Updated Waterfront
For Sale
$575,000
Pending
16 Lenox Avenue, Westport, MA 02790
Two private units offer separate utilities, laundry hookups, entrances, and access to a private yard.
Property Size1,992 SF
Days on Market179
Property Features for 16 Lenox Avenue
General Information
Standard status
Pending
Size
1,992 SF
Total Parking Spaces
9
Property subtype
Multi-family / 2 Family - 2 Units Up/Down
Zoning
R1
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,938
Amenities
waterfront access
in-unit laundry hookups
private entrances
private yard
garage
shed
Private Sewerage, Private, 100 Amp Service
No
2.0
2
2.00
Shingle, Rubber
Shed(s)
Rain Gutters
River
Waterfront, Stream, River, Frontage, Direct Access
Building Details
Year Built
1908
Buildings
1
Listing Agency:
Philip Renzi
(401) 335-0705
Listed By:
Philip Renzi · License #9558464
(401) 335-0705
Source:
Compass
Added: Mar 4
Changed: Aug 29
Last Checked: Aug 29 at 2:55PM
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 Philip Renzi
Investment Insights
Based on property information with market context.
This two-family duplex provides 1,992 square feet with separate private entrances and dedicated gas and electric service for each unit. Both floors include laundry hookups. Interior improvements include refreshed kitchens, new flooring, renovated bathrooms, and new interior paint. The property also includes a garage, shed, parking, and a private yard.
Located at 16 Lenox Avenue in Westport, MA, the property has direct river access and waterfront frontage. Built in 1908, it is zoned R1 and combines updated interior spaces with practical separation between the two units.
Located at 16 Lenox Avenue in Westport, MA, the property has direct river access and waterfront frontage. Built in 1908, it is zoned R1 and combines updated interior spaces with practical separation between the two units.
Key Highlights
- Two‑family duplex with 1,992 square feet
- Separate gas and electric service for each unit
- Private entrances and laundry hookups on both floors
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
$35,599
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
6.19%
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%
$711,980
$712.0K
Cap Rate 7%
$508,557
$508.6K
Cap Rate 9%
$395,544
$395.5K
Market Conditions
NOI Build-Up for 1,992 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
$55.0K $27.60/SF
− Vacancy
−$4.1K −$2.07/SF
EGI
$50.9K $25.53/SF
− OpEx
−$15.3K −$7.66/SF
NOI
$35.6K $17.87/SF
Area
Bristol County, MA
Vacancy
7.50%
Lease Rate
$27.60 /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%
$711,980
Cap Rate 7%
$508,557
Cap Rate 9%
$395,544
Alternative Uses
Best Use
Multifamily LT 5
$508.6K
$445.0K – $593.3K
NOI $35,599 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$472.6K
$413.6K – $551.4K
NOI $33,084 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$1.21M
$1.06M – $1.42M
NOI $84,917 @ 7.0% cap · market cap 14.77%
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
203
Businesses Nearby
Explore this area
Business Placement
Demographics for 02790, MA
16,458
Population
7,523
Households
2.2
Avg Household Size
50
Median Age
30%
College-Educated
91%
High-School Grad
53.9 sq mi
ZIP Area
305
Density / Sq Mi
$100,617
Median Household Income
$52,188
Median Earnings
$1,313
Median Rent
$476,000
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 private units offer separate utilities, laundry hookups, entrances, and access to a private yard.
Where is this duplex located?
The property is located at 16 Lenox Avenue Westport, MA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑family duplex with 1,992 square feet; Separate gas and electric service for each unit; Private entrances and laundry hookups on both floors
