Two-Unit Duplex with Updated
69 School Street, Westerly, RI 02891
For Sale
$625,000
The vacant second-floor apartment has two bedrooms and is available for occupancy or a new rental arrangement.
Property Size4,357 SF
Price / SF$143.45
Days on Market13
Property Features for 69 School Street
General Information
Standard status
Size
Property subtype
Additional Details
Multifamily Units
Tenant in Place
Amenities
shared backyard
laundry room
Building Details
Year Built
Buildings
Listing Agency:
BHHS New England Properties
(401) 637-4800
Listed By:
Holly Powell · License #RES.0033778
(860) 961-2664
Source:
Lockandkeyre
Added: Oct 27
Changed: Nov 7
Last Checked: Nov 7 at 6:56PM
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 BHHS New England Properties
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Investment Insights
Based on property information with market context.
This two-unit duplex dates to 1894 and retains hardwood flooring, wood trim and an original foyer staircase. The second-floor apartment has two bedrooms, has been updated and is vacant; the first-floor unit is tenant-occupied. A shared laundry room and backyard serve the property, and both apartments use one heating system. A new boiler was installed in 2023.
The property is near downtown shops, dining and a park, with beaches also nearby.
The property is near downtown shops, dining and a park, with beaches also nearby.
Key Highlights
- Two‑unit duplex built in 1894
- Vacant, updated second‑floor apartment with two bedrooms
- First‑floor apartment is tenant‑occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,554
Cap Rate
8.41%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,051,080
$1.1M
Cap Rate 7%
$750,771
$750.8K
Cap Rate 9%
$583,933
$583.9K
Market Conditions
NOI Build-Up for 4,357 SF
Gross rent
$78.4K $18.00/SF
− Vacancy
−$3.3K −$0.77/SF
EGI
$75.1K $17.23/SF
− OpEx
−$22.5K −$5.17/SF
NOI
$52.6K $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%
$1,051,080
Cap Rate 7%
$750,771
Cap Rate 9%
$583,933
Alternative Uses
Best Use
Multifamily LT 5
$750.8K
$656.9K – $875.9K
NOI $52,554 @ 7.0% cap · market cap 8.41%
Second Best
Apartment 5plus
$655.2K
$573.3K – $764.4K
NOI $45,862 @ 7.0% cap · market cap 7.34%
Theoretical Best
Healthcare Medical
$870.5K
$761.7K – $1.02M
NOI $60,937 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
872
Businesses Nearby
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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
$422,600
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Washington County, RI
Properties on Market for Duplexes in Washington County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - The vacant second-floor apartment has two bedrooms and is available for occupancy or a new rental arrangement.
Where is this duplex located?
The property is located at 69 School Street Westerly, RI.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1894; Vacant, updated second‑floor apartment with two bedrooms; First‑floor apartment is tenant‑occupied
