Side-by-Side Duplex with
For Sale
$550,000
Pending
15 Ludlow Road, Middletown, RI 02842
MULTI_FAMILY - Middletown, RI
Property Size1,587 SF
Lot Size0.19 Acres
Days on Market59
Property Features for 15 Ludlow Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-20
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bedroom 2, Bedroom 5, Bathroom 1, Bathroom 2, Bedroom 1
Parking
4
Parking features
None
Interior features
Wall (Dry Wall), Wall (Plaster), Attic Storage, Plumbing (Copper), Plumbing (Mixed), Insulation (Ceiling)
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Subdivision
Commodore Perry Village
Lot features
Corner Lot, Out Building, Sidewalks
Standard status
Pending
Size
1,587 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4100
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Building Details
Year built
1954
Floors in Building
1
Number of units
2
Flooring type
Laminate, Vinyl
Building materials
Dry Wall, Plaster, Other Siding
Additional Structures
Storage
Listing Agency:
Re/Max Profnl. Newport, Inc. · RE/MAX International
(401) 849-0100
Listed By:
David McCauley
(401) 862-6206
Added: Jun 3
Changed: Jul 28
Last Checked: Jul 31 at 3:06AM
MLS# 1414185
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This side-by-side duplex sits on a corner lot and provides two separate single-level residences. One unit includes 2 bedrooms, while the other has 3 bedrooms, supporting a variety of household needs. Both sides are equipped with independent gas heating and electric systems, allowing separate control for comfort and day-to-day operations. The property also includes a large shed with electricity, creating additional storage and utility space.
Located in central Middletown, the home is positioned for convenient access to schools, shopping, and a bus line. The corner-lot placement further supports straightforward arrival and day-to-day usability.
For owner-occupants, the layout allows you to live in one unit while renting the other, with separate utilities maintained for each side. For investors, the property’s two distinct floor plans—2-bedroom and 3-bedroom—can support flexibility in tenant matching while keeping heating and electric systems independent. The electrically equipped shed adds practical value for storage and equipment management.
Located in central Middletown, the home is positioned for convenient access to schools, shopping, and a bus line. The corner-lot placement further supports straightforward arrival and day-to-day usability.
For owner-occupants, the layout allows you to live in one unit while renting the other, with separate utilities maintained for each side. For investors, the property’s two distinct floor plans—2-bedroom and 3-bedroom—can support flexibility in tenant matching while keeping heating and electric systems independent. The electrically equipped shed adds practical value for storage and equipment management.
Key Highlights
- 1954‑built side‑by‑side duplex on a corner lot in central Middletown
- Two unit layout: one side has 2 bedrooms; the other side has 3 bedrooms
- Single‑level living on both sides with Rooms including 2 bathrooms and 5 total bedrooms across the duplex
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.6k | $25.56 |
| − Vacancy | −$2.7k | −$1.70 |
| EGI | $37.9k | $23.86 |
| − OpEx | −$11.4k | −$7.16 |
| NOI | $26.5k | $16.70 |
1,587 SF · lease $25.56/SF/yr · vacancy 6.65% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$378.7K
$331.3K – $441.8K
NOI $26,506 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$336.8K
$294.7K – $392.9K
NOI $23,573 @ 7.0% cap · market cap 4.29%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
932
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
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 - Corner-lot duplex with separate utilities offers flexible 2- and 3-bedroom single-level living.
Where is this duplex located?
The property is located at 15 Ludlow Road Middletown, RI.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 1954‑built side‑by‑side duplex on a corner lot in central Middletown; Two unit layout: one side has 2 bedrooms; the other side has 3 bedrooms; Single‑level living on both sides with Rooms including 2 bathrooms and 5 total bedrooms across the duplex
