Residential Income Property
247 W Main Road Middletown, RI 02842
New
For Sale
$1,249,000
MULTI_FAMILY - Middletown, RI
Property Size2,858 SF
Lot Size0.44 Acres
Price / SF$437.02
Days on Market2
Property Features for 247 W Main Road
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- OBA
- Bedrooms
- 5
- Bathrooms
- 4
- Rooms
- Bedroom 3, Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 3, Basement, Bedroom 4, Bedroom 2, Bathroom 4
- Parking
- 14
- Window features
- Storm Window(s)
- Patio and Porch features
- Patio, Deck
- Interior features
- Wall (Dry Wall), Attic, Plumbing (Mixed), Insulation (Floors), Insulation (Unknown), Insulation (Walls)
- Exterior features
- Deck, Screened Pch/Patio/Dck/Brzwy
- Fireplace
- 1
- Basement
- Full, Unfinished, Storage Space
- Appliances
- Electric Water Heater, Dishwasher, Oven/Range, Refrigerator, Washer
- Standard status
- Active
- Size
- 2,858 SF
- Lot size
- 0.44 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 10178
Utilities
- Utilities
- Water Available
- Sewer type
- Public Sewer
- Heating system
- Oil
Building Details
- Year built
- 1945
- Floors in Building
- 1
- Number of units
- 3
- Flooring type
- Carpet, Tile - Ceramic, Marble, Vinyl, Hardwood
- Building materials
- Dry Wall, Brick, Masonry, Wood
Listing Agency:
William Raveis Inspire
(401) 846-3800
Listed By:
Jeanne Allen
(401) 864-2752
Added: Jul 25
Last Checked: Jul 26 at 1:06AM
MLS# 1418571
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 residential income property offers two contiguous addresses, 247 and 249-251 W Main Road, presented as a single investment offering. The public remarks indicate that the house and duplex are also being listed separately, with MLS references provided for each.
The property is set back from the road and includes a private yard with mature shrubbery. A spacious two-car garage and plenty of parking are part of the offering. The listing is zoned OBA and is located in Middletown, Newport County, near Newport and area beaches, shopping, restaurants, marinas, and Naval Station Newport.
Lot size is reported as 0.44 acres and the property size is listed as 2,858 square feet.
The property is set back from the road and includes a private yard with mature shrubbery. A spacious two-car garage and plenty of parking are part of the offering. The listing is zoned OBA and is located in Middletown, Newport County, near Newport and area beaches, shopping, restaurants, marinas, and Naval Station Newport.
Lot size is reported as 0.44 acres and the property size is listed as 2,858 square feet.
Key Highlights
- Contiguous multi‑property offering: 247 and 249–251 West Main Road
- Built in 1945 with a fireplace
- Oil heating plus insulation in floors and walls (insulation type varies)
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $73.1k | $25.56 |
| − Vacancy | −$4.9k | −$1.70 |
| EGI | $68.2k | $23.86 |
| − OpEx | −$20.5k | −$7.16 |
| NOI | $47.7k | $16.70 |
2,858 SF · lease $25.56/SF/yr · vacancy 6.65% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$681.9K
$596.7K – $795.6K
NOI $47,735 @ 7.0% cap · market cap 3.82%
Second Best
Apartment 5plus
$606.5K
$530.7K – $707.6K
NOI $42,453 @ 7.0% cap · market cap 3.40%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Two contiguous properties at 247 and 249-251 W Main Road provide residential income potential with off-road parking and a two-car garage.
Where is this triplex located?
The property is located at 247 W Main Road Middletown, RI.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: Contiguous multi‑property offering: 247 and 249–251 West Main Road; Built in 1945 with a fireplace; Oil heating plus insulation in floors and walls (insulation type varies)
