Two-Family Home with Finished Third
For Sale
$549,000
Pending
24 Pleasant Street, Westerly, RI 02891
MULTI_FAMILY - Westerly, RI
Property Size2,736 SF
Lot Size0.15 Acres
Days on Market47
Property Features for 24 Pleasant Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 4, Basement, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1, Bathroom 3, Bedroom 3, Bedroom 5
Parking
3
Parking features
None
Interior features
Wall (Dry Wall), Wall (Plaster), Internal Expansion, Plumbing (Mixed), Insulation (Ceiling), Insulation (Walls)
Basement
Unfinished, Full
Appliances
Gas Water Heater, Tankless Water Heater, Dishwasher, Dryer, Oven/Range, Refrigerator, Washer
Subdivision
North End
Lot features
Corner Lot, Fenced, Sidewalks
Standard status
Pending
Size
2,736 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2537
Utilities
Heating system
Natural Gas
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1905
Floors in Building
3
Number of units
2
Flooring type
Carpet, Hardwood, Laminate, Vinyl
Building materials
Dry Wall, Plaster, Aluminum Siding
Listing Agency:
Coldwell Banker Coastal Homes · Coldwell Banker Real Estate
(401) 596-6333
Listed By:
Mark Wright
(401) 787-5203
Added: Jun 26
Changed: Aug 1
Last Checked: Aug 11 at 11:06PM
MLS# 1416370
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.
Two-family home on R6 zoning with a finished third floor accessible from the second-floor unit. The first-floor unit includes 2 bedrooms and 1 full bath. The second-floor unit offers 1 bedroom and 1 full bath, plus access to the finished third floor, which includes 2 additional bedrooms and a half bath. The third floor also presents the potential to be converted into a separate third apartment, subject to any required approvals. Updates include durable laminate/vinyl flooring, efficient on-demand heating and hot water systems, newer vinyl replacement windows, and low-maintenance aluminum siding.
Built in 1905 on a 0.15-acre lot with 2,736 SF, the home is served by public water and city sewer and uses natural gas. Appliances include a gas water heater, tankless water heater, dishwasher, oven/range, refrigerator, washer, and dryer. Cooling is via window unit(s). Parking features are listed as none.
A State lead certificate is already in place, supporting confidence for occupancy and future rental use.
Built in 1905 on a 0.15-acre lot with 2,736 SF, the home is served by public water and city sewer and uses natural gas. Appliances include a gas water heater, tankless water heater, dishwasher, oven/range, refrigerator, washer, and dryer. Cooling is via window unit(s). Parking features are listed as none.
A State lead certificate is already in place, supporting confidence for occupancy and future rental use.
Key Highlights
- R6 zoning two‑family home with finished third floor accessed from the second‑floor unit
- First‑floor unit: 2 bedrooms and 1 full bath
- Second‑floor unit: 1 bedroom and 1 full bath
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
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
717
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-family home on R6 zoning with updated flooring, on-demand heating and hot water, natural gas, and a State lead certificate.
Where is this duplex located?
The property is located at 24 Pleasant Street 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: R6 zoning two‑family home with finished third floor accessed from the second‑floor unit; First‑floor unit: 2 bedrooms and 1 full bath; Second‑floor unit: 1 bedroom and 1 full bath
