Building Details

Year Built 1910

Listing Agency: Teri Degnan RE & Consulting t***@teridegnan.com Show Phone

Listed By: Timothy Dargan · License #REB.0019599 Show Phone

Source: Lockandkeyre

Added: Oct 7 Changed: Oct 13 Last Checked: Oct 12 at 7:48PM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Teri Degnan RE & Consulting

Investment Insights

Based on property information with market context.

This 2,128-square-foot duplex at 10 Hammond Street contains two apartments: a first-floor unit with two bedrooms and one bathroom, and a second- and third-floor unit with four bedrooms and two bathrooms. Each apartment has its own utilities and heating system. The property also includes a detached two-car garage, off-street parking, and outdoor space. Built in 1910, it has a seasonal rental history and a layout that could be converted to single-family use.

The property is in Newport’s Yachting Village, near downtown shops, restaurants, the waterfront, and other downtown attractions.

Key Highlights

• Two apartments: 2 bedrooms and 1 bathroom on the first floor; 4 bedrooms and 2 bathrooms across the second and third floors
• 2,128 square feet; built in 1910
• Separate utilities and heating systems for each apartment

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$35,542

Cap Rate

3.09%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$710,840 $710.8K

Cap Rate 7%

$507,743 $507.7K

Cap Rate 9%

$394,911 $394.9K

Market Conditions

NOI Build-Up for 2,128 SF

Gross rent

$54.4K $25.56/SF

− Vacancy

−$3.6K −$1.70/SF

EGI

$50.8K $23.86/SF

− OpEx

−$15.2K −$7.16/SF

NOI

$35.5K $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 Rate 5%

$710,840

Cap Rate 7%

$507,743

Cap Rate 9%

$394,911

Alternative Uses

Best Use

Multifamily LT 5

$507.7K

$444.3K – $592.4K (±1% cap)

NOI $35,542 @ 7.0% cap · market cap 3.09%

Second Best

Apartment 5plus

$451.6K

$395.1K – $526.8K (±1% cap)

NOI $31,609 @ 7.0% cap · market cap 2.75%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Auto Repair Shop Daycare Center Auto Parts Store Computer & Electronic Repair (Bike/Boat/Book/etc) Store Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

1,147

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Two apartments have separate utilities and heating systems, alongside off-street parking and outdoor space.

Where is this duplex located?

The property is located at 10 Hammond Street Newport, RI.

What is the asking price?

The asking price for this property is $1,150,000.

What are key features of this property?

This property features: Two apartments: 2 bedrooms and 1 bathroom on the first floor; 4 bedrooms and 2 bathrooms across the second and third floors; 2,128 square feet; built in 1910; Separate utilities and heating systems for each apartment