3-Unit Triplex with Hardwood
New
For Sale
$599,900
7 Broad Street, Warwick, RI 02888
The ground-floor apartment will be vacant at transfer, while two upper-level units offer separate residential accommodation.
Property Size3,824 SF
Price / SF$156.88
Days on Market6
Property Features for 7 Broad Street
General Information
Standard status
Active
Size
3,824 SF
Property subtype
MultiFamily
Additional Details
Multifamily Units
3
Amenities
hardwood floors
washer/dryer hookups
Building Details
Year Built
1900
Buildings
1
Listing Agency:
RE/MAX ONE
(401) 943-6111
Listed By:
Jay Rezendes · License #RES.0035367
(401) 639-3914
Source:
Lockandkeyre
Added: Oct 1
Changed: Oct 4
Last Checked: Oct 5 at 7:15PM
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 RE/MAX ONE
Investment Insights
Based on property information with market context.
This 3,824-square-foot triplex, built in 1900, contains three apartments. The ground-floor unit is expected to be vacant at closing; the other two occupy the upper floors. Interiors feature hardwood flooring and generously sized bedrooms, with sloped ceilings adding character to the top-floor apartment. The common hallways are clean, and the units are described as well maintained with mid-range updates.
Each apartment has its own heating system, electrical panel, hot water tank and washer/dryer hookups. Steam heat serves the first and second floors; the third unit’s heat is supplemented by space heaters. Hot water tanks are 8, 2 and 1 years old. Other property features include upgraded electrical meters and outlets, vinyl siding, an architectural roof, a dry walkout basement and a yard.
Each apartment has its own heating system, electrical panel, hot water tank and washer/dryer hookups. Steam heat serves the first and second floors; the third unit’s heat is supplemented by space heaters. Hot water tanks are 8, 2 and 1 years old. Other property features include upgraded electrical meters and outlets, vinyl siding, an architectural roof, a dry walkout basement and a yard.
Key Highlights
- 3,824‑square‑foot triplex with three apartments
- Ground‑floor unit expected to be vacant at closing
- Each unit has a separate heating system, electrical panel, hot water tank and washer/dryer hookups
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,043
Cap Rate
8.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,020,860
$1.0M
Cap Rate 7%
$729,186
$729.2K
Cap Rate 9%
$567,144
$567.1K
Market Conditions
NOI Build-Up for 3,824 SF
Gross rent
$99.6K $26.04/SF
− Vacancy
−$6.8K −$1.77/SF
EGI
$92.8K $24.27/SF
− OpEx
−$41.8K −$10.92/SF
NOI
$51.0K $13.35/SF
Area
Kent County, RI
Vacancy
6.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,020,860
Cap Rate 7%
$729,186
Cap Rate 9%
$567,144
Alternative Uses
Best Use
Multifamily LT 5
$793.7K
$694.5K – $926.0K
NOI $55,562 @ 7.0% cap · market cap 9.26%
Second Best
Apartment 5plus
$729.2K
$638.0K – $850.7K
NOI $51,043 @ 7.0% cap · market cap 8.51%
Theoretical Best
Specialty Retail
$957.7K
$838.0K – $1.12M
NOI $67,042 @ 7.0% cap · market cap 11.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
642
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - The ground-floor apartment will be vacant at transfer, while two upper-level units offer separate residential accommodation.
Where is this triplex located?
The property is located at 7 Broad Street Warwick, RI.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 3,824‑square‑foot triplex with three apartments; Ground‑floor unit expected to be vacant at closing; Each unit has a separate heating system, electrical panel, hot water tank and washer/dryer hookups
