Two-Unit Residential Income
For Sale
$560,000
Pending
11 Maple Avenue, Westerly, RI 02891
Historic two-family home with six bedrooms, three bathrooms, hardwood floors, and a private yard.
Property Size2,898 SF
Days on Market55
Property Features for 11 Maple Avenue
General Information
Standard status
Pending
Size
2,898 SF
Property subtype
MultiFamily
Additional Details
Multifamily Units
2
Amenities
private yard
two-car garage
shed
Building Details
Year Built
1900
Stories
2
Tenancy
Multi
Listing Agency:
Jack Conway & Co Inc.
(508) 339-0022
Listed By:
Debra Fonger · License #RES.0026904
(401) 588-2523
Source:
Lockandkeyre
Added: Jul 21
Changed: Sep 13
Last Checked: Sep 13 at 10:51AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Jack Conway & Co Inc.
Investment Insights
Based on property information with market context.
Historic home built circa 1850 featuring two separate family units. The first level offers four bedrooms, two full bathrooms, hardwood flooring, a large living room and dining room, plus a wood stove and laundry. The second-floor unit includes two bedrooms, a double living room, kitchen, pantry, and hardwood flooring with plenty of natural light.
The property includes a private yard, a two-car garage, and a shed. It is located just minutes from downtown Westerly and Wilcox Park.
The home is being sold as-is.
The property includes a private yard, a two-car garage, and a shed. It is located just minutes from downtown Westerly and Wilcox Park.
The home is being sold as-is.
Key Highlights
- Historic two‑family home built in 1900, offering a total of 6 bedrooms and 3 bathrooms
- First‑floor unit features 4 bedrooms and 2 full bathrooms, plus hardwood floors, a large living room, dining room, wood stove, and laundry
- Second‑floor unit includes 2 bedrooms, a double living room, kitchen, pantry, and hardwood floors with plenty of natural light
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
$34,956
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
6.24%
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%
$699,120
$699.1K
Cap Rate 7%
$499,371
$499.4K
Cap Rate 9%
$388,400
$388.4K
Market Conditions
NOI Build-Up for 2,898 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
$52.2K $18.00/SF
− Vacancy
−$2.2K −$0.77/SF
EGI
$49.9K $17.23/SF
− OpEx
−$15.0K −$5.17/SF
NOI
$35.0K $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%
$699,120
Cap Rate 7%
$499,371
Cap Rate 9%
$388,400
Alternative Uses
Best Use
Multifamily LT 5
$499.4K
$437.0K – $582.6K
NOI $34,956 @ 7.0% cap · market cap 6.24%
Second Best
Apartment 5plus
$435.8K
$381.3K – $508.4K
NOI $30,504 @ 7.0% cap · market cap 5.45%
Theoretical Best
Healthcare Medical
$579.0K
$506.6K – $675.5K
NOI $40,531 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,004
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Historic two-family home with six bedrooms, three bathrooms, hardwood floors, and a private yard.
Where is this duplex located?
The property is located at 11 Maple Avenue Westerly, RI.
What is the asking price?
The asking price for this property is $560,000.
What are key features of this property?
This property features: Historic two‑family home built in 1900, offering a total of 6 bedrooms and 3 bathrooms; First‑floor unit features 4 bedrooms and 2 full bathrooms, plus hardwood floors, a large living room, dining room, wood stove, and laundry; Second‑floor unit includes 2 bedrooms, a double living room, kitchen, pantry, and hardwood floors with plenty of natural light
