Side-by-Side
For Sale
Under Contract
$499,000
249 W Main Road, Middletown, RI 02842
Residential Income, Middletown, RI
Property Size1,060 SF
Lot Size0.13 Acres
Price / SF$470.75
Days on Market52
Property Features for 249 W Main Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
OBA
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 2
Parking
4
Parking features
None
Window features
Storm Window(s)
Interior features
Wall (Dry Wall), Plumbing (Mixed), Insulation (Ceiling), Insulation (Walls)
Basement
Crawl Space
Appliances
Electric Water Heater, Oven/Range, Refrigerator
Subdivision
Two Mile Corner
Lot features
Paved Driveway, Sidewalks
Standard status
Active Under Contract
Size
1,060 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4400
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Oil
Building Details
Year built
1949
Floors in Building
1
Number of units
2
Flooring type
Carpet, Vinyl
Building materials
Dry Wall, Masonry, Wood
Listing Agency:
William Raveis Inspire
(401) 846-3800
Listed By:
Jeanne Allen · License #3015
(401) 864-2752
Added: Jul 25
Changed: Sep 13
Last Checked: Sep 14 at 11:06AM
MLS# 1418769
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.
Located at 249 W Main Road in Middletown, this side-by-side duplex contains two one-bedroom, one-bath units. Each residence has a separate entrance and functional living areas, with a basement included in the property. The 1,060-square-foot building dates to 1949 and sits on a 0.13-acre parcel.
Interior features include drywall, mixed plumbing, ceiling and wall insulation, vinyl and carpet flooring, and oil heat. Each unit is equipped with an oven/range, refrigerator, and electric water heater. Water is available to the property, and sewer service is provided through the public system. The property has no designated parking.
Positioned on the Newport line, the duplex is near grocery stores, department stores, home decor retailers, restaurants, beaches, parks, and recreation. The property is also offered as part of a package with 247 West Main, MLS # 1418571.
Interior features include drywall, mixed plumbing, ceiling and wall insulation, vinyl and carpet flooring, and oil heat. Each unit is equipped with an oven/range, refrigerator, and electric water heater. Water is available to the property, and sewer service is provided through the public system. The property has no designated parking.
Positioned on the Newport line, the duplex is near grocery stores, department stores, home decor retailers, restaurants, beaches, parks, and recreation. The property is also offered as part of a package with 247 West Main, MLS # 1418571.
Key Highlights
- Two one‑bedroom, one‑bath units in a side‑by‑side duplex
- 1060 square feet on a 0.13‑acre parcel
- Separate entrances for each residence
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
$17,704
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
3.55%
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%
$354,080
$354.1K
Cap Rate 7%
$252,914
$252.9K
Cap Rate 9%
$196,711
$196.7K
Market Conditions
NOI Build-Up for 1,060 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
$27.1K $25.56/SF
− Vacancy
−$1.8K −$1.70/SF
EGI
$25.3K $23.86/SF
− OpEx
−$7.6K −$7.16/SF
NOI
$17.7K $16.70/SF
Area
Newport County, RI
Vacancy
6.65%
Lease Rate
$25.56 /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%
$354,080
Cap Rate 7%
$252,914
Cap Rate 9%
$196,711
Alternative Uses
Best Use
Multifamily LT 5
$252.9K
$221.3K – $295.1K
NOI $17,704 @ 7.0% cap · market cap 3.55%
Second Best
Apartment 5plus
$224.9K
$196.8K – $262.4K
NOI $15,745 @ 7.0% cap · market cap 3.16%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
684
Businesses Nearby
Explore this area
Business Placement
Demographics for 02842, RI
17,115
Population
8,255
Households
2.1
Avg Household Size
43
Median Age
49%
College-Educated
96%
High-School Grad
12.5 sq mi
ZIP Area
1,369
Density / Sq Mi
$97,650
Median Household Income
$47,307
Median Earnings
$1,906
Median Rent
$536,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 one-bedroom residences offer separate entrances, practical layouts, and access to shopping, dining, beaches, and Newport amenities.
Where is this duplex located?
The property is located at 249 W Main Road Middletown, RI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two one‑bedroom, one‑bath units in a side‑by‑side duplex; 1060 square feet on a 0.13‑acre parcel; Separate entrances for each residence
