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- LoopNet Team
429-431 Thames St
Newport, RI 02840
Multifamily Property For Sale
·
6 Units
INVESTMENT HIGHLIGHTS
- Heavy summer and good winter foot traffic
- Central location for living and walking
- Waterfront Business zoning where nightly rentals can be permitted, buyer must make applications
- Storefronts with great visibility
- Amazing harbor views
- 3 renovated, open plan, sunshiny apartments
PROPERTY FACTS
| No. Units | 6 | Lot Size | 0.05 AC |
| Property Type | Multifamily | Building Size | 5,746 SF |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built | 1900 |
| Building Class | C | Parking Ratio | 0.67/1,000 SF |
| Zoning | WB - Waterfront Business | ||
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 5,746 SF |
| No. Stories | 3 |
| Year Built | 1900 |
| Parking Ratio | 0.67/1,000 SF |
| Zoning | WB - Waterfront Business |
AMENITIES
UNIT AMENITIES
- Cable Ready
- Dishwasher
- Washer/Dryer
- Bay Window
- Double Vanities
- Eat-in Kitchen
- Kitchen
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Basement
- Deck
- Dining Room
- Island Kitchen
- Skylights
ABOUT 429-431 THAMES ST , NEWPORT, RI 02840
This Mixed Use property is located in the center of Newport’s bustling Thames Street Waterfront area – zoned Waterfront Business. The property has two buildings: 429-431 Thames Street -1 Lee’s Wharf & 3 Lee’s Wharf. Units include 2 store front retail spaces, 4 residential apartments, 2 garage spaces & 2 off-street parking spaces. The retail spaces offer great visibility with street level access on Thames Street. The residential units include a newly updated 3+ bedroom townhouse style penthouse with fabulous harbor views from the 3rd & 4th floors and a large deck, a 4-bedroom unit on the 2nd floor that has been completely gutted & renovated, an updated 2-bedroom over the garage, and a 1-bedroom unit. Currently the residential units are mixed summer, winter & yearly leases. A great opportunity with strong income history & extraordinary growth potential!!
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 1 | - | - |
| 2+1 | 1 | - | - |
| 3+3 | 1 | - | - |
| 4+2 | 1 | - | - |
PROPERTY TAXES
| Parcel Number | NEWP-000032-000021-000004 | Improvements Assessment | $878,300 |
| Land Assessment | $476,600 | Total Assessment | $1,354,900 |
PROPERTY TAXES
