Upgraded Duplex Near
For Sale
$1,800,000
4 James Street, Middletown, RI 02842
Residential Income, Middletown, RI
Property Size5,144 SF
Lot Size0.25 Acres
Price / SF$349.92
Days on Market341
Property Features for 4 James Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 4, Bathroom 5, Basement, Bedroom 4, Bedroom 5, Bedroom 7, Bathroom 3, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bathroom 6
Parking
9
Patio and Porch features
Deck, Porch
Interior features
Wall (Dry Wall), Wall (Plaster), Insulation (Unknown)
Exterior features
Deck, Porch
Fireplace
1
Basement
Storage Space, Partial, Unfinished
Appliances
Electric Water Heater
Subdivision
Easton's Point
Standard status
Active
Size
5,144 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
12644
Utilities
Heating system
Oil, Forced Air, Central
Cooling system
Central Air
Water source
Public
Amenities
attached garage
deck
private backyard
central A/C
laundry
unfinished basement
Building Details
Year built
1956
Floors in Building
3
Number of units
2
Flooring type
Vinyl, Laminate, Hardwood
Building materials
Dry Wall, Plaster
Listing Agency:
Teri Degnan Re & Consulting
(401) 619-8222
Listed By:
Teri Degnan
(401) 474-9191
Added: Sep 23, 2025
Changed: Aug 20
Last Checked: Aug 29 at 7:06PM
MLS# 1394661
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 4 James Street in Middletown, this 5,144-square-foot duplex occupies a 0.25-acre lot near Easton's Point and the beach. The property contains 8 bedrooms, including 2 ensuite bedrooms, and 6 bathrooms, along with 2 kitchens and 2 laundry areas. Bathrooms, flooring, central air conditioning, and other interior elements have been upgraded, and furniture is included.
Exterior features include an attached garage, deck, porch, private level backyard, and parking for at least 8 vehicles. An unfinished basement provides additional storage. The floor plan can support separate rental units or conversion to single-family use. The property is currently rented seasonally through May 2026 and has a current short-term-rental registration. Built in 1956, it has public water service and central, forced-air heating.
Exterior features include an attached garage, deck, porch, private level backyard, and parking for at least 8 vehicles. An unfinished basement provides additional storage. The floor plan can support separate rental units or conversion to single-family use. The property is currently rented seasonally through May 2026 and has a current short-term-rental registration. Built in 1956, it has public water service and central, forced-air heating.
Key Highlights
- Duplex with 8 bedrooms and 6 bathrooms, including 2 ensuite bedrooms
- 5,144 square feet on a 0.25‑acre lot near Easton's Point and the beach
- 2 kitchens and 2 laundry areas with furniture included
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
$85,916
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
4.77%
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%
$1,718,320
$1.7M
Cap Rate 7%
$1,227,371
$1.2M
Cap Rate 9%
$954,622
$954.6K
Market Conditions
NOI Build-Up for 5,144 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
$131.5K $25.56/SF
− Vacancy
−$8.7K −$1.70/SF
EGI
$122.7K $23.86/SF
− OpEx
−$36.8K −$7.16/SF
NOI
$85.9K $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%
$1,718,320
Cap Rate 7%
$1,227,371
Cap Rate 9%
$954,622
Alternative Uses
Best Use
Multifamily LT 5
$1.23M
$1.07M – $1.43M
NOI $85,916 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$1.09M
$955.1K – $1.27M
NOI $76,409 @ 7.0% cap · market cap 4.24%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
126
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
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 rental units offer flexible layouts, furnished interiors, and seasonal occupancy through May 2026.
Where is this duplex located?
The property is located at 4 James Street Middletown, RI.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Duplex with 8 bedrooms and 6 bathrooms, including 2 ensuite bedrooms; 5,144 square feet on a 0.25‑acre lot near Easton's Point and the beach; 2 kitchens and 2 laundry areas with furniture included
