6-Unit Apartment
New
For Sale
$650,000
50 North Main St, Westerly, RI 02808
Six-unit multifamily property with three studio apartments and seller-paid heat, electric, and cable.
Property Size3,832 SF
Price / SF$169.62
Days on Market6
Property Features for 50 North Main St
General Information
Standard status
Active
Size
3,832 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x studio
Multifamily Units
6
Building Details
Year Built
1900
Listing Agency:
RE/MAX ADVANTAGE GROUP
(401) 639-6166
Listed By:
Donna Kennedy · License #REB.0013385
Source:
Alpernandmesenbourg
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 25 at 3:57AM
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 RE/MAX ADVANTAGE GROUP
Investment Insights
Based on property information with market context.
This six-unit apartment property includes three studio apartments and totals 3,832 square feet. Constructed in 1900, the building is configured for multifamily residential use and includes a mix that features studio units.
Heat, electric, and cable service are paid by the seller. Seller financing may also be available, subject to mutually acceptable terms.
Heat, electric, and cable service are paid by the seller. Seller financing may also be available, subject to mutually acceptable terms.
Key Highlights
- Six‑unit apartment building with three studio apartments
- 3,832 square feet of property size
- Built in 1900
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
$40,336
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
6.21%
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%
$806,720
$806.7K
Cap Rate 7%
$576,229
$576.2K
Cap Rate 9%
$448,178
$448.2K
Market Conditions
NOI Build-Up for 3,832 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
$76.8K $20.04/SF
− Vacancy
−$3.5K −$0.90/SF
EGI
$73.3K $19.14/SF
− OpEx
−$33.0K −$8.61/SF
NOI
$40.3K $10.53/SF
Area
Washington County, RI
Vacancy
4.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
45.00%
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%
$806,720
Cap Rate 7%
$576,229
Cap Rate 9%
$448,178
Alternative Uses
Best Use
Apartment 5plus
$576.2K
$504.2K – $672.3K
NOI $40,336 @ 7.0% cap · market cap 6.21%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$765.6K
$669.9K – $893.2K
NOI $53,594 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
53
Businesses Nearby
Explore this area
Business Placement
Demographics for 02808, RI
2,332
Population
1,091
Households
2.1
Avg Household Size
41
Median Age
39%
College-Educated
97%
High-School Grad
7.6 sq mi
ZIP Area
307
Density / Sq Mi
$94,712
Median Household Income
$52,582
Median Earnings
$1,182
Median Rent
$331,700
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?
Apartment building - Six-unit multifamily property with three studio apartments and seller-paid heat, electric, and cable.
Where is this apartment building located?
The property is located at 50 North Main St Westerly, RI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Six‑unit apartment building with three studio apartments; 3,832 square feet of property size; Built in 1900
