Three-Level Duplex with Private
For Sale
$1,800,000
1 Pell Street, Newport, RI 02840
Residential Income, Newport, RI
Property Size5,312 SF
Lot Size0.10 Acres
Price / SF$338.86
Days on Market382
Property Features for 1 Pell Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R10
Bedrooms
7
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bathroom 2, Basement, Bathroom 4, Bedroom 4, Bedroom 6, Bedroom 7, Bedroom 3, Bathroom 5, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 5
Parking
2
Parking features
None
Interior features
Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (Unknown)
Basement
Storage Space, Full, Unfinished
Appliances
Dishwasher, Dryer, Oven/Range, Refrigerator, Washer
Subdivision
Kay St
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
Amenities
hardwood floors
private patio
front porch
pocket doors
sun room
Building Details
Year built
1910
Floors in Building
3
Number of units
2
Flooring type
Hardwood, Tile - Ceramic
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: Aug 20
Last Checked: Aug 29 at 8:06PM
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.
This 5,312-square-foot duplex, built in 1910, contains two side-by-side residences arranged across three levels. The left unit includes four bedrooms and two bathrooms, while the right offers three bedrooms and two bathrooms. Both homes feature living areas, kitchens, dining space, patio access, and hardwood flooring. Bathrooms include a combination of walk-in showers and soaking tubs, with the right residence also offering a sunroom and walk-in closet.
The property occupies 0.1 acres in Newport and is zoned R10. Additional features include a front porch, ceramic tile flooring, natural-gas heating, and a mix of plaster and drywall construction. Appliances include refrigerators, ovens/ranges, dishwashers, washers, and dryers.
The property occupies 0.1 acres in Newport and is zoned R10. Additional features include a front porch, ceramic tile flooring, natural-gas heating, and a mix of plaster and drywall construction. Appliances include refrigerators, ovens/ranges, dishwashers, washers, and dryers.
Key Highlights
- 5,312‑square‑foot duplex on a 0.1‑acre lot
- Two side‑by‑side residences, each spanning three levels
- Left unit: 4 bedrooms and 2 bathrooms
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
$88,722
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
4.93%
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%
$1,774,440
$1.8M
Cap Rate 7%
$1,267,457
$1.3M
Cap Rate 9%
$985,800
$985.8K
Market Conditions
NOI Build-Up for 5,312 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
$135.8K $25.56/SF
− Vacancy
−$9.0K −$1.70/SF
EGI
$126.7K $23.86/SF
− OpEx
−$38.0K −$7.16/SF
NOI
$88.7K $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%
$1,774,440
Cap Rate 7%
$1,267,457
Cap Rate 9%
$985,800
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,583
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Side-by-side residences offer flexible layouts, private outdoor space, and separate living arrangements in Newport.
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: 5,312‑square‑foot duplex on a 0.1‑acre lot; Two side‑by‑side residences, each spanning three levels; Left unit: 4 bedrooms and 2 bathrooms
