Two-Unit Duplex with Large
For Sale
$579,300
76 Pleasant Street, Westerly, RI 02891
Separate living units offer four bedrooms, outdoor space, and convenient access to downtown Westerly and nearby beaches.
Property Size3,483 SF
Price / SF$166.32
Days on Market10
Property Features for 76 Pleasant Street
General Information
Standard status
Active
Size
3,483 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
Engel & Volkers Oceanside
(401) 638-0010
Listed By:
Brian Turano
Source:
Lockandkeyre
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 29 at 1:56PM
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 Engel & Volkers Oceanside
Investment Insights
Based on property information with market context.
This 3,483-square-foot duplex, built in 1900, contains two separate living units with a combined total of 4 bedrooms and 2 baths. The property also includes a large backyard and an ample parking area, adding useful outdoor and site features for residents or an owner-occupant.
Located within walking distance of Downtown Westerly, the property is near shops, restaurants, entertainment, community amenities, and the Westerly Downtown Historic District. Westerly and Misquamicut beaches are approximately a 10-minute drive away, providing access to the Southern Rhode Island coastline.
Located within walking distance of Downtown Westerly, the property is near shops, restaurants, entertainment, community amenities, and the Westerly Downtown Historic District. Westerly and Misquamicut beaches are approximately a 10-minute drive away, providing access to the Southern Rhode Island coastline.
Key Highlights
- Two‑unit duplex with 4 bedrooms and 2 baths
- 3,483 square feet; built in 1900
- Large backyard and ample parking area
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
$42,012
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
7.25%
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%
$840,240
$840.2K
Cap Rate 7%
$600,171
$600.2K
Cap Rate 9%
$466,800
$466.8K
Market Conditions
NOI Build-Up for 3,483 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
$62.7K $18.00/SF
− Vacancy
−$2.7K −$0.77/SF
EGI
$60.0K $17.23/SF
− OpEx
−$18.0K −$5.17/SF
NOI
$42.0K $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 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%
$840,240
Cap Rate 7%
$600,171
Cap Rate 9%
$466,800
Alternative Uses
Best Use
Multifamily LT 5
$600.2K
$525.2K – $700.2K
NOI $42,012 @ 7.0% cap · market cap 7.25%
Second Best
Apartment 5plus
$523.7K
$458.3K – $611.0K
NOI $36,662 @ 7.0% cap · market cap 6.33%
Theoretical Best
Healthcare Medical
$695.9K
$608.9K – $811.9K
NOI $48,713 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
717
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Separate living units offer four bedrooms, outdoor space, and convenient access to downtown Westerly and nearby beaches.
Where is this duplex located?
The property is located at 76 Pleasant Street Westerly, RI.
What is the asking price?
The asking price for this property is $579,300.
What are key features of this property?
This property features: Two‑unit duplex with 4 bedrooms and 2 baths; 3,483 square feet; built in 1900; Large backyard and ample parking area
