Turnkey Two-Family Home Near
4 James Street Middletown, RI 02842
For Sale
$1,800,000
MULTI_FAMILY - Middletown, RI
Property Size5,144 SF
Lot Size0.25 Acres
Price / SF$349.92
Days on Market307
Property Features for 4 James Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 7
- Bathrooms
- 6
- Rooms
- Bathroom 4, Bedroom 2, Bathroom 5, Bathroom 6, Bedroom 6, Bathroom 3, Bedroom 3, Bedroom 5, Bedroom 1, Bedroom 7, Bathroom 2, Bedroom 4, Bathroom 1, Basement
- Parking
- 9
- Patio and Porch features
- Deck, Porch
- Interior features
- Wall (Dry Wall), Wall (Plaster), Insulation (Unknown)
- Exterior features
- Deck, Porch
- Fireplace
- 1
- Basement
- Storage Space, Partial, Unfinished
- Appliances
- Electric Water Heater
- Standard status
- Active
- Size
- 5,144 SF
- Lot size
- 0.25 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 12644
Utilities
- Heating system
- Central, Oil, Forced Air
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1956
- Floors in Building
- 3
- Number of units
- 2
- Flooring type
- Vinyl, Hardwood, Laminate
- Building materials
- Dry Wall, Plaster
Listing Agency:
Teri Degnan Re & Consulting
(401) 619-8222
Listed By:
Teri Degnan
(401) 474-9191
Added: Sep 23, 2025
Changed: Jul 23
Last Checked: Jul 26 at 4:06AM
MLS# 1394661
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 turnkey two-family home, suitable as a family compound or investment property, has been completely upgraded and is located on Easton's Point, within walking distance of the beach. The property features 8 bedrooms, including 2 ensuite bedrooms, and 6 bathrooms. Upgrades include updated bathrooms, central A/C, two kitchens, new floors, and two laundry areas with washers and dryers. All furniture is included in the sale. Additional features include an attached garage, a deck, a private and flat backyard, and parking space for at least 8 cars. The floor plans allow for flexible customization of the size of each rental unit, or the space can be split according to preference for personal use and a rental unit. A large unfinished basement provides ample storage space and may allow for the addition of a finished living space or recreation room. The property, which sits on a 0.25-acre lot, may be converted back to single-family use. The property is currently rented seasonally until May 2026, with no bookings beyond that date. A short-term rental registration is in place, and Airbnb summer rentals have been highly successful. The property size is 5144 square feet.
Key Highlights
- Turnkey two‑family home with 8 bedrooms and 6 bathrooms; 2 bedrooms are ensuite
- Central A/C and forced‑air heating with an electric water heater
- Two kitchens, plus laundry with two washer/dryer sets included
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 | $131.5k | $25.56 |
| − Vacancy | −$8.7k | −$1.70 |
| EGI | $122.7k | $23.86 |
| − OpEx | −$36.8k | −$7.16 |
| NOI | $85.9k | $16.70 |
5,144 SF · lease $25.56/SF/yr · vacancy 6.65% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.23M
$1.07M – $1.43M
NOI $85,916 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$1.09M
$955.1K – $1.27M
NOI $76,409 @ 7.0% cap · market cap 4.24%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Updated two-family home near Easton's Point, walking distance to beach.
Where is this duplex located?
The property is located at 4 James Street Middletown, RI.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Turnkey two‑family home with 8 bedrooms and 6 bathrooms; 2 bedrooms are ensuite; Central A/C and forced‑air heating with an electric water heater; Two kitchens, plus laundry with two washer/dryer sets included
