Newport Multifamily Home with Income
1 Pell Street Newport, RI 02840
For Sale
$1,800,000
MULTI_FAMILY - Newport, RI
Property Size5,312 SF
Lot Size0.10 Acres
Price / SF$338.86
Days on Market348
Property Features for 1 Pell Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R10
- Bedrooms
- 7
- Bathrooms
- 5
- Rooms
- Bedroom 3, Bathroom 2, Bedroom 2, Bathroom 5, Bathroom 3, Bathroom 1, Bedroom 5, Bedroom 7, Basement, Bathroom 4, Bedroom 1, Bedroom 6, Bedroom 4
- Parking
- 2
- Parking features
- None
- Interior features
- Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (Unknown)
- Basement
- Unfinished, Storage Space, Full
- Appliances
- Dishwasher, Dryer, Oven/Range, Refrigerator, Washer
- Standard status
- Active
- Size
- 5,312 SF
- Lot size
- 0.10 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 10734
Utilities
- Heating system
- Natural Gas
Building Details
- Year built
- 1910
- Floors in Building
- 3
- Number of units
- 2
- Flooring type
- Tile - Ceramic, Hardwood
- Building materials
- Dry Wall, Plaster, Shingles
Listing Agency:
Teri Degnan Re & Consulting
(401) 619-8222
Listed By:
Teri Degnan
(401) 474-9191
Added: Aug 13, 2025
Changed: Jul 23
Last Checked: Jul 26 at 4:06AM
MLS# 1392084
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located off Kay St in Newport, RI, this side-by-side two-family home is suitable for rental income, multi-generational living, or guest accommodations. Each unit spans three levels and includes a private patio and hardwood floors. The exterior has been freshly painted and features a front porch, with one parking spot for each unit. The left side residence features 4 bedrooms and 2 bathrooms. The first floor includes a living room with pocket doors, a separate dining room, a compact functional kitchen with patio access. The second level offers 3 bedrooms and a full bath with walk-in shower. The third level has a bedroom and a large bathroom featuring a soaking tub. The right side residence features 3 bedrooms and 2 bathrooms. The first floor features a living room with pocket doors, an open kitchen and dining area, patio access, and a half bath. The second level offers 2 bedrooms and a tiled bathroom with walk-in shower. One bedroom has an attached sun room. The third level boasts a large bedroom with a walk-in closet and a bathroom with a soaking tub. The property is situated close to Bellevue Ave and the Broadway district. The lot size is 0.1 acres, and the property size is 5312 square feet. The zoning is R10.
Key Highlights
- Side‑by‑side two‑family home built in 1910 with two separate residences.
- Each unit spans 3 levels and includes its own private patio.
- Left side: 4 bedrooms and 2 bathrooms with pocket doors and a kitchen with patio access.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $135.8k | $25.56 |
| − Vacancy | −$9.0k | −$1.70 |
| EGI | $126.7k | $23.86 |
| − OpEx | −$38.0k | −$7.16 |
| NOI | $88.7k | $16.70 |
5,312 SF · lease $25.56/SF/yr · vacancy 6.65% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.27M
$1.11M – $1.48M
NOI $88,722 @ 7.0% cap · market cap 4.93%
Second Best
Apartment 5plus
$1.13M
$986.3K – $1.32M
NOI $78,904 @ 7.0% cap · market cap 4.38%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Two-family home in Newport, ideal for rental income or multi-generational living.
Where is this duplex located?
The property is located at 1 Pell Street Newport, RI.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Side‑by‑side two‑family home built in 1910 with two separate residences.; Each unit spans 3 levels and includes its own private patio.; Left side: 4 bedrooms and 2 bathrooms with pocket doors and a kitchen with patio access.
