Remodeled Duplex with Fenced
New
For Sale
$649,900
139 TOWER Street, Westerly, RI 02891
Two residential units offer updated interiors, porch areas, and finished basement space with a bathroom.
Property Size3,011 SF
Price / SF$215.84
Days on Market4
Property Features for 139 TOWER Street
General Information
Standard status
Active
Size
3,011 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Amenities
front porch
back porches
large fenced back yard
finished basement with bathroom
Building Details
Year Built
1890
Listing Agency:
Noel Realty Company
(401) 728-5100
Listed By:
Betsey DaSilva
Source:
Lockandkeyre
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 22 at 4:45AM
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 Noel Realty Company
Investment Insights
Based on property information with market context.
This 3,011 SF duplex, built in 1890, contains two residential units with remodeled interiors. The first-floor unit has three bedrooms, while the second-floor unit provides four bedrooms. Finished basement space includes a bathroom, adding usable area beyond the main living levels.
Outdoor features include a front porch, rear porches, and a large fenced backyard. Parking accommodates 10 cars or more. The property is in Westerly, Rhode Island, near local beaches and the Connecticut state line, with access to area amenities.
Outdoor features include a front porch, rear porches, and a large fenced backyard. Parking accommodates 10 cars or more. The property is in Westerly, Rhode Island, near local beaches and the Connecticut state line, with access to area amenities.
Key Highlights
- Two‑unit duplex with remodeled interiors throughout
- First‑floor unit has 3 bedrooms; second‑floor unit has 4 bedrooms
- 3,011 SF property built in 1890
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
$36,319
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
5.59%
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%
$726,380
$726.4K
Cap Rate 7%
$518,843
$518.8K
Cap Rate 9%
$403,544
$403.5K
Market Conditions
NOI Build-Up for 3,011 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
$54.2K $18.00/SF
− Vacancy
−$2.3K −$0.77/SF
EGI
$51.9K $17.23/SF
− OpEx
−$15.6K −$5.17/SF
NOI
$36.3K $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%
$726,380
Cap Rate 7%
$518,843
Cap Rate 9%
$403,544
Alternative Uses
Best Use
Multifamily LT 5
$518.8K
$454.0K – $605.3K
NOI $36,319 @ 7.0% cap · market cap 5.59%
Second Best
Apartment 5plus
$452.8K
$396.2K – $528.2K
NOI $31,694 @ 7.0% cap · market cap 4.88%
Theoretical Best
Healthcare Medical
$601.6K
$526.4K – $701.9K
NOI $42,112 @ 7.0% cap · market cap 6.48%
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
211
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 - Two residential units offer updated interiors, porch areas, and finished basement space with a bathroom.
Where is this duplex located?
The property is located at 139 TOWER Street Westerly, RI.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Two‑unit duplex with remodeled interiors throughout; First‑floor unit has 3 bedrooms; second‑floor unit has 4 bedrooms; 3,011 SF property built in 1890
