1172 W Main Rd
Portsmouth, RI 02871
Twin Lanterns Resort Cabins & RV Park · Specialty Property For Sale
·
2,787 SF
Investment Highlights
- Excellent Location close to Newport RI
Property Facts
| Property Type | No. Stories | 1 | |
| Building Class | C | Year Built/Renovated | 1930/2019 |
| Lot Size | 1.24 AC | Tenancy | Single |
| Building Size | 2,787 SF | Parking Ratio | 4.31/1,000 SF |
| Zoning | LI | ||
| Property Type | |
| Building Class | C |
| Lot Size | 1.24 AC |
| Building Size | 2,787 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1930/2019 |
| Tenancy | Single |
| Parking Ratio | 4.31/1,000 SF |
| Zoning | LI |
About 1172 W MAIN RD , PORTSMOUTH, RI 02871
The property is the Twin Lanterns Resort. The resort is located very close to Newport RI. It consists of a two bedroom house and eight cabins. Some of the cabins have been taken down in order to rebuild them. Two cabins are prefabricated and ready to install.This is a diamond in the rough! The overall property is currently a mess as it has not been properly managed for some time. The property, however is in a great location and with proper management will produce a substantial income.There are currently 3 tenants which pay $250 / week. The house rents out for $1650 / month. This resort accepts RV's and could be changed to handle only RV's which provide the same income without having to pay property tax. That brings the total potential rent to $123,800 / year! If you run it as an Air BNB you cold double that income. This project has a lot of upside potential!
Property Taxes
| Parcel Number | PORT-000044-000000-000003 | Improvements Assessment | $591,900 |
| Land Assessment | $162,900 | Total Assessment | $754,800 |
Property Taxes
