Updated Duplex with Finished Third
For Sale
$549,000
Pending
24 Pleasant St, Westerly, RI 02891
Two residential units feature updated flooring, on-demand systems, and additional finished upper-level space.
Property Size2,736 SF
Days on Market66
Property Features for 24 Pleasant St
General Information
Standard status
Pending
Size
2,736 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$2,537
Listing Agency:
Coldwell Banker Coastal Homes
(401) 787-5203
Listed By:
Mark Wright
(401) 787-5203
Source:
Exprealty
Added: Jun 26
Changed: Aug 30
Last Checked: Aug 30 at 12:20AM
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 Coldwell Banker Coastal Homes
Investment Insights
Based on property information with market context.
This duplex at 24 Pleasant St includes two residential units with a practical layout across three levels. The first-floor apartment has two bedrooms and one full bathroom. Upstairs, the second unit offers one bedroom, one full bathroom, and access to a finished third floor containing two additional bedrooms and a half bathroom.
Recent improvements include laminate and vinyl flooring, on-demand heating and hot water systems, vinyl replacement windows, and aluminum siding. The property is served by city water, city sewer, and natural gas. A State lead certificate is already in place. The finished third floor may offer a path toward creating a separate third apartment, subject to required approvals.
Recent improvements include laminate and vinyl flooring, on-demand heating and hot water systems, vinyl replacement windows, and aluminum siding. The property is served by city water, city sewer, and natural gas. A State lead certificate is already in place. The finished third floor may offer a path toward creating a separate third apartment, subject to required approvals.
Key Highlights
- Duplex with a 2‑bedroom first‑floor unit and a 1‑bedroom second‑floor unit
- Finished third floor adds 2 bedrooms and a half bath
- Finished upper level may support a separate third apartment, subject to required approvals
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
$33,002
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
6.01%
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%
$660,040
$660.0K
Cap Rate 7%
$471,457
$471.5K
Cap Rate 9%
$366,689
$366.7K
Market Conditions
NOI Build-Up for 2,736 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
$49.2K $18.00/SF
− Vacancy
−$2.1K −$0.77/SF
EGI
$47.1K $17.23/SF
− OpEx
−$14.1K −$5.17/SF
NOI
$33.0K $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%
$660,040
Cap Rate 7%
$471,457
Cap Rate 9%
$366,689
Alternative Uses
Best Use
Multifamily LT 5
$471.5K
$412.5K – $550.0K
NOI $33,002 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$411.4K
$360.0K – $480.0K
NOI $28,799 @ 7.0% cap · market cap 5.25%
Theoretical Best
Healthcare Medical
$546.7K
$478.3K – $637.8K
NOI $38,266 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
726
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature updated flooring, on-demand systems, and additional finished upper-level space.
Where is this duplex located?
The property is located at 24 Pleasant St Westerly, RI.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Duplex with a 2‑bedroom first‑floor unit and a 1‑bedroom second‑floor unit; Finished third floor adds 2 bedrooms and a half bath; Finished upper level may support a separate third apartment, subject to required approvals
