Two-Unit Residential Income
53 Tower Street Westerly, RI 02891
New
53 Tower Street, Westerly, RI, 02891
$475,000
For Sale
$475,000
MULTI_FAMILY - Westerly, RI
Property Size1,357 SF
Lot Size0.42 Acres
Price / SF$350.04
Days on Market2
Property Features for 53 Tower Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Res/MF
- Bedrooms
- 4
- Bathrooms
- 4
- Rooms
- Bathroom 4, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 3, Bathroom 1, Bedroom 4, Basement, Bedroom 1
- Parking
- 8
- Parking features
- Open
- Patio and Porch features
- Porch, Deck
- Interior features
- Attic, Attic Stairs, Attic Storage, Stairs, Plumbing (Mixed), Insulation (Ceiling)
- Exterior features
- Deck, Porch
- Basement
- Storage Space, Full, Unfinished
- Appliances
- Dishwasher, Range Hood
- Standard status
- Active
- 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
- Hardwood, Vinyl
- Building materials
- Shingles, Vinyl Siding
- Additional Structures
- Storage
Listing agency
Www.Homezu.Com
(877) 249-5478
Listed by
Jason Saphire · License #9086666
(877) 249-5478
Added: Jul 22 Updated: Jul 23 at 10:07AM Checked: Jul 23 at 10:06AM
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.
Investment Insights
Based on property information with market context.
Built in 1902, this two-unit residential income property offers two bedrooms per unit with updated bathrooms. The exterior features vinyl siding and windows described as being in good condition. A third-floor unit may be possible, subject to zoning approval by the owner.
The property includes a two-car garage and three paved parking locations. The best driveway runs to the two-car garage, with the entrance described as the second right off Thompson Ave. The property is situated high on a hill.
The sale is being offered “as is.” Zoning is listed as Res/MF.
The property includes a two-car garage and three paved parking locations. The best driveway runs to the two-car garage, with the entrance described as the second right off Thompson Ave. The property is situated high on a hill.
The sale is being offered “as is.” Zoning is listed as Res/MF.
Key Highlights
- Built in 1902 with 1,267 sq ft of living space
- Two units, each with 2 bedrooms and updated bathrooms
- Possibility of a third‑floor unit to be confirmed with zoning (owner to check)
Local 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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Built in 1902, this two-unit property features updated bathrooms, vinyl siding, and a two-car garage with paved parking.
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 with 1,267 sq ft of living space; Two units, each with 2 bedrooms and updated bathrooms; Possibility of a third‑floor unit to be confirmed with zoning (owner to check)
