9-Unit Apartment
84 Pond Street, West Warwick, RI 02893
For Sale
New
$1,295,000
Renovated apartments range from studio to three-bedroom layouts, and residents pay their own utilities.
Property Size7,896 SF
Price / SF$164.01
Days on Market5
Property Features for 84 Pond Street
General Information
Standard status
Size
Property subtype
Financials
Asking Price
Gross Income
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Building Details
Year Built
Buildings
Listing Agency:
New England Apartment Group
Listed By:
John Slyman · License #REB.0018441
(508) 330-0325
Source:
Lockandkeyre
Added: Nov 3
Changed: Nov 6
Last Checked: Nov 6 at 9:22AM
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
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Investment Insights
Based on property information with market context.
Built in 1900, this nine-unit apartment property offers a mix of three three-bedroom apartments, three two-bedroom apartments, two one-bedroom apartments and one studio. All units have been renovated. Improvements include eight new individual heating units, fresh paint, replacement gutters, a rebuilt porch and a new fire alarm system. Lead certificates are in place for all nine units, and tenants pay their own utilities.
The sale also includes an adjoining parcel with nine-plus parking spaces currently available.
The sale also includes an adjoining parcel with nine-plus parking spaces currently available.
Key Highlights
- Nine apartments: three 3‑bedroom, three 2‑bedroom, two 1‑bedroom and one studio
- All nine units renovated, with lead certificates in place
- Eight new individual heating units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$105,397
Cap Rate
8.14%
Suggested Prices Based on Cap Rates
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
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 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 8.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.98M
$1.73M – $2.31M
NOI $138,433 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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
Properties on Market for Apartment buildings in Kent County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated apartments range from studio to three-bedroom layouts, and residents pay their own utilities.
Where is this apartment building located?
The property is located at 84 Pond Street West Warwick, RI.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Nine apartments: three 3‑bedroom, three 2‑bedroom, two 1‑bedroom and one studio; All nine units renovated, with lead certificates in place; Eight new individual heating units
