130 Spring Street Newport, RI 02840
MULTI_FAMILY - Newport, RI
Property Features for 130 Spring Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Apartment
- Zoning
- GB
- Bedrooms
- 9
- Bathrooms
- 5
- Rooms
- Bedroom 4, Bedroom 9, Bedroom 8, Bathroom 5, Bedroom 6, Bathroom 2, Bathroom 4, Bedroom 1, Bedroom 7, Bathroom 3, Basement, Bedroom 5, Bedroom 2, Bedroom 3, Bathroom 1
- Parking
- 10
- Parking features
- Garage
- Interior features
- Wall (Dry Wall), Wall (Plaster), Stairs, Insulation (Unknown)
- Basement
- Unfinished
- Appliances
- Gas Water Heater, Dishwasher, Dryer, Oven/Range, Refrigerator, Washer
- Standard status
- Active Under Contract
- Size
- 6,330 SF
- Lot size
- 0.17 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 11492
Utilities
- Heating system
- Central, Zoned, Forced Air, Natural Gas, Electric (Heating), Space Heater
- Cooling system
- Wall Unit(s), Central Air
Building Details
- Year built
- 1849
- Floors in Building
- 3
- Number of units
- 4
- Flooring type
- Hardwood
- Building materials
- Dry Wall, Plaster, Clapboard
Listing agent Teri Degnan (401) 474-9191
Listing office Teri Degnan Re & Consulting 38 Bellevue Avenue, Suite F, Newport, RI (401) 619-8222
Listing date Sep 11, 2024
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.
The building is positioned in the heart of downtown and is located within a general business zone (GB), which supports a versatile use profile for an owner or operator. The offering is presented as having strong rental history, with the combination of income-producing retail and residential units under one roof.
For tenants and buyers, the configuration offers straightforward day-to-day operation across retail and apartment uses, with updated unit interiors already in place. For buyers considering flexibility in the future, the property is also described as a solid candidate for a condo conversion. With some apartments available as turnkey furnished units, the building may also appeal to buyers looking to reduce initial preparation for part of the residential mix.
Key Highlights
- Two 1st‑floor retail spaces combined with 4 residential apartments upstairs
- Fully occupied building with strong rental history
- Kitchens and baths updated; exterior painted in August 2024
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $161.8k | $25.56 |
| − Vacancy | −$10.8k | −$1.70 |
| EGI | $151.0k | $23.86 |
| − OpEx | −$45.3k | −$7.16 |
| NOI | $105.7k | $16.70 |
