Renovated Duplex with Two
New
For Sale
$589,900
69 Hull Street, Warwick, RI 02888
Residential Income, Warwick, RI
Property Size3,114 SF
Lot Size0.13 Acres
Price / SF$189.43
Days on Market2
Property Features for 69 Hull Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 2, Basement, Bedroom 3, Bedroom 1
Parking
4
Parking features
None
Window features
Storm Window(s)
Patio and Porch features
Porch, Patio
Interior features
Wall (Dry Wall), Wall (Plaster), Plumbing (Mixed), Insulation (Unknown)
Exterior features
Porch, Screened Pch/Patio/Dck/Brzwy
Basement
Unfinished, Full
Appliances
Electric Water Heater
Standard status
Active
Size
3,114 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6422
Utilities
Heating system
Natural Gas, Steam
Amenities
in-unit washer/dryer
stainless steel appliances
tile kitchen and baths
hardwood floors
Building Details
Year built
1915
Number of units
2
Flooring type
Hardwood, Tile - Ceramic
Building materials
Dry Wall, Plaster, Vinyl Siding
Listing Agency:
Oakmont Realty Group
(401) 234-7629
Listed By:
Curran Keough
(401) 230-9342
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 29 at 6:06PM
MLS# 1421805
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit residential property contains 3,114 square feet on a 0.13-acre lot and was built in 1915. Each apartment is described as having three bedrooms and one full bathroom, for a combined total of six bedrooms and two full bathrooms. Interior improvements include refinished hardwood flooring, ceramic tile in the kitchens and bathrooms, stainless steel appliances, and an in-unit washer and dryer on the second floor. The building also features vinyl siding, natural gas steam heat, a porch, and patio space.
Located at 69 Hull Street in Warwick, Rhode Island, the property includes a long-term tenant in the first-floor unit, while the available photographs depict the second floor. The two-apartment configuration supports a range of residential ownership and leasing arrangements, including occupancy of one unit alongside rental use of the other.
Located at 69 Hull Street in Warwick, Rhode Island, the property includes a long-term tenant in the first-floor unit, while the available photographs depict the second floor. The two-apartment configuration supports a range of residential ownership and leasing arrangements, including occupancy of one unit alongside rental use of the other.
Key Highlights
- Two separate residential units with six total bedrooms and two full bathrooms
- 3,114 square feet on a 0.13‑acre lot
- Each unit includes 3 bedrooms and 1 full bathroom
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 - Two three-bedroom apartments offer updated interiors and separate living areas.
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 six total bedrooms and two full bathrooms; 3,114 square feet on a 0.13‑acre lot; Each unit includes 3 bedrooms and 1 full bathroom
