Three-Level Two-Family
For Sale
$695,000
78 Blackburn Street, Warwick, RI 02886
Renovated two-family residence with a detached one-car garage and flexible townhouse-style layout on the upper floors.
Property Size3,933 SF
Price / SF$176.71
Days on Market75
Property Features for 78 Blackburn Street
General Information
Standard status
Active
Size
3,933 SF
Total Parking Spaces
5
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,742
Amenities
Central Air
Electric, Oil, Steam
Exterior Entry, Full, Interior Entry, Unfinished
Gas Water Heater, Oven, Range, Refrigerator, Range Hood
Paved, Detached, Garage
Stacked
Building Details
Building Size
3,933 SF
Year Built
1915
Buildings
2
Stories
3
Tenancy
Multi
Listed By:
The Fooks Team
(401) 681-2508
Source:
Evrealestate
Added: Jun 29
Changed: Sep 8
Last Checked: Sep 10 at 5:59AM
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 The Fooks Team
Investment Insights
Based on property information with market context.
This three-level two-family home offers a configuration that can be used as a single-level rental plus a two-level townhouse on the second and third floors. The first and second floors have been completely redone, with the 1st floor featuring 2 bedrooms and 1 bathroom, including a granite kitchen and a fully renovated bathroom.
The second and third floors are designed for townhouse-style living and combine to provide over 1,900 square feet of space, with the potential for 4 bedrooms and 2 full bathrooms. The property also includes a detached one-car garage.
Located near train access and Routes 95 and 295, the upper level overlooks the inter-model district.
The second and third floors are designed for townhouse-style living and combine to provide over 1,900 square feet of space, with the potential for 4 bedrooms and 2 full bathrooms. The property also includes a detached one-car garage.
Located near train access and Routes 95 and 295, the upper level overlooks the inter-model district.
Key Highlights
- Renovated 2‑family residence built in 1915 with flexible layout: 1st floor plus a townhouse‑style setup on the 2nd and 3rd levels
- 1st floor: 2 beds, 1 bath with granite kitchen and a fully renovated bathroom
- 2nd and 3rd floors together offer over 1,900 sq ft of living space and could provide a potential 4‑bed, 2‑full‑bath townhouse configuration
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
$57,146
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
8.22%
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%
$1,142,920
$1.1M
Cap Rate 7%
$816,371
$816.4K
Cap Rate 9%
$634,956
$635.0K
Market Conditions
NOI Build-Up for 3,933 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
$87.3K $22.20/SF
− Vacancy
−$5.7K −$1.44/SF
EGI
$81.6K $20.76/SF
− OpEx
−$24.5K −$6.23/SF
NOI
$57.1K $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%
$1,142,920
Cap Rate 7%
$816,371
Cap Rate 9%
$634,956
Alternative Uses
Best Use
Multifamily LT 5
$816.4K
$714.3K – $952.4K
NOI $57,146 @ 7.0% cap · market cap 8.22%
Second Best
Apartment 5plus
$750.0K
$656.2K – $875.0K
NOI $52,498 @ 7.0% cap · market cap 7.55%
Theoretical Best
Specialty Retail
$985.0K
$861.9K – $1.15M
NOI $68,953 @ 7.0% cap · market cap 9.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,002
Businesses Nearby
Explore this area
Business Placement
Demographics for 02886, RI
29,373
Population
13,669
Households
2.1
Avg Household Size
47
Median Age
37%
College-Educated
93%
High-School Grad
15.8 sq mi
ZIP Area
1,859
Density / Sq Mi
$91,037
Median Household Income
$52,851
Median Earnings
$1,300
Median Rent
$334,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Renovated two-family residence with a detached one-car garage and flexible townhouse-style layout on the upper floors.
Where is this duplex located?
The property is located at 78 Blackburn Street Warwick, RI.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Renovated 2‑family residence built in 1915 with flexible layout: 1st floor plus a townhouse‑style setup on the 2nd and 3rd levels; 1st floor: 2 beds, 1 bath with granite kitchen and a fully renovated bathroom; 2nd and 3rd floors together offer over 1,900 sq ft of living space and could provide a potential 4‑bed, 2‑full‑bath townhouse configuration
