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    Newport Multifamily Home with Income Potential Title is generated by Realmo AI

    1 Pell Street, Newport, RI 02840

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    Claim this Listing
    For Sale
    $1,800,000

    MULTI_FAMILY - Newport, RI

    Property size:
    5,312 SF
    Lot size:
    0.10 Acres
    Price / SF:
    $338/SF
    Added:
    Aug 13, 2025
    Days on Market:
    275
    Last Refresh:
    May 14 at 9:06 pm

    Property Features for 1 Pell Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R10
    Bedrooms
    7
    Bathrooms
    5
    Rooms
    Bathroom 5, Bedroom 3, Bedroom 5, Bathroom 2, Bedroom 6, Bedroom 7, Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 2, Bathroom 3, Bathroom 4, Basement
    Parking
    2
    Parking features
    Garage
    Interior features
    Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (Unknown)
    Basement
    Storage Space, Unfinished, 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
    Hardwood, Tile - Ceramic
    Building materials
    Dry Wall, Plaster, Shingles

    We can help!

    Listing Contact
    Teri Degnan

    Listing agent Teri Degnan

    Listing office Teri Degnan Re & Consulting 38 Bellevue Avenue, Suite F, Newport, RI

    Listing date Aug 13, 2025

    MLS# 1392084 Listing URL

    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.

    HighLights

    • Two‑family home ideal for rental income, multi‑generational living, or guest accommodations.
    • Each unit features 3 levels with private patios and hardwood floors.
    • Left unit: 4 bedrooms, 2 bathrooms; Right unit: 3 bedrooms, 2 bathrooms.
    • Prime location near Bellevue Ave and Broadway district in Newport.
    • Freshly painted exterior with charming front porch.
    • Functional kitchens with essential appliances (Dishwasher, Dryer, Oven/Range, Refrigerator, Washer).

    Overview

    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.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newport
    County
    Newport
    State
    Rhode Island
    Longitude
    -71.307422
    Latitude
    41.4905854

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    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: Two‑family home ideal for rental income, multi‑generational living, or guest accommodations.; Each unit features 3 levels with private patios and hardwood floors.; Left unit: 4 bedrooms, 2 bathrooms; Right unit: 3 bedrooms, 2 bathrooms.
    (401) 474-9191
    We can help!
    Listing Contact
    Teri Degnan
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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