9-Unit Renovated Apartment
For Sale
$1,400,000
82 Pond Street, West Warwick, RI 02893
Renovated multifamily property with varied unit layouts, individual heating systems, and an adjoining land parcel.
Property Size7,896 SF
Price / SF$177.30
Days on Market14
Property Features for 82 Pond Street
General Information
Standard status
Active
Size
7,896 SF
Property subtype
General Commercial
Financials
Asking Price
$1,400,000
Gross Income
$171,420
Units
Unit Mix
3 x 3BR, 3 x 2BR, 2 x 1BR, 1 x studio
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$18,217
Amenities
3
9 Parking Spaces.
Building Details
Year Built
1900
Buildings
1
Listing Agency:
New England Apartment Group
(508) 330-0325
Listed By:
John Slyman
(508) 330-0325
Source:
Xome
Added: Jul 26
Changed: Aug 3
Last Checked: Aug 7 at 1:13AM
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 New England Apartment Group
Investment Insights
Based on property information with market context.
Located at 82 Pond Street in West Warwick, this 7,896-square-foot apartment building contains nine residential units with a varied mix: three 3-bedroom units, three 2-bedroom units, two 1-bedroom units, and one studio. The property was built in 1900 and has undergone extensive renovation, including fresh interior paint, rebuilt porch work, new gutters, and a new fire alarm system.
Eight units have brand-new individual heating systems, while lead certificates are in place for all nine units. Residents pay their own utilities. The sale also includes an adjoining parcel of land and on-site parking, providing additional outdoor property area alongside the apartment building.
Eight units have brand-new individual heating systems, while lead certificates are in place for all nine units. Residents pay their own utilities. The sale also includes an adjoining parcel of land and on-site parking, providing additional outdoor property area alongside the apartment building.
Key Highlights
- Nine‑unit apartment building with 7,896 square feet
- Unit mix includes three 3‑bedroom, three 2‑bedroom, two 1‑bedroom units, and one studio
- Eight brand‑new individual heating units
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
$105,397
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
7.53%
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%
$2,107,940
$2.1M
Cap Rate 7%
$1,505,671
$1.5M
Cap Rate 9%
$1,171,078
$1.2M
Market Conditions
NOI Build-Up for 7,896 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
$205.6K $26.04/SF
− Vacancy
−$14.0K −$1.77/SF
EGI
$191.6K $24.27/SF
− OpEx
−$86.2K −$10.92/SF
NOI
$105.4K $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%
$2,107,940
Cap Rate 7%
$1,505,671
Cap Rate 9%
$1,171,078
Alternative Uses
Best Use
Apartment 5plus
$1.51M
$1.32M – $1.76M
NOI $105,397 @ 7.0% cap · market cap 7.53%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.98M
$1.73M – $2.31M
NOI $138,433 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
637
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated multifamily property with varied unit layouts, individual heating systems, and an adjoining land parcel.
Where is this apartment building located?
The property is located at 82 Pond Street West Warwick, RI.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Nine‑unit apartment building with 7,896 square feet; Unit mix includes three 3‑bedroom, three 2‑bedroom, two 1‑bedroom units, and one studio; Eight brand‑new individual heating units
