above. The property also includes vinyl windows, two separate driveways, a fenced yard, and a roof described as 10 years young. Located at 65 Summit Avenue in West Warwick, Rhode Island.
Key Highlights
- 1,132‑square‑foot second‑floor apartment with private entry and separate utilities
- 1,190‑square‑foot first floor with updated kitchen, granite counters, island, and stainless steel appliances
- Finished 1,132‑square‑foot lower level with full bath, two rooms, laundry, utility, and storage areas
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
$33,738
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
5.73%
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%
$674,760
$674.8K
Cap Rate 7%
$481,971
$482.0K
Cap Rate 9%
$374,867
$374.9K
Market Conditions
NOI Build-Up for 2,322 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
$51.5K $22.20/SF
− Vacancy
−$3.4K −$1.44/SF
EGI
$48.2K $20.76/SF
− OpEx
−$14.5K −$6.23/SF
NOI
$33.7K $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 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%
$674,760
Cap Rate 7%
$481,971
Cap Rate 9%
$374,867
Alternative Uses
Best Use
Multifamily LT 5
$482.0K
$421.7K – $562.3K
NOI $33,738 @ 7.0% cap · market cap 5.73%
Second Best
Apartment 5plus
$442.8K
$387.4K – $516.6K
NOI $30,994 @ 7.0% cap · market cap 5.26%
Theoretical Best
Specialty Retail
$581.6K
$508.9K – $678.5K
NOI $40,709 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Single-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
208
Businesses Nearby
Explore this area
Business Placement
Demographics for 02893, RI
31,030
Population
15,103
Households
2.1
Avg Household Size
41
Median Age
25%
College-Educated
90%
High-School Grad
7.8 sq mi
ZIP Area
3,978
Density / Sq Mi
$73,903
Median Household Income
$49,087
Median Earnings
$1,249
Median Rent
$293,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family residence with separate apartment access and versatile finished lower-level space.
Where is this duplex located?
The property is located at 65 Summit Avenue West Warwick, RI.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: 1,132‑square‑foot second‑floor apartment with private entry and separate utilities; 1,190‑square‑foot first floor with updated kitchen, granite counters, island, and stainless steel appliances; Finished 1,132‑square‑foot lower level with full bath, two rooms, laundry, utility, and storage areas
