Updated Apartment
For Sale
$549,900
Pending
8 Snells Ct, West Warwick, RI 02893
Multi-unit property with separate utilities, basement laundry, and vacant units available for occupancy.
Property Size2,989 SF
Days on Market44
Property Features for 8 Snells Ct
General Information
Standard status
Pending
Size
2,989 SF
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
the exterior needs siding to be compliant
Taxes and HOA fees
Annual Taxes
$4,177
Amenities
coin operated washer dryer
Listing Agency:
RE/MAX Real Estate Center
(401) 439-8507
Listed By:
Mary Lyons
(401) 439-8507
Source:
Exprealty
Added: Jul 17
Changed: Aug 22
Last Checked: Aug 28 at 2:16PM
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 RE/MAX Real Estate Center
Investment Insights
Based on property information with market context.
This apartment building at 8 Snells Ct includes two three-unit apartment sections and a third-floor two-bedroom apartment. The units are described as spacious and updated, with lead-safe interiors. Units 1 and 2 are vacant and ready for occupancy, while separate utilities serve the apartments. A coin-operated washer and dryer are located in the basement.
The property is situated at the end of a dead-end street in West Warwick, Rhode Island. Exterior siding is needed to meet compliance requirements, providing an identified exterior improvement item for the next owner.
The property is situated at the end of a dead-end street in West Warwick, Rhode Island. Exterior siding is needed to meet compliance requirements, providing an identified exterior improvement item for the next owner.
Key Highlights
- Two three‑unit apartment sections plus a third‑floor two‑bedroom apartment
- 2,989 square feet of property size
- Units 1 and 2 are vacant and ready for occupancy
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
$39,897
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
7.26%
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%
$797,940
$797.9K
Cap Rate 7%
$569,957
$570.0K
Cap Rate 9%
$443,300
$443.3K
Market Conditions
NOI Build-Up for 2,989 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
$77.8K $26.04/SF
− Vacancy
−$5.3K −$1.77/SF
EGI
$72.5K $24.27/SF
− OpEx
−$32.6K −$10.92/SF
NOI
$39.9K $13.35/SF
Area
Kent County, RI
Vacancy
6.80%
Lease Rate
$26.04 /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%
$797,940
Cap Rate 7%
$569,957
Cap Rate 9%
$443,300
Alternative Uses
Best Use
Apartment 5plus
$570.0K
$498.7K – $665.0K
NOI $39,897 @ 7.0% cap · market cap 7.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$748.6K
$655.0K – $873.4K
NOI $52,403 @ 7.0% cap · market cap 9.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
235
Businesses Nearby
Explore this area
Business Placement
Demographics for 02893, RI
31,030
Population
15,103
Households
2.1
Avg Household Size
41
Median Age
25%
College-Educated
90%
High-School Grad
7.8 sq mi
ZIP Area
3,978
Density / Sq Mi
$73,903
Median Household Income
$49,087
Median Earnings
$1,249
Median Rent
$293,100
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 - Multi-unit property with separate utilities, basement laundry, and vacant units available for occupancy.
Where is this apartment building located?
The property is located at 8 Snells Ct West Warwick, RI.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Two three‑unit apartment sections plus a third‑floor two‑bedroom apartment; 2,989 square feet of property size; Units 1 and 2 are vacant and ready for occupancy
