Renovated Multifamily
For Sale
$1,999,000
12 Poplar Street, Newport, RI 02840
Renovated property includes a main residence, private apartment, and detached cottage.
Property Size4,012 SF
Lot Size0.19 Acres
Price / SF$498.26
Days on Market11
Property Features for 12 Poplar Street
General Information
Standard status
Active
Size
4,012 SF
Total Parking Spaces
6
Lot size
0.19 Acres
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/4BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
high ceilings
hardwood floors
marble countertops
walk-in pantry
enclosed front porch
cupola
large basement
landscaped grounds
Building Details
Year Built
1876
Buildings
2
Listing Agency:
Our Real Estate
(631) 902-7082
Listed By:
Mara Terchunian · License #41120
Source:
Lavonnelopes
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 29 at 6:18AM
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 Our Real Estate
Investment Insights
Based on property information with market context.
This renovated multifamily property combines a 4,012-square-foot main residence with additional independent living space. The primary home includes high ceilings, hardwood floors, a kitchen with top-of-the-line appliances, marble countertops, and a walk-in pantry. Its layout provides a first-floor primary suite, three upstairs bedrooms, three full baths, a second living area, a third-floor cupola, and basement storage.
A separate apartment has its own entrance, while the detached one-bedroom, one-bath cottage at 12 1/2 Poplar Street has independent heating, electric, and water. The cottage has a history of rental use and may also support guest, work, or studio functions subject to applicable regulations. The property occupies an oversized .19-acre lot with 6 off-street parking spaces and landscaped grounds. Its setting is moments from the harbor, waterfront parks, and downtown.
A separate apartment has its own entrance, while the detached one-bedroom, one-bath cottage at 12 1/2 Poplar Street has independent heating, electric, and water. The cottage has a history of rental use and may also support guest, work, or studio functions subject to applicable regulations. The property occupies an oversized .19-acre lot with 6 off-street parking spaces and landscaped grounds. Its setting is moments from the harbor, waterfront parks, and downtown.
Key Highlights
- 4,012‑square‑foot renovated main residence
- Oversized .19‑acre lot with 6 off‑street parking spaces
- Private apartment with its own entrance
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
$59,594
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
2.98%
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%
$1,191,880
$1.2M
Cap Rate 7%
$851,343
$851.3K
Cap Rate 9%
$662,156
$662.2K
Market Conditions
NOI Build-Up for 4,012 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
$116.5K $29.04/SF
− Vacancy
−$8.2K −$2.03/SF
EGI
$108.4K $27.01/SF
− OpEx
−$48.8K −$12.15/SF
NOI
$59.6K $14.85/SF
Area
Newport County, RI
Vacancy
7.00%
Lease Rate
$29.04 /SF/Yr
Expense Ratio
45.00%
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%
$1,191,880
Cap Rate 7%
$851,343
Cap Rate 9%
$662,156
Alternative Uses
Best Use
Apartment 5plus
$851.3K
$744.9K – $993.2K
NOI $59,594 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$957.3K
$837.6K – $1.12M
NOI $67,009 @ 7.0% cap · market cap 3.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,791
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
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Frequently Asked Questions
What type of property is this?
Multifamily property - Renovated property includes a main residence, private apartment, and detached cottage.
Where is this multifamily property located?
The property is located at 12 Poplar Street Newport, RI.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: 4,012‑square‑foot renovated main residence; Oversized .19‑acre lot with 6 off‑street parking spaces; Private apartment with its own entrance
