5-Unit Apartment
For Sale
$833,000
8 Highview Avenue, Hopkinton, RI 02832
Commercial/Business,Commercial Sale, Hopkinton, RI
Property Size3,597 SF
Lot Size0.80 Acres
Price / SF$231.58
Days on Market23
Property Features for 8 Highview Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R-1
Rooms
Basement
Parking
12
Interior features
Ceiling Height (7 to 9 Ft)
Basement
Dirt Floor
Subdivision
Hope Valley
Lot features
Corner, Wooded, Suburban
Standard status
Active
Size
3,597 SF
Lot size
0.80 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7546
Utilities
Sewer type
Septic Tank
Heating system
Baseboard, Zoned
Water source
Private, Well
Building Details
Year built
1840
Floors in Building
3
Number of units
5
Building materials
Frame
Listing Agency:
Re/Max Real Estate Center · RE/MAX International
(401) 823-7600
Listed By:
David Tatangelo · License #S29833
(401) 465-0263
Added: Aug 1
Changed: Aug 19
Last Checked: Aug 23 at 3:06PM
MLS# 1419686
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.
This 5-unit apartment property at 8 Highview Avenue includes 3,597 square feet on a 0.8-acre lot. Two residences have undergone complete renovations, while the building also benefits from vinyl siding, replacement windows, updated electrical service, and an architectural roof. The property is Lead Certified and compliant with hardwired fire-code requirements. Baseboard heating is zoned, and the structure includes basement space.
The property is served by a private well and septic tank and provides off-street parking. Constructed in 1840 with frame construction, it is located in Hopkinton, Rhode Island, within Washington County. R-1 zoning and the existing five-residence configuration define the property's current multifamily use.
The property is served by a private well and septic tank and provides off-street parking. Constructed in 1840 with frame construction, it is located in Hopkinton, Rhode Island, within Washington County. R-1 zoning and the existing five-residence configuration define the property's current multifamily use.
Key Highlights
- Five‑unit apartment property with 3,597 square feet
- 0.8‑acre lot in Hopkinton, RI
- Two of five units completely refurbished
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
$37,862
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
4.55%
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%
$757,240
$757.2K
Cap Rate 7%
$540,886
$540.9K
Cap Rate 9%
$420,689
$420.7K
Market Conditions
NOI Build-Up for 3,597 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
$72.1K $20.04/SF
− Vacancy
−$3.2K −$0.90/SF
EGI
$68.8K $19.14/SF
− OpEx
−$31.0K −$8.61/SF
NOI
$37.9K $10.53/SF
Area
Washington County, RI
Vacancy
4.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
45.00%
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%
$757,240
Cap Rate 7%
$540,886
Cap Rate 9%
$420,689
Alternative Uses
Best Use
Apartment 5plus
$540.9K
$473.3K – $631.0K
NOI $37,862 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$718.7K
$628.9K – $838.5K
NOI $50,308 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
88
Businesses Nearby
Explore this area
Business Placement
Demographics for 02832, RI
4,887
Population
2,170
Households
2.3
Avg Household Size
47
Median Age
36%
College-Educated
91%
High-School Grad
24.8 sq mi
ZIP Area
197
Density / Sq Mi
$101,225
Median Household Income
$46,394
Median Earnings
$1,114
Median Rent
$391,100
Median Home Value
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?
Apartment building - Lead-certified multifamily property with two updated residences, off-street parking, and R-1 zoning.
Where is this apartment building located?
The property is located at 8 Highview Avenue Hopkinton, RI.
What is the asking price?
The asking price for this property is $833,000.
What are key features of this property?
This property features: Five‑unit apartment property with 3,597 square feet; 0.8‑acre lot in Hopkinton, RI; Two of five units completely refurbished
