7-Unit Apartment
For Sale
$2,500,000
80 Briarwood Avenue, Middletown, RI 02842
Multifamily property with varied apartment layouts, off-street parking, and coastal views near Easton's Beach.
Property Size5,993 SF
Lot Size0.50 Acres
Price / SF$417.15
Days on Market8
Property Features for 80 Briarwood Avenue
General Information
Standard status
Active
Size
5,993 SF
Lot size
0.50 Acres
Property subtype
Commercial
Units
Unit Mix
1 x 4BR townhouse style apartment, 1 x studio, 3 x 1BR, 2 x 2BR
Multifamily Units
7
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1880
Listing Agency:
Williams & Stuart Real Estate
(401) 847-4800
Listed By:
Barbara Jagolinzer · License #REB.0013531
(401) 345-6666
Source:
Lockandkeyre
Added: Sep 17
Changed: Sep 23
Last Checked: Sep 22 at 4:41PM
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 Williams & Stuart Real Estate
Investment Insights
Based on property information with market context.
This 7-unit multifamily property includes a four-bedroom townhouse-style apartment, one studio, three one-bedroom apartments, and two two-bedroom apartments. The approximately 5,993-square-foot property was built in 1880 and is arranged across two adjoining lots totaling approximately 0.5 acres. Generous off-street parking and elevated views toward the beach add practical and physical appeal.
Located at 80 Briarwood Avenue in Middletown, the property is near Newport's Easton's Beach and within walking distance of St. George's School. Building services include natural gas heat, town water, and town sewer, supporting an established residential income property configuration with a broad unit mix.
Located at 80 Briarwood Avenue in Middletown, the property is near Newport's Easton's Beach and within walking distance of St. George's School. Building services include natural gas heat, town water, and town sewer, supporting an established residential income property configuration with a broad unit mix.
Key Highlights
- 7‑unit multifamily property with a varied apartment mix
- Unit mix includes one 4‑bedroom townhouse, one studio, three 1‑bedroom, and two 2‑bedroom apartments
- Approximately 5,993 square feet on two adjoining lots totaling approximately 0.5 acres
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
$89,020
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
3.56%
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%
$1,780,400
$1.8M
Cap Rate 7%
$1,271,714
$1.3M
Cap Rate 9%
$989,111
$989.1K
Market Conditions
NOI Build-Up for 5,993 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
$174.0K $29.04/SF
− Vacancy
−$12.2K −$2.03/SF
EGI
$161.9K $27.01/SF
− OpEx
−$72.8K −$12.15/SF
NOI
$89.0K $14.85/SF
Area
Newport County, RI
Vacancy
7.00%
Lease Rate
$29.04 /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%
$1,780,400
Cap Rate 7%
$1,271,714
Cap Rate 9%
$989,111
Alternative Uses
Best Use
Apartment 5plus
$1.27M
$1.11M – $1.48M
NOI $89,020 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.43M
$1.25M – $1.67M
NOI $100,096 @ 7.0% cap · market cap 4.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
171
Businesses Nearby
Explore this area
Business Placement
Demographics for 02842, RI
17,115
Population
8,255
Households
2.1
Avg Household Size
43
Median Age
49%
College-Educated
96%
High-School Grad
12.5 sq mi
ZIP Area
1,369
Density / Sq Mi
$97,650
Median Household Income
$47,307
Median Earnings
$1,906
Median Rent
$536,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Apartment building - Multifamily property with varied apartment layouts, off-street parking, and coastal views near Easton's Beach.
Where is this apartment building located?
The property is located at 80 Briarwood Avenue Middletown, RI.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 7‑unit multifamily property with a varied apartment mix; Unit mix includes one 4‑bedroom townhouse, one studio, three 1‑bedroom, and two 2‑bedroom apartments; Approximately 5,993 square feet on two adjoining lots totaling approximately 0.5 acres
