Duplex with Detached
For Sale
$525,000
978 Kingstown Road, South Kingstown, RI 02879
Two residential units provide distinct kitchens, bedrooms, bathrooms, and continued income-use flexibility.
Property Size2,742 SF
Days on Market76
Property Features for 978 Kingstown Road
General Information
Standard status
Active
Size
2,742 SF
Total Parking Spaces
6
Property subtype
Multi Family Home
Zoning
R10
Taxes and HOA fees
Annual Taxes
$3,552
Building Details
Building Size
2,742 SF
Year Built
1883
Buildings
2
Stories
2
Units
2
Listing Agency:
SERHANT.
(917) 257-4302
Listed By:
The Mackinney Gold Group
(917) 257-4302
Source:
Liongatere
Added: Jun 17
Changed: Aug 31
Last Checked: Aug 31 at 5:12PM
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 SERHANT.
Investment Insights
Based on property information with market context.
Built in 1883, this two-family colonial contains 2,201 square feet of living area on .26 acres. The first residence has two bedrooms, a living room, kitchen, and full bathroom, while the upper residence offers three bedrooms, an eat-in kitchen, and a full bathroom with a clawfoot tub. A detached garage and spacious backyard add useful exterior amenities. The property is zoned R10 and is being sold as-is.
The home is located in South Kingstown near the Neighborhood Guild, with its tennis courts, classes, and children’s programming. Narragansett State Beach is approximately a ten-minute drive away, while Matunuck Atelier, Audrey’s Coffee House & Lounge, restaurants, grocery stores, pharmacies, and Old Wakefield are also nearby.
The home is located in South Kingstown near the Neighborhood Guild, with its tennis courts, classes, and children’s programming. Narragansett State Beach is approximately a ten-minute drive away, while Matunuck Atelier, Audrey’s Coffee House & Lounge, restaurants, grocery stores, pharmacies, and Old Wakefield are also nearby.
Key Highlights
- Two‑family duplex with 2,201 sq ft of living space
- Situated on .26 acres with a detached garage and backyard
- Built in 1883
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
$33,074
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
6.30%
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%
$661,480
$661.5K
Cap Rate 7%
$472,486
$472.5K
Cap Rate 9%
$367,489
$367.5K
Market Conditions
NOI Build-Up for 2,742 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
$49.4K $18.00/SF
− Vacancy
−$2.1K −$0.77/SF
EGI
$47.2K $17.23/SF
− OpEx
−$14.2K −$5.17/SF
NOI
$33.1K $12.06/SF
Area
Washington County, RI
Vacancy
4.27%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$661,480
Cap Rate 7%
$472,486
Cap Rate 9%
$367,489
Alternative Uses
Best Use
Multifamily LT 5
$472.5K
$413.4K – $551.2K
NOI $33,074 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$412.3K
$360.8K – $481.0K
NOI $28,862 @ 7.0% cap · market cap 5.50%
Theoretical Best
Healthcare Medical
$547.9K
$479.4K – $639.2K
NOI $38,350 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
596
Businesses Nearby
Explore this area
Business Placement
Demographics for 02879, RI
20,982
Population
11,959
Households
1.8
Avg Household Size
51
Median Age
59%
College-Educated
95%
High-School Grad
39.5 sq mi
ZIP Area
531
Density / Sq Mi
$115,848
Median Household Income
$56,125
Median Earnings
$1,281
Median Rent
$515,800
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?
Duplex - Two residential units provide distinct kitchens, bedrooms, bathrooms, and continued income-use flexibility.
Where is this duplex located?
The property is located at 978 Kingstown Road South Kingstown, RI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Two‑family duplex with 2,201 sq ft of living space; Situated on .26 acres with a detached garage and backyard; Built in 1883
