Building Details

Year Built 1860

Listing Agency: Alpern and Mesenbourg

Listed By: Alpern & Mesenbourg Group · License #41186 Show Phone

Source: Alpernandmesenbourg

Added: Aug 26 Changed: Oct 2 Last Checked: Oct 7 at 4:33PM

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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.

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 / Yr

$26,946

Cap Rate

4.31%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $26,946 @ 7.0% cap · market cap 4.31%

Second Best

Apartment 5plus

$335.9K

$293.9K – $391.9K (±1% cap)

NOI $23,515 @ 7.0% cap · market cap 3.76%

Theoretical Best

Healthcare Medical

$446.4K

$390.6K – $520.8K (±1% cap)

NOI $31,245 @ 7.0% cap · market cap 5.00%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Parking Lot & Garage Computer & Electronic Repair Electrical Service Tech Support Center Carpet & Flooring Store (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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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