Two-Unit Property with
For Sale
$475,000
53 Tower Street, Westerly, RI 02891
Residential Income, Westerly, RI
Property Size1,357 SF
Lot Size0.42 Acres
Price / SF$350.04
Days on Market41
Property Features for 53 Tower Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res/MF
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 4, Basement, Bathroom 2
Parking
8
Parking features
Open
Patio and Porch features
Deck, Porch
Interior features
Attic, Attic Stairs, Attic Storage, Stairs, Plumbing (Mixed), Insulation (Ceiling)
Exterior features
Deck, Porch
Basement
Full, Unfinished, Storage Space
Appliances
Dishwasher, Range Hood
Lot features
Corner Lot, Fenced, Out Building, Paved Driveway, Sidewalks
Standard status
Active
Size
1,357 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2500
Utilities
Sewer type
Public Sewer
Heating system
Oil
Cooling system
Window Unit(s)
Building Details
Year built
1902
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Vinyl
Building materials
Shingles, Vinyl Siding
Additional Structures
Storage
Listing Agency:
Www.Homezu.Com
(877) 249-5478
Listed By:
Jason Saphire · License #0818954
(877) 249-5478
Added: Jul 22
Changed: Aug 20
Last Checked: Aug 31 at 9:06AM
MLS# 1418684
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.
Built in 1902, this duplex contains two residential units, each arranged with two bedrooms and one updated bathroom. The property includes a two-car garage, three paved parking areas, a deck, and a porch. Vinyl siding and windows are reported to be in good condition, while interior features include hardwood and vinyl flooring, attic storage, mixed plumbing, ceiling insulation, oil heat, and window-unit cooling. Public sewer serves the property, which is offered as-is.
Set on 0.4177 acres at 53 Tower Street in Westerly, the property has two paved parking areas along Tower Street and a driveway leading directly to the garage from the Thompson Avenue side. Res/MF zoning is identified in the property information. A possible third-floor unit is noted, subject to review by the new owner and applicable zoning requirements.
Set on 0.4177 acres at 53 Tower Street in Westerly, the property has two paved parking areas along Tower Street and a driveway leading directly to the garage from the Thompson Avenue side. Res/MF zoning is identified in the property information. A possible third-floor unit is noted, subject to review by the new owner and applicable zoning requirements.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 updated bathroom in each unit
- Two‑car garage with driveway access from the Thompson Avenue side
- 0.4177‑acre property at 53 Tower Street, Westerly, RI 02891
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
$16,368
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
3.45%
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%
$327,360
$327.4K
Cap Rate 7%
$233,829
$233.8K
Cap Rate 9%
$181,867
$181.9K
Market Conditions
NOI Build-Up for 1,357 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
$24.4K $18.00/SF
− Vacancy
−$1.0K −$0.77/SF
EGI
$23.4K $17.23/SF
− OpEx
−$7.0K −$5.17/SF
NOI
$16.4K $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%
$327,360
Cap Rate 7%
$233,829
Cap Rate 9%
$181,867
Alternative Uses
Best Use
Multifamily LT 5
$233.8K
$204.6K – $272.8K
NOI $16,368 @ 7.0% cap · market cap 3.45%
Second Best
Apartment 5plus
$204.1K
$178.6K – $238.1K
NOI $14,284 @ 7.0% cap · market cap 3.01%
Theoretical Best
Healthcare Medical
$271.1K
$237.2K – $316.3K
NOI $18,979 @ 7.0% cap · market cap 4.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
Explore this area
Business Placement
Demographics for 02891, RI
21,803
Population
12,660
Households
1.7
Avg Household Size
50
Median Age
41%
College-Educated
94%
High-School Grad
26.3 sq mi
ZIP Area
829
Density / Sq Mi
$90,435
Median Household Income
$49,448
Median Earnings
$1,249
Median Rent
$422,600
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 - Duplex with updated bathrooms, exterior parking, and a two-car garage in Westerly.
Where is this duplex located?
The property is located at 53 Tower Street Westerly, RI.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 updated bathroom in each unit; Two‑car garage with driveway access from the Thompson Avenue side; 0.4177‑acre property at 53 Tower Street, Westerly, RI 02891
