Triplex with Two-Car
For Sale
Under Contract
$620,900
68 Beach Street, Westerly, RI 02891
MULTI_FAMILY - Westerly, RI
Property Size3,892 SF
Lot Size0.21 Acres
Price / SF$159.53
Days on Market64
Property Features for 68 Beach Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bathroom 1, Bathroom 3, Bathroom 2, Bedroom 1, Bedroom 4, Basement, Bedroom 3, Bedroom 2
Parking
9
Patio and Porch features
Deck, Porch
Interior features
Plumbing (Mixed), Insulation (Unknown)
Exterior features
Deck, Porch
Basement
Full, Unfinished
Appliances
Gas Water Heater
Standard status
Active Under Contract
Size
3,892 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3528
Utilities
Heating system
Natural Gas
Cooling system
Window Unit(s)
Building Details
Year built
1919
Floors in Building
3
Number of units
3
Flooring type
Laminate, Hardwood
Building materials
Shingles, Vinyl Siding
Listing Agency:
Dandurand Real Estate
(401) 552-7707
Listed By:
Grace Williams
(401) 368-3118
Added: Jun 18
Changed: Aug 7
Last Checked: Aug 20 at 4:06AM
MLS# 1415615
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 well-maintained triplex at 68 Beach Street offers three separate units, each with its own utilities. The home includes a two-car garage and exterior space with a porch and deck, creating options for everyday entry, outdoor seating, and tenant comfort. Interior finishes include hardwood and laminate flooring, along with insulation described as unknown and mixed plumbing.
The property is heated with natural gas and cooled with window unit(s). A gas water heater is included. Construction materials include shingles and vinyl siding. Built in 1919, the layout provides multiple bedrooms and bathrooms across the three units, with additional space in the basement.
Tenants are in place on month-to-month rental terms, supporting immediate rental income while also offering a structure that may appeal to an owner-occupant or an investor looking for a straightforward addition to an existing portfolio.
The property is heated with natural gas and cooled with window unit(s). A gas water heater is included. Construction materials include shingles and vinyl siding. Built in 1919, the layout provides multiple bedrooms and bathrooms across the three units, with additional space in the basement.
Tenants are in place on month-to-month rental terms, supporting immediate rental income while also offering a structure that may appeal to an owner-occupant or an investor looking for a straightforward addition to an existing portfolio.
Key Highlights
- Three‑unit triplex with separate utilities for each unit
- Two‑car garage plus porch and deck
- Month‑to‑month tenants in place for immediate rental income
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
$46,945
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
7.56%
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%
$938,900
$938.9K
Cap Rate 7%
$670,643
$670.6K
Cap Rate 9%
$521,611
$521.6K
Market Conditions
NOI Build-Up for 3,892 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
$70.1K $18.00/SF
− Vacancy
−$3.0K −$0.77/SF
EGI
$67.1K $17.23/SF
− OpEx
−$20.1K −$5.17/SF
NOI
$46.9K $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%
$938,900
Cap Rate 7%
$670,643
Cap Rate 9%
$521,611
Alternative Uses
Best Use
Multifamily LT 5
$670.6K
$586.8K – $782.4K
NOI $46,945 @ 7.0% cap · market cap 7.56%
Second Best
Apartment 5plus
$585.2K
$512.1K – $682.8K
NOI $40,967 @ 7.0% cap · market cap 6.60%
Theoretical Best
Healthcare Medical
$777.6K
$680.4K – $907.2K
NOI $54,434 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
717
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?
Triplex - Well-maintained three-family home with separate utilities and a two-car garage in Westerly.
Where is this triplex located?
The property is located at 68 Beach Street Westerly, RI.
What is the asking price?
The asking price for this property is $620,900.
What are key features of this property?
This property features: Three‑unit triplex with separate utilities for each unit; Two‑car garage plus porch and deck; Month‑to‑month tenants in place for immediate rental income
