Two-Unit Residential Income
For Sale
$475,000
Pending
53 Tower Street, Westerly, RI 02891
Built in 1902, this two-unit property offers two 2-bedroom units with updated bathrooms and a two-car garage.
Property Size1,357 SF
Days on Market100
Property Features for 53 Tower Street
General Information
Standard status
Pending
Size
1,357 SF
Property subtype
MultiFamily
Additional Details
Multifamily Units
2
Building Details
Year Built
1902
Tenancy
Multi
Listing Agency:
www.HomeZu.com
Listed By:
Jason Saphire · License #REB.0016418
(877) 249-5478
Source:
Lockandkeyre
Added: Jul 22
Changed: Oct 29
Last Checked: Oct 28 at 7:22AM
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 www.HomeZu.com
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Investment Insights
Based on property information with market context.
Built in 1902, this two-unit residential income property includes two separate units, each with two bedrooms and updated bathrooms. Vinyl siding and windows are described as being in great condition.
The layout includes a two-car garage and three different paved parking locations. The driveway provides access directly to the two-car garage. The entrance is described as the second right off Thompson Ave. The property is noted as sitting high up on a hill with an ongoing breeze.
There is also a possibility of a third-floor unit, subject to verification with zoning. The property is being sold as-is.
The layout includes a two-car garage and three different paved parking locations. The driveway provides access directly to the two-car garage. The entrance is described as the second right off Thompson Ave. The property is noted as sitting high up on a hill with an ongoing breeze.
There is also a possibility of a third-floor unit, subject to verification with zoning. The property is being sold as-is.
Key Highlights
- Built in 1902; 1,267 SF two‑unit property with two 2‑bedroom units.
- Each unit has updated bathrooms; both units are currently set up as 2BR.
- Two‑car garage provides shared parking and/or the option to rent garage space for additional income.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,368
Cap Rate
3.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$327,360
$327.4K
Cap Rate 7%
$233,829
$233.8K
Cap Rate 9%
$181,867
$181.9K
Market Conditions
NOI Build-Up for 1,357 SF
Gross rent
$24.4K $18.00/SF
− Vacancy
−$1.0K −$0.77/SF
EGI
$23.4K $17.23/SF
− OpEx
−$7.0K −$5.17/SF
NOI
$16.4K $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%
$327,360
Cap Rate 7%
$233,829
Cap Rate 9%
$181,867
Alternative Uses
Best Use
Multifamily LT 5
$233.8K
$204.6K – $272.8K
NOI $16,368 @ 7.0% cap · market cap 3.45%
Second Best
Apartment 5plus
$204.1K
$178.6K – $238.1K
NOI $14,284 @ 7.0% cap · market cap 3.01%
Theoretical Best
Healthcare Medical
$271.1K
$237.2K – $316.3K
NOI $18,979 @ 7.0% cap · market cap 4.00%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
358
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Built in 1902, this two-unit property offers two 2-bedroom units with updated bathrooms and a two-car garage.
Where is this duplex located?
The property is located at 53 Tower Street Westerly, RI.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Built in 1902; 1,267 SF two‑unit property with two 2‑bedroom units.; Each unit has updated bathrooms; both units are currently set up as 2BR.; Two‑car garage provides shared parking and/or the option to rent garage space for additional income.
