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NEWPORT 3 UNIT w/ ADU pot. // 8.8+% pf Cap 13 Dean Ave 3 Unit Apartment Building $1,549,999 ($516,666/Unit) 7.45% Cap Rate Newport, RI 02840
INVESTMENT HIGHLIGHTS
- ADU Potential -- 25% building lot coverage -- 9 parking spaces
- Currently leased until April 2026
- Maximize return with seasonal rentals
EXECUTIVE SUMMARY
Fully restored, and de-leaded 3 unit on oversized lot (25% building cov.) in the heart of Newport's Historic Yachting Village! Located steps to Thames Street and all Newport has to offer, this is a tremendous investment or owner occupant opportunity and up to 9 PARKING SPACES. The entire home has been renovated and restored from the roof to the Premium Andersen Replacement Windows with transferrable warranty. The home features three large units, (2) 2 BR/ 1.5 BA, and (1) 1BR/ 1 BA, all currently rented. Units feature hardwood flooring, premium bathrooms and kitchens completely updated and remodeled. Each unit has its own energy efficient ductless heating and cooling system, and is also connected to gas, water, sewer. The roof is young, and was stripped and replaced in 2016 with transferrable warranties. The oversized lot presents a great opportunity to add a garage with lofted unit or living space (ADU) above. With only 25% of building coverage, there is ample room to add this additional dwelling without sacraficing valuable parking for you or your tenants. Each unit comes w/ new dedicated Maytag washer/dryers. Ductless split systems are raised for protection against the elements. Tremendous rental history seasonally, annually, or occupy the third unit and utilize owner occupant short-term rental ability. Own a piece of history with solid returns in the heart of Newport. Sold furnished*
FINANCIAL SUMMARY (PRO FORMA - 2026) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $1,549,999 | Building Class | C |
| Price Per Unit | $516,666 | Lot Size | 0.08 AC |
| Sale Type | Investment | Building Size | 3,316 SF |
| Cap Rate | 7.45% | Average Occupancy | 100% |
| No. Units | 3 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1900/2022 |
| Property Subtype | Apartment | Parking Ratio | 4.33/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R10 - Commercial | ||
| Price | $1,549,999 |
| Price Per Unit | $516,666 |
| Sale Type | Investment |
| Cap Rate | 7.45% |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.08 AC |
| Building Size | 3,316 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1900/2022 |
| Parking Ratio | 4.33/1,000 SF |
| Zoning | R10 - Commercial |
AMENITIES
UNIT AMENITIES
- Kitchen
- Refrigerator
- Oven
- Sprinkler System
- Tub/Shower
SITE AMENITIES
- Laundry Facilities
1 1
Walk Score®
Walker's Paradise (90)
1 of 40
VIDEOS
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MATTERPORT 3D TOUR
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STREET VIEW
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Presented by
Smith and Oak Real Estate Co.
NEWPORT 3 UNIT w/ ADU pot. // 8.8+% pf Cap | 13 Dean Ave
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