Two-Unit Property with
For Sale
$475,000
Pending
53 Tower Street, Westerly, RI 02891
Residential Income, Westerly, RI
Property Size1,357 SF
Lot Size0.42 Acres
Days on Market100
Property Features for 53 Tower Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res/MF
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 2, Bathroom 2, Bathroom 1, Basement, Bedroom 4, Bathroom 4, Bedroom 3, Bedroom 1
Parking
8
Parking features
Open
Patio and Porch features
Deck, Porch
Interior features
Attic, Attic Stairs, Attic Storage, Stairs, Plumbing (Mixed), Insulation (Ceiling)
Exterior features
Deck, Porch
Basement
Unfinished, Storage Space, Full
Appliances
Dishwasher, Range Hood
Lot features
Corner Lot, Fenced, Out Building, Paved Driveway, Sidewalks
Standard status
Pending
Size
1,357 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2500
Utilities
Sewer type
Public Sewer
Heating system
Oil
Cooling system
Window Unit(s)
Building Details
Year built
1902
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Hardwood
Building materials
Shingles, Vinyl Siding
Additional Structures
Storage
Buildings
1
Listing Agency:
Www.Homezu.Com
Listed By:
Jason Saphire
(877) 249-5478
Added: Jul 22
Changed: Oct 27
Last Checked: Oct 29 at 9:06AM
MLS# 1418684
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.
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Investment Insights
Based on property information with market context.
Built in 1902, this duplex contains two residential units, each arranged with two bedrooms and one updated bathroom. The property includes a two-car garage, three paved parking areas, a deck, and a porch. Vinyl siding and windows are reported to be in good condition, while interior features include hardwood and vinyl flooring, attic storage, mixed plumbing, ceiling insulation, oil heat, and window-unit cooling. Public sewer serves the property, which is offered as-is.
Set on 0.4177 acres at 53 Tower Street in Westerly, the property has two paved parking areas along Tower Street and a driveway leading directly to the garage from the Thompson Avenue side. Res/MF zoning is identified in the property information. A possible third-floor unit is noted, subject to review by the new owner and applicable zoning requirements.
Set on 0.4177 acres at 53 Tower Street in Westerly, the property has two paved parking areas along Tower Street and a driveway leading directly to the garage from the Thompson Avenue side. Res/MF zoning is identified in the property information. A possible third-floor unit is noted, subject to review by the new owner and applicable zoning requirements.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 updated bathroom in each unit
- Two‑car garage with driveway access from the Thompson Avenue side
- 0.4177‑acre property at 53 Tower Street, Westerly, RI 02891
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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Property Analytics
Who owns this building?
See the owner, sales and loan history
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Lease Details
2
Residential units
Yes
Paved road access
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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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Duplex with updated bathrooms, exterior parking, and a two-car garage in Westerly.
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: Two‑unit duplex with 2 bedrooms and 1 updated bathroom in each unit; Two‑car garage with driveway access from the Thompson Avenue side; 0.4177‑acre property at 53 Tower Street, Westerly, RI 02891
