4-Unit Multifamily
182 Canal Street, Westerly, RI 02891
For Sale
New
$599,000
A two-bedroom unit, shared basement laundry, and individually metered electric serve this Westerly property.
Property Size4,928 SF
Price / SF$121.55
Days on Market6
Property Features for 182 Canal Street
General Information
Standard status
Size
Property subtype
Units
Multifamily Units
Individually Metered Utilities
Additional Details
Utilities to Site
Tenant in Place
Amenities
on-site parking
coin operated washer/dryer
Building Details
Year Built
Buildings
Listing Agency:
BHHS New England Properties
(860) 536-4906
Listed By:
Renee McCammon · License RI RES.0042645
(860) 705-8084
Source:
Lockandkeyre
Added: Nov 4
Changed: Nov 8
Last Checked: Nov 8 at 4:43PM
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 BHHS New England Properties
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Investment Insights
Based on property information with market context.
This 4,928-square-foot, four-unit residential building in Westerly dates to 1879. One unit has two bedrooms and features updated flooring and a modernized kitchen. Coin-operated laundry is located in the shared basement, and the property has on-site parking. A new roof was installed in 2012.
Municipal water and sewer, natural gas, and individually metered electric serve the building. All four units are on month-to-month leases. The property is near Downtown Westerly, Westerly Library, and Wilcox Park.
Municipal water and sewer, natural gas, and individually metered electric serve the building. All four units are on month-to-month leases. The property is near Downtown Westerly, Westerly Library, and Wilcox Park.
Key Highlights
- Four‑unit residential building totaling 4,928 square feet
- Built in 1879; roof replaced in 2012
- Two‑bedroom unit with updated flooring and a modernized kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,872
Cap Rate
8.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,037,440
$1.0M
Cap Rate 7%
$741,029
$741.0K
Cap Rate 9%
$576,356
$576.4K
Market Conditions
NOI Build-Up for 4,928 SF
Gross rent
$98.8K $20.04/SF
− Vacancy
−$4.4K −$0.90/SF
EGI
$94.3K $19.14/SF
− OpEx
−$42.4K −$8.61/SF
NOI
$51.9K $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%
$1,037,440
Cap Rate 7%
$741,029
Cap Rate 9%
$576,356
Alternative Uses
Best Use
Multifamily LT 5
$849.2K
$743.0K – $990.7K
NOI $59,441 @ 7.0% cap · market cap 9.92%
Second Best
Apartment 5plus
$741.0K
$648.4K – $864.5K
NOI $51,872 @ 7.0% cap · market cap 8.66%
Theoretical Best
Healthcare Medical
$984.6K
$861.5K – $1.15M
NOI $68,923 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
84
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - A two-bedroom unit, shared basement laundry, and individually metered electric serve this Westerly property.
Where is this quadplex located?
The property is located at 182 Canal Street Westerly, 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: Four‑unit residential building totaling 4,928 square feet; Built in 1879; roof replaced in 2012; Two‑bedroom unit with updated flooring and a modernized kitchen
