Four-Unit Historic Multifamily
For Sale
Under Contract
$895,000
77 Water Street, Warren, RI 02885
Residential Income, Warren, RI
Property Size4,294 SF
Lot Size0.14 Acres
Price / SF$208.43
Days on Market49
Property Features for 77 Water Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
VB
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 4, Bedroom 3, Bedroom 1, Basement, Bedroom 5, Bedroom 2, Bathroom 3, Bedroom 6, Bathroom 2, Bathroom 1
Parking
4
Parking features
None
Window features
Skylight(s)
Patio and Porch features
Porch
Interior features
Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (Unknown)
Exterior features
Porch
Fireplace
1
Basement
Unfinished, Full, Storage Space
Appliances
Oven, Range, Refrigerator, Gas Water Heater, Tankless Water Heater
Subdivision
Historic Waterfront District
Lot features
Local Historic District, Out Building, Sidewalks
Standard status
Active Under Contract
Size
4,294 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8794
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1780
Floors in Building
2
Number of units
4
Flooring type
Parquet Wood, Hardwood
Building materials
Dry Wall, Plaster, Clapboard, Shingles, Wood
Listing Agency:
Residential Properties Ltd.
(401) 245-9600
Listed By:
Paula Silva
(401) 996-9855
Added: Aug 26
Changed: Oct 12
Last Checked: Oct 13 at 9:06PM
MLS# 1421425
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.
Built in 1780, this four-unit Colonial multifamily property contains 4,294 square feet on a 0.14-acre lot. Each residence has its own deck or porch, and utilities are paid separately by the units. The property is currently occupied with rental income in place. Public water and sewer serve the building; heating is natural gas, and cooling is provided by window units. Zoning is VB.
The property is in Warren’s Waterfront Historic District and the National Register district, one block from the water. It adjoins the American Tourister Mill building and a public waterfront walkway. Shops, restaurants, galleries, and cafés are nearby, along with the East Bay Bike Path and a bus stop.
The property is in Warren’s Waterfront Historic District and the National Register district, one block from the water. It adjoins the American Tourister Mill building and a public waterfront walkway. Shops, restaurants, galleries, and cafés are nearby, along with the East Bay Bike Path and a bus stop.
Key Highlights
- Four‑unit multifamily property with 4,294 square feet
- Built in 1780 on a 0.14‑acre lot
- Each unit has its own deck or porch
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$72,509
Cap Rate
8.10%
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 8.10%
Second Best
Apartment 5plus
$930.4K
$814.1K – $1.09M
NOI $65,129 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,560 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
660
Businesses Nearby
Explore this area
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Each residence has its own deck or porch in a historic waterfront district.
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 $895,000.
What are key features of this property?
This property features: Four‑unit multifamily property with 4,294 square feet; Built in 1780 on a 0.14‑acre lot; Each unit has its own deck or porch
