6-Unit Apartment
New
For Sale
$650,000
50 N Main Street, Westerly, RI 02808
Residential Income, Westerly, RI
Property Size3,832 SF
Lot Size0.15 Acres
Price / SF$169.62
Days on Market2
Property Features for 50 N Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 2, Basement, Bedroom 3, Bathroom 4, Bathroom 1, Bedroom 2, Bedroom 1
Parking
6
Parking features
None
Patio and Porch features
Deck
Interior features
Stairs, Plumbing (Mixed), Insulation (Unknown)
Exterior features
Deck
Basement
Partial, Unfinished
Subdivision
Bradford
Standard status
Active
Size
3,832 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2565
Utilities
Sewer type
Septic Tank
Heating system
Forced Air, Natural Gas, Central
Building Details
Year built
1900
Floors in Building
3
Number of units
4
Flooring type
Laminate, Tile - Ceramic
Building materials
Wood
Listing Agency:
Re/Max Advantage Group · RE/MAX International
(401) 823-1500
Listed By:
Donna Kennedy · License #REB.0013385
(401) 639-6166
Added: Aug 21
Last Checked: Aug 22 at 2:06AM
MLS# 1421280
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 wood-frame apartment property contains 6 units, including 3 studios, within 3832 square feet. Built in 1900, the building includes a basement, multiple bathrooms, bedrooms, stairs, mixed plumbing, and insulation of unknown type. Interior finishes include laminate and ceramic tile flooring, while a deck provides exterior space.
The property occupies 0.15 acres at 50 N Main Street in Westerly, Rhode Island. Heating is provided by a central forced-air natural-gas system, and the property uses a septic tank. Parking is not provided on site. The seller currently pays for heat, electric, and cable service.
The property occupies 0.15 acres at 50 N Main Street in Westerly, Rhode Island. Heating is provided by a central forced-air natural-gas system, and the property uses a septic tank. Parking is not provided on site. The seller currently pays for heat, electric, and cable service.
Key Highlights
- 6 units, including 3 studios
- 3832 square feet on 0.15 acres
- Located at 50 N Main Street, Westerly, RI 02808
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
$40,336
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
6.21%
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%
$806,720
$806.7K
Cap Rate 7%
$576,229
$576.2K
Cap Rate 9%
$448,178
$448.2K
Market Conditions
NOI Build-Up for 3,832 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
$76.8K $20.04/SF
− Vacancy
−$3.5K −$0.90/SF
EGI
$73.3K $19.14/SF
− OpEx
−$33.0K −$8.61/SF
NOI
$40.3K $10.53/SF
Area
Washington County, RI
Vacancy
4.50%
Lease Rate
$20.04 /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%
$806,720
Cap Rate 7%
$576,229
Cap Rate 9%
$448,178
Alternative Uses
Best Use
Apartment 5plus
$576.2K
$504.2K – $672.3K
NOI $40,336 @ 7.0% cap · market cap 6.21%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$765.6K
$669.9K – $893.2K
NOI $53,594 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
53
Businesses Nearby
Explore this area
Business Placement
Demographics for 02808, RI
2,332
Population
1,091
Households
2.1
Avg Household Size
41
Median Age
39%
College-Educated
97%
High-School Grad
7.6 sq mi
ZIP Area
307
Density / Sq Mi
$94,712
Median Household Income
$52,582
Median Earnings
$1,182
Median Rent
$331,700
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 - Wood-frame property with a deck, forced-air natural-gas heating, and a mix of laminate and ceramic tile flooring.
Where is this apartment building located?
The property is located at 50 N Main Street Westerly, RI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 6 units, including 3 studios; 3832 square feet on 0.15 acres; Located at 50 N Main Street, Westerly, RI 02808
