Renovated Duplex with Hardwood
New
For Sale
$589,900
69 Hull Street, Warwick, RI 02888
Updated two-family property with separate living spaces, refreshed finishes, and flexible owner-occupant or rental use.
Property Size3,114 SF
Price / SF$189.43
Days on Market5
Property Features for 69 Hull Street
General Information
Standard status
Active
Size
3,114 SF
Property subtype
MultiFamily
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Amenities
stainless steel appliances
in-unit washer/dryer
tile kitchen and baths
refinished hardwood floors
Building Details
Year Built
1915
Buildings
1
Listing Agency:
Oakmont Realty Group
(401) 230-9342
Listed By:
Curran Keough · License #REC.0018940
(401) 230-9342
Source:
Lockandkeyre
Added: Aug 28
Changed: Aug 31
Last Checked: Aug 31 at 2:15PM
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 Oakmont Realty Group
Investment Insights
Based on property information with market context.
Built in 1915, this renovated duplex contains two separate residential units, each arranged with three bedrooms and one full bathroom. Across the property, improvements include refinished hardwood flooring, stainless steel appliances, and tiled kitchen and bathroom areas. The second-floor unit also includes an in-unit washer and dryer.
The property provides six bedrooms and two full bathrooms in total, with bright living areas and distinct unit layouts. The first-floor residence has a long-term tenant, while the second-floor unit is represented in the available photographs. Its two-unit configuration supports separate household occupancy and rental use within the same property.
The property provides six bedrooms and two full bathrooms in total, with bright living areas and distinct unit layouts. The first-floor residence has a long-term tenant, while the second-floor unit is represented in the available photographs. Its two-unit configuration supports separate household occupancy and rental use within the same property.
Key Highlights
- Two separate residential units with 3 bedrooms and 1 full bathroom each
- Renovated interiors with refinished hardwood floors
- Stainless steel appliances included
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
$45,246
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
7.67%
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%
$904,920
$904.9K
Cap Rate 7%
$646,371
$646.4K
Cap Rate 9%
$502,733
$502.7K
Market Conditions
NOI Build-Up for 3,114 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
$69.1K $22.20/SF
− Vacancy
−$4.5K −$1.44/SF
EGI
$64.6K $20.76/SF
− OpEx
−$19.4K −$6.23/SF
NOI
$45.2K $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%
$904,920
Cap Rate 7%
$646,371
Cap Rate 9%
$502,733
Alternative Uses
Best Use
Multifamily LT 5
$646.4K
$565.6K – $754.1K
NOI $45,246 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$593.8K
$519.6K – $692.8K
NOI $41,566 @ 7.0% cap · market cap 7.05%
Theoretical Best
Specialty Retail
$779.9K
$682.4K – $909.9K
NOI $54,595 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
353
Businesses Nearby
Explore this area
Business Placement
Demographics for 02888, RI
19,578
Population
9,117
Households
2.1
Avg Household Size
46
Median Age
32%
College-Educated
96%
High-School Grad
5.9 sq mi
ZIP Area
3,318
Density / Sq Mi
$88,750
Median Household Income
$55,561
Median Earnings
$1,218
Median Rent
$318,100
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 - Updated two-family property with separate living spaces, refreshed finishes, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 69 Hull Street Warwick, RI.
What is the asking price?
The asking price for this property is $589,900.
What are key features of this property?
This property features: Two separate residential units with 3 bedrooms and 1 full bathroom each; Renovated interiors with refinished hardwood floors; Stainless steel appliances included
