Duplex with Garage
New
For Sale
$980,000
590 Turner Road, Middletown, RI 02842
Two residential units include hardwood floors, off-street parking and completed plans for a three-car garage.
Property Size1,680 SF
Lot Size0.62 Acres
Price / SF$583.33
Days on Market4
Property Features for 590 Turner Road
General Information
Standard status
Active
Size
1,680 SF
Lot size
0.62 Acres
Property subtype
MultiFamily
Additional Details
Multifamily Units
2
Amenities
hardwood floors
partial unfinished basement
off-street parking
Building Details
Year Built
1973
Buildings
1
Listing Agency:
SERHANT.
(401) 382-0600
Listed By:
The Hawks Group
(401) 580-4484
Source:
Lockandkeyre
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 2:38PM
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 SERHANT.
Investment Insights
Based on property information with market context.
Built in 1973, this duplex contains two units with a combined 1,680 square feet, four bedrooms and two full bathrooms. Hardwood flooring and off-street parking are in place, and the property includes a partially unfinished basement. The 0.62-acre parcel also has a survey, engineered site plan and architectural drawings prepared for a three-car garage; renderings are available upon request.
The property is located at 590 Turner Road in Middletown, Rhode Island. The garage plans provide a documented design concept for a future improvement, while the existing duplex, parking and basement form the current property configuration.
The property is located at 590 Turner Road in Middletown, Rhode Island. The garage plans provide a documented design concept for a future improvement, while the existing duplex, parking and basement form the current property configuration.
Key Highlights
- Two‑unit duplex with 1,680 square feet of living space
- Four bedrooms and two full bathrooms
- 0.62‑acre parcel at 590 Turner Road, Middletown, RI 02842
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
$28,060
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
2.86%
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%
$561,200
$561.2K
Cap Rate 7%
$400,857
$400.9K
Cap Rate 9%
$311,778
$311.8K
Market Conditions
NOI Build-Up for 1,680 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
$42.9K $25.56/SF
− Vacancy
−$2.9K −$1.70/SF
EGI
$40.1K $23.86/SF
− OpEx
−$12.0K −$7.16/SF
NOI
$28.1K $16.70/SF
Area
Newport County, RI
Vacancy
6.65%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
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%
$561,200
Cap Rate 7%
$400,857
Cap Rate 9%
$311,778
Alternative Uses
Best Use
Multifamily LT 5
$400.9K
$350.8K – $467.7K
NOI $28,060 @ 7.0% cap · market cap 2.86%
Second Best
Apartment 5plus
$356.5K
$311.9K – $415.9K
NOI $24,955 @ 7.0% cap · market cap 2.55%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
454
Businesses Nearby
Explore this area
Business Placement
Demographics for 02842, RI
17,115
Population
8,255
Households
2.1
Avg Household Size
43
Median Age
49%
College-Educated
96%
High-School Grad
12.5 sq mi
ZIP Area
1,369
Density / Sq Mi
$97,650
Median Household Income
$47,307
Median Earnings
$1,906
Median Rent
$536,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units include hardwood floors, off-street parking and completed plans for a three-car garage.
Where is this duplex located?
The property is located at 590 Turner Road Middletown, RI.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,680 square feet of living space; Four bedrooms and two full bathrooms; 0.62‑acre parcel at 590 Turner Road, Middletown, RI 02842
