Two-Unit Duplex with
New
For Sale
$625,000
36 Ledward Ave, Westerly, RI 02891
Two residences offer flexible bonus rooms, fresh interior paint, and convenient access to downtown amenities.
Property Size2,234 SF
Price / SF$279.77
Days on Market5
Property Features for 36 Ledward Ave
General Information
Standard status
Active
Size
2,234 SF
Property subtype
Multi-Family
Building Details
Year Built
1860
Listing Agency:
Alpern and Mesenbourg
(401) 845-9200
Listed By:
Alpern & Mesenbourg Group · License #41186
Source:
Alpernandmesenbourg
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 10:08PM
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 Alpern and Mesenbourg
Investment Insights
Based on property information with market context.
This 2234-square-foot duplex includes two residential units, each with 3 bedrooms, 1 bathroom, and a bonus room suitable for storage, office use, or additional flexible space. The property has been freshly painted and was built in 1860. Both units are situated on a full acre with mature trees and manicured lawn areas.
A two-car garage and two additional sheds provide substantial storage capacity. The property is a short walk from downtown Westerly, Westerly High School, restaurants, shops, and community amenities, with the beach approximately a 10-minute drive away. The property information also indicates that it meets requirements for an ADU, subject to buyer verification.
A two-car garage and two additional sheds provide substantial storage capacity. The property is a short walk from downtown Westerly, Westerly High School, restaurants, shops, and community amenities, with the beach approximately a 10-minute drive away. The property information also indicates that it meets requirements for an ADU, subject to buyer verification.
Key Highlights
- 2234‑square‑foot duplex on 1 acre
- Two 3‑bedroom, 1‑bath units with bonus rooms
- Built in 1860 and freshly painted
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
$26,946
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
4.31%
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%
$538,920
$538.9K
Cap Rate 7%
$384,943
$384.9K
Cap Rate 9%
$299,400
$299.4K
Market Conditions
NOI Build-Up for 2,234 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
$40.2K $18.00/SF
− Vacancy
−$1.7K −$0.77/SF
EGI
$38.5K $17.23/SF
− OpEx
−$11.5K −$5.17/SF
NOI
$26.9K $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%
$538,920
Cap Rate 7%
$384,943
Cap Rate 9%
$299,400
Alternative Uses
Best Use
Multifamily LT 5
$384.9K
$336.8K – $449.1K
NOI $26,946 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$335.9K
$293.9K – $391.9K
NOI $23,515 @ 7.0% cap · market cap 3.76%
Theoretical Best
Healthcare Medical
$446.4K
$390.6K – $520.8K
NOI $31,245 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
384
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer flexible bonus rooms, fresh interior paint, and convenient access to downtown amenities.
Where is this duplex located?
The property is located at 36 Ledward Ave Westerly, RI.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 2234‑square‑foot duplex on 1 acre; Two 3‑bedroom, 1‑bath units with bonus rooms; Built in 1860 and freshly painted
