Duplex with Heated Lower
New
For Sale
$1,225,000
15 Dennison Street, Newport, RI 02840
Residential Income, Newport, RI
Property Size2,656 SF
Lot Size0.07 Acres
Price / SF$461.22
Days on Market3
Property Features for 15 Dennison Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-10
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Basement, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 1, Bathroom 3
Parking features
None
Window features
Insulated Windows
Patio and Porch features
Porch
Interior features
Wall (Plaster), Wall (Wood), Attic, Plumbing (Copper), Plumbing (Mixed), Plumbing (PEX), Insulation (Ceiling), Insulation (Walls)
Exterior features
Balcony, Porch
Basement
Full, Finished
Appliances
Gas Water Heater, Dishwasher, Dryer, Range Hood, Microwave, Oven/Range, Refrigerator, Washer
Subdivision
Yachting Village
Standard status
Active
Size
2,656 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8116
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Electric (Heating), Baseboard, Radiant
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1904
Floors in Building
3
Number of units
2
Flooring type
Tile - Ceramic, Hardwood
Building materials
Plaster, Wood Wall(s), Clapboard, Shingles, Wood
Listing Agency:
Hogan Associates Christie's
(401) 845-9500
Listed By:
Marlene Harrington
(401) 862-2498
Added: Sep 12
Changed: Sep 13
Last Checked: Sep 14 at 2:06PM
MLS# 1416641
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.
This two-family residence at 15 Dennison Street offers 2,656 square feet on a 0.07-acre lot. Built in 1904, the property features original hardwood flooring, a dining room with antique wood wainscoting, a library, three bedrooms, three bathrooms, and a rear deck overlooking the gardens and Samuel Whitehorne Museum Grounds. The home also includes a porch, balcony, public water, and public sewer.
The lower level adds 1,175 square feet of radiant-heated concrete-floor space and has operated as a book bindery. Interior construction includes plaster and wood walls, while heating is provided by electric, natural gas, radiant, and baseboard systems. A window unit provides cooling, and the kitchen is equipped with a gas water heater, dishwasher, laundry appliances, range, hood, microwave, oven, and refrigerator.
The lower level adds 1,175 square feet of radiant-heated concrete-floor space and has operated as a book bindery. Interior construction includes plaster and wood walls, while heating is provided by electric, natural gas, radiant, and baseboard systems. A window unit provides cooling, and the kitchen is equipped with a gas water heater, dishwasher, laundry appliances, range, hood, microwave, oven, and refrigerator.
Key Highlights
- Two‑family residence with 2,656 square feet
- 1,175‑square‑foot lower level with radiant‑heated concrete floors
- Built in 1904 on a 0.07‑acre lot
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,361
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.62%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$887,220
$887.2K
Cap Rate 7%
$633,729
$633.7K
Cap Rate 9%
$492,900
$492.9K
Market Conditions
NOI Build-Up for 2,656 SF
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.
Gross rent
$67.9K $25.56/SF
− Vacancy
−$4.5K −$1.70/SF
EGI
$63.4K $23.86/SF
− OpEx
−$19.0K −$7.16/SF
NOI
$44.4K $16.70/SF
Area
Newport County, RI
Vacancy
6.65%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$887,220
Cap Rate 7%
$633,729
Cap Rate 9%
$492,900
Alternative Uses
Best Use
Multifamily LT 5
$633.7K
$554.5K – $739.4K
NOI $44,361 @ 7.0% cap · market cap 3.62%
Second Best
Apartment 5plus
$563.6K
$493.2K – $657.5K
NOI $39,452 @ 7.0% cap · market cap 3.22%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,837
Businesses Nearby
Explore this area
Business Placement
Demographics for 02840, RI
23,902
Population
13,515
Households
1.8
Avg Household Size
40
Median Age
55%
College-Educated
95%
High-School Grad
7.3 sq mi
ZIP Area
3,274
Density / Sq Mi
$83,515
Median Household Income
$41,228
Median Earnings
$1,610
Median Rent
$669,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family layout includes a radiant-heated lower level with concrete floors.
Where is this duplex located?
The property is located at 15 Dennison Street Newport, RI.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: Two‑family residence with 2,656 square feet; 1,175‑square‑foot lower level with radiant‑heated concrete floors; Built in 1904 on a 0.07‑acre lot
