Two-Unit Residential Income
53 Tower Street Westerly, RI 02891
For Sale
$475,000
Built in 1902, this two-unit property offers two 2-bedroom units with updated bathrooms and a two-car garage.
Property Size1,357 SF
Price / SF$350.04
Days on Market9
Property Features for 53 Tower Street
General Information
Standard status
Active
Size
1,357 SF
Property subtype
Multifamily
Building Details
Year Built
1902
Listing Agency:
www.HomeZu.com
(877) 249-5478
Listed By:
Jason Saphire · License #9086666
Source:
Lockandkeyre
Added: Jul 22
Changed: Jul 26
Last Checked: Jul 30 at 5:33AM
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
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 For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $24.4k | $18.00 |
| − Vacancy | −$1.0k | −$0.77 |
| EGI | $23.4k | $17.23 |
| − OpEx | −$7.0k | −$5.17 |
| NOI | $16.4k | $12.06 |
1,357 SF · lease $18.00/SF/yr · vacancy 4.27% · expense 30.00%
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.
Property Analytics
Location Intelligence
Current Use
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.
