6-Unit Apartment
For Sale
$650,000
50 North Main St, Westerly, RI 02808
Six-unit multifamily property with three studio apartments and seller-paid heat, electric, and cable.
Property Size3,832 SF
Price / SF$169.62
Days on Market45
Property Features for 50 North Main St
General Information
Standard status
Active
Size
3,832 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x studio
Multifamily Units
6
Building Details
Year Built
1900
Listing Agency:
RE/MAX ADVANTAGE GROUP
Listed By:
Donna Kennedy · License #REB.0013385
(401) 639-6166
Source:
Alpernandmesenbourg
Added: Aug 23
Changed: Oct 2
Last Checked: Oct 5 at 10:28PM
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 RE/MAX ADVANTAGE GROUP
Investment Insights
Based on property information with market context.
This six-unit apartment property includes three studio apartments and totals 3,832 square feet. Constructed in 1900, the building is configured for multifamily residential use and includes a mix that features studio units.
Heat, electric, and cable service are paid by the seller. Seller financing may also be available, subject to mutually acceptable terms.
Heat, electric, and cable service are paid by the seller. Seller financing may also be available, subject to mutually acceptable terms.
Key Highlights
- Six‑unit apartment building with three studio apartments
- 3,832 square feet of property size
- Built in 1900
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,336
Cap Rate
6.21%
Suggested Prices Based on Cap Rates
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
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 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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Apartment building - Six-unit multifamily property with three studio apartments and seller-paid heat, electric, and cable.
Where is this apartment building located?
The property is located at 50 North Main St 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: Six‑unit apartment building with three studio apartments; 3,832 square feet of property size; Built in 1900
