Mixed-Use Retail and Apartment
130 Spring Street Newport, RI 02840
For Sale
$2,050,000
Pending
MULTI_FAMILY - Newport, RI
Property Size6,330 SF
Lot Size0.17 Acres
Days on Market684
Property Features for 130 Spring Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- GB
- Bedrooms
- 9
- Bathrooms
- 5
- Rooms
- Bathroom 5, Bedroom 6, Bedroom 7, Bathroom 2, Bedroom 8, Bathroom 3, Bedroom 4, Bedroom 5, Bedroom 2, Bedroom 3, Bathroom 4, Bedroom 9, Bedroom 1, Basement, Bathroom 1
- Parking
- 10
- Parking features
- None
- Interior features
- Wall (Dry Wall), Wall (Plaster), Stairs, Insulation (Unknown)
- Basement
- Unfinished
- Appliances
- Gas Water Heater, Dishwasher, Dryer, Oven/Range, Refrigerator, Washer
- Standard status
- Pending
- Size
- 6,330 SF
- Lot size
- 0.17 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 11492
Utilities
- Heating system
- Space Heater, Central, Natural Gas, Zoned, Electric (Heating), Forced Air
- Cooling system
- Central Air, Wall Unit(s)
Building Details
- Year built
- 1849
- Floors in Building
- 3
- Number of units
- 4
- Flooring type
- Hardwood
- Building materials
- Dry Wall, Plaster, Clapboard
Listing Agency:
Teri Degnan Re & Consulting
(401) 619-8222
Listed By:
Teri Degnan
(401) 474-9191
Added: Sep 11, 2024
Changed: Jul 23
Last Checked: Jul 26 at 4:06AM
MLS# 1366507
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.
130-132 Spring Street is a historic mixed-use building featuring two first-floor retail spaces that are combined, with four residential apartments located upstairs. The property is fully occupied and provides 5 parking spaces. Kitchens and baths have been updated, and the building exterior was painted in August 2024. Two of the residential units are described as turnkey, including furnishings.
The building is positioned in the heart of downtown and is located within a general business zone (GB), which supports a versatile use profile for an owner or operator. The offering is presented as having strong rental history, with the combination of income-producing retail and residential units under one roof.
For tenants and buyers, the configuration offers straightforward day-to-day operation across retail and apartment uses, with updated unit interiors already in place. For buyers considering flexibility in the future, the property is also described as a solid candidate for a condo conversion. With some apartments available as turnkey furnished units, the building may also appeal to buyers looking to reduce initial preparation for part of the residential mix.
The building is positioned in the heart of downtown and is located within a general business zone (GB), which supports a versatile use profile for an owner or operator. The offering is presented as having strong rental history, with the combination of income-producing retail and residential units under one roof.
For tenants and buyers, the configuration offers straightforward day-to-day operation across retail and apartment uses, with updated unit interiors already in place. For buyers considering flexibility in the future, the property is also described as a solid candidate for a condo conversion. With some apartments available as turnkey furnished units, the building may also appeal to buyers looking to reduce initial preparation for part of the residential mix.
Key Highlights
- Two first‑floor retail spaces combined with 4 residential apartments upstairs
- Fully occupied building with strong rental history
- 5 parking spaces on‑site
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 | $161.8k | $25.56 |
| − Vacancy | −$10.8k | −$1.70 |
| EGI | $151.0k | $23.86 |
| − OpEx | −$45.3k | −$7.16 |
| NOI | $105.7k | $16.70 |
6,330 SF · lease $25.56/SF/yr · vacancy 6.65% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.51M
$1.32M – $1.76M
NOI $105,725 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$1.34M
$1.18M – $1.57M
NOI $94,026 @ 7.0% cap · market cap 4.59%
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
Quadplexes
FAQs
What type of property is this?
Quadplex - Historic building with combined retail on the first floor and four apartments upstairs, fully occupied with updated interiors.
Where is this quadplex located?
The property is located at 130 Spring Street Newport, RI.
What is the asking price?
The asking price for this property is $2,050,000.
What are key features of this property?
This property features: Two first‑floor retail spaces combined with 4 residential apartments upstairs; Fully occupied building with strong rental history; 5 parking spaces on‑site
