Side-by-Side Duplex with Private
For Sale
$499,000
Pending
249 West Main Road, Middletown, RI 02842
Two one-bedroom, one-bath units are offered in a side-by-side duplex with private entrances.
Property Size1,060 SF
Days on Market50
Property Features for 249 West Main Road
General Information
Standard status
Pending
Size
1,060 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1949
Listing Agency:
William Raveis Inspire
Listed By:
Jeanne Allen · License #3015
(401) 864-2752
Source:
Westcottproperties
Added: Jul 27
Changed: Sep 9
Last Checked: Sep 14 at 6:19AM
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 William Raveis Inspire
Investment Insights
Based on property information with market context.
This side-by-side duplex includes two separate one-bedroom, one-bath units. Each unit features a functional layout and its own private entrance, supporting independent day-to-day occupancy.
The property is located on the Newport line in Middletown, RI, with convenience to everyday amenities including grocery stores, department stores, home décor retailers, and restaurants. The public remarks also note proximity to Newport’s waterfront, historic attractions, and beaches.
The duplex is being sold for sale as a package together with 247 West Main (MLS # 1418571).
The property is located on the Newport line in Middletown, RI, with convenience to everyday amenities including grocery stores, department stores, home décor retailers, and restaurants. The public remarks also note proximity to Newport’s waterfront, historic attractions, and beaches.
The duplex is being sold for sale as a package together with 247 West Main (MLS # 1418571).
Key Highlights
- Two one‑bedroom, one‑bath units in a side‑by‑side duplex with private entrances
- Year built: 1949
- Located on the Newport line in Middletown for convenient access to local amenities
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
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom, one-bath units are offered in a side-by-side duplex with private entrances.
Where is this duplex located?
The property is located at 249 West 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 with private entrances; Year built: 1949; Located on the Newport line in Middletown for convenient access to local amenities
