Updated Duplex with
For Sale
$599,000
158 Ten Rod Road, Exeter, RI 02822
Legal two-family property with a separate one-bedroom cottage, large barn, updated interiors, and landscaped grounds.
Property Size1,604 SF
Lot Size1.47 Acres
Price / SF$373.44
Days on Market11
Property Features for 158 Ten Rod Road
General Information
Standard status
Active
Size
1,604 SF
Lot size
1.47 Acres
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1938
Buildings
3
Listing Agency:
Williams & Stuart Real Estate
(401) 942-0200
Listed By:
Michelle Jordan
Source:
Lockandkeyre
Added: Jul 30
Changed: Aug 8
Last Checked: Aug 9 at 5:35AM
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 Williams & Stuart Real Estate
Investment Insights
Based on property information with market context.
This legal two-family property includes a 1,600-square-foot main residence, a separate one-bedroom cottage, and a large barn on 1.47 rolling acres. The main home combines updated interiors with retained original character, offering an open kitchen, living, and dining arrangement centered on an oversized island. Two bedrooms, a full bathroom, and laundry are located on the main level. Upstairs, a second full bathroom, kitchenette, and living area provide flexible additional space. The cottage has its own private yard apart from the main residence.
The grounds include established gardens, perennial beds, fruit trees, and ornamental shrubs. Property improvements include a septic system installed in 2017 and a new roof. Route 4 provides access to South County beaches, restaurants, and other attractions described as approximately 20 minutes away.
The grounds include established gardens, perennial beds, fruit trees, and ornamental shrubs. Property improvements include a septic system installed in 2017 and a new roof. Route 4 provides access to South County beaches, restaurants, and other attractions described as approximately 20 minutes away.
Key Highlights
- Legal two‑family property with a 1,600 sq. ft. main residence and separate one‑bedroom cottage
- Set on 1.47 rolling acres with gardens, perennial beds, fruit trees, and ornamental shrubs
- Main residence includes two bedrooms, two full baths, kitchenette, living areas, and laundry space
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
$19,347
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
3.23%
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%
$386,940
$386.9K
Cap Rate 7%
$276,386
$276.4K
Cap Rate 9%
$214,967
$215.0K
Market Conditions
NOI Build-Up for 1,604 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
$28.9K $18.00/SF
− Vacancy
−$1.2K −$0.77/SF
EGI
$27.6K $17.23/SF
− OpEx
−$8.3K −$5.17/SF
NOI
$19.3K $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%
$386,940
Cap Rate 7%
$276,386
Cap Rate 9%
$214,967
Alternative Uses
Best Use
Multifamily LT 5
$276.4K
$241.8K – $322.5K
NOI $19,347 @ 7.0% cap · market cap 3.23%
Second Best
Apartment 5plus
$241.2K
$211.1K – $281.4K
NOI $16,884 @ 7.0% cap · market cap 2.82%
Theoretical Best
Healthcare Medical
$320.5K
$280.4K – $373.9K
NOI $22,434 @ 7.0% cap · market cap 3.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Explore this area
Business Placement
Demographics for 02822, RI
5,960
Population
2,084
Households
2.9
Avg Household Size
48
Median Age
42%
College-Educated
86%
High-School Grad
54.4 sq mi
ZIP Area
110
Density / Sq Mi
$87,185
Median Household Income
$38,404
Median Earnings
$1,128
Median Rent
$469,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Legal two-family property with a separate one-bedroom cottage, large barn, updated interiors, and landscaped grounds.
Where is this duplex located?
The property is located at 158 Ten Rod Road Exeter, RI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Legal two‑family property with a 1,600 sq. ft. main residence and separate one‑bedroom cottage; Set on 1.47 rolling acres with gardens, perennial beds, fruit trees, and ornamental shrubs; Main residence includes two bedrooms, two full baths, kitchenette, living areas, and laundry space
