Duplex with Separate
For Sale
$599,000
Pending
158 Ten Rod Road, Exeter, RI 02822
Residential Income, Exeter, RI
Property Size1,604 SF
Lot Size1.47 Acres
Days on Market50
Property Features for 158 Ten Rod Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RU3
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 3, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 4, Basement, Bathroom 1
Parking
6
Parking features
None
Patio and Porch features
Patio
Interior features
Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Copper), Plumbing (Mixed), Insulation (Ceiling), Insulation (Floors), Insulation (Walls)
Exterior features
Patio
Basement
Storage Space, Full, Unfinished
Appliances
Gas Water Heater, Tankless Water Heater, Dryer, Oven/Range, Refrigerator, Washer
Subdivision
Ten Rod Road
Lot features
Barn, Out Building, Paved Driveway
Standard status
Pending
Size
1,604 SF
Lot size
1.47 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5159
Utilities
Sewer type
Septic Tank
Heating system
Baseboard, Natural Gas
Water source
Well
Building Details
Year built
1938
Floors in Building
2
Number of units
2
Flooring type
Laminate, Hardwood
Building materials
Dry Wall, Plaster, Vinyl Siding
Listing Agency:
Williams & Stuart Real Estate
(401) 942-0200
Listed By:
Michelle Jordan
(401) 487-5188
Added: Jul 30
Changed: Sep 16
Last Checked: Sep 17 at 12:06AM
MLS# 1419038
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 RU3-zoned duplex property combines a fully updated main residence with a separate one-bedroom cottage and a large barn. The primary home retains original character while offering an open interior arrangement centered on a spacious kitchen island, with connected living and dining areas. Two bedrooms, a full bathroom, and laundry are located on the main level. Upstairs, flexible space includes a second full bathroom, kitchenette, and living area that can function as a private suite, guest quarters, or recreation space.
The property spans 1.47 acres in Exeter, with established gardens, perennial beds, fruit trees, ornamental shrubs, and a private yard serving the cottage. A new septic system was installed in 2017, and the property also has a new roof, well water, natural-gas baseboard heat, and a patio. Route 4 provides access to South County beaches, restaurants, and other attractions within 20 minutes.
The property spans 1.47 acres in Exeter, with established gardens, perennial beds, fruit trees, ornamental shrubs, and a private yard serving the cottage. A new septic system was installed in 2017, and the property also has a new roof, well water, natural-gas baseboard heat, and a patio. Route 4 provides access to South County beaches, restaurants, and other attractions within 20 minutes.
Key Highlights
- Legal two‑family property with a separate one‑bedroom cottage
- 1.47‑acre parcel with established gardens, fruit trees, perennial beds, and ornamental shrubs
- Main residence includes two bedrooms, two full bathrooms, kitchenette, living area, and laundry
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
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
31
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Legal two-family property with a separate one-bedroom cottage, barn, updated interiors, and established gardens on rolling 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 separate one‑bedroom cottage; 1.47‑acre parcel with established gardens, fruit trees, perennial beds, and ornamental shrubs; Main residence includes two bedrooms, two full bathrooms, kitchenette, living area, and laundry
