Historic Four-Unit
New
For Sale
$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 Market2
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
Basement, Bedroom 2, Bathroom 1, Bedroom 6, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 4, Bathroom 4, Bedroom 5
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
Storage Space, Unfinished, Full
Appliances
Gas Water Heater, Tankless Water Heater, Oven/Range, Refrigerator
Subdivision
Historic Waterfront District
Lot features
Local Historic District, Out Building, Sidewalks
Standard status
Active
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
Last Checked: Aug 27 at 5:06AM
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.
The Shubael Mason House is a four-unit multifamily property built in 1780, with 4,294 square feet on 0.14 acres. The Colonial-style building includes four generously sized residences, each with a deck or porch. Interior features include parquet and hardwood flooring, plaster and drywall finishes, public water and sewer, natural-gas heating, window-unit cooling, and a mix of gas and tankless water heating. Appliances include oven/ranges and refrigerators. The property is zoned VB and currently has rental income in place, with each unit responsible for its own utilities.
Located at 77 Water Street in Warren’s Waterfront Historic District and National Register district, the property is one block from the water and near independent shops, restaurants, galleries, and cafes. It abuts the restored American Tourister Mill building and the public waterfront walkway. The East Bay Bikepath and a bus stop are nearby, while Providence is approximately 15 minutes away by car and the airport is approximately 25 minutes away. Flood insurance is not required.
Located at 77 Water Street in Warren’s Waterfront Historic District and National Register district, the property is one block from the water and near independent shops, restaurants, galleries, and cafes. It abuts the restored American Tourister Mill building and the public waterfront walkway. The East Bay Bikepath and a bus stop are nearby, while Providence is approximately 15 minutes away by car and the airport is approximately 25 minutes away. Flood insurance is not required.
Key Highlights
- Four‑unit multifamily property with 4,294 square feet
- Built in 1780 on 0.14 acres
- Each unit includes a deck or porch
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
$72,509
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
8.10%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residences include private outdoor space and separately paid 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 $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 0.14 acres; Each unit includes a deck or porch
