Historic Four-Unit
77 Water Street, Warren, RI 02885
For Sale
$850,000
Four residential units each have a private deck or porch, with tenants responsible for their own utilities.
Property Size4,294 SF
Price / SF$197.95
Days on Market74
Property Features for 77 Water Street
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Additional Details
Public Transit
Multifamily Units
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
private deck or porch
Interior Steps
Skylights
Porch
Building Details
Building Size
Year Built
Buildings
Stories
Units
Construction
Listing Agency:
Residential Properties Ltd.
(401) 245-9600
Listed By:
Paula Silva
(401) 996-9855
Source:
Caldwellrealtyri
Added: Aug 26
Changed: Nov 6
Last Checked: Nov 6 at 10:13PM
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.
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Investment Insights
Based on property information with market context.
The Shubael Mason House is a four-unit Colonial multifamily property built circa 1780. Each unit has its own deck or porch, and residents pay their own utilities. The building contains 4,294 square feet and is located within the Waterfront Historic District and a National Register district.
At 77 Water Street in Warren, the property is one block from the water and near independent shops, restaurants, galleries, and cafés. The American Tourister Mill building and public waterfront walkway are adjacent. The Eastbay Bikepath and a bus stop are also nearby. The listing notes drive times of 15 minutes to Providence and 25 minutes to the airport, New Bedford ferries, and Cape destinations.
At 77 Water Street in Warren, the property is one block from the water and near independent shops, restaurants, galleries, and cafés. The American Tourister Mill building and public waterfront walkway are adjacent. The Eastbay Bikepath and a bus stop are also nearby. The listing notes drive times of 15 minutes to Providence and 25 minutes to the airport, New Bedford ferries, and Cape destinations.
Key Highlights
- Four‑unit multifamily property built in 1780
- 4,294‑square‑foot Colonial in the Waterfront Historic District and a National Register district
- Each unit has its own deck or porch
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$72,509
Cap Rate
8.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,450,180
$1.5M
Cap Rate 7%
$1,035,843
$1.0M
Cap Rate 9%
$805,656
$805.7K
Market Conditions
NOI Build-Up for 4,294 SF
Gross rent
$110.8K $25.80/SF
− Vacancy
−$7.2K −$1.68/SF
EGI
$103.6K $24.12/SF
− OpEx
−$31.1K −$7.24/SF
NOI
$72.5K $16.89/SF
Area
Bristol County, RI
Vacancy
6.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,450,180
Cap Rate 7%
$1,035,843
Cap Rate 9%
$805,656
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$906.4K – $1.21M
NOI $72,509 @ 7.0% cap · market cap 8.53%
Second Best
Apartment 5plus
$930.4K
$814.1K – $1.09M
NOI $65,129 @ 7.0% cap · market cap 7.66%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,560 @ 7.0% cap · market cap 11.83%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
660
Businesses Nearby
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Business Placement
Demographics for 02885, RI
11,147
Population
5,546
Households
2
Avg Household Size
47
Median Age
36%
College-Educated
90%
High-School Grad
6.2 sq mi
ZIP Area
1,798
Density / Sq Mi
$89,722
Median Household Income
$53,980
Median Earnings
$1,253
Median Rent
$363,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units each have a private deck or porch, with tenants responsible for their own utilities.
Where is this quadplex located?
The property is located at 77 Water Street Warren, RI.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Four‑unit multifamily property built in 1780; 4,294‑square‑foot Colonial in the Waterfront Historic District and a National Register district; Each unit has its own deck or porch
