Historic Two-Family
For Sale
$1,675,000
Pending
15 Ayrault Street, Newport, RI 02840
Residential Income, Newport, RI
Property Size3,505 SF
Lot Size0.18 Acres
Days on Market53
Property Features for 15 Ayrault Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R10
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 5, Bathroom 4, Bedroom 4, Bedroom 5, Basement, Bathroom 3, Bedroom 6, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Parking
5
Parking features
None
Window features
Skylight(s)
Patio and Porch features
Patio, Porch
Interior features
Wall (Dry Wall), Stairs, Plumbing (Mixed), Insulation (Unknown)
Exterior features
Patio, Porch
Fireplace
1
Basement
Full, Unfinished, Storage Space
Appliances
Gas Water Heater, Dishwasher, Dryer, Disposal, Range Hood, Microwave, Oven/Range, Refrigerator, Washer
Subdivision
Bellevue Ave/Kay St/Broadway
Lot features
Fenced, Out Building, Paved Driveway
Standard status
Pending
Size
3,505 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5345
Utilities
Heating system
Natural Gas
Cooling system
Window Unit(s), Attic Fan
Amenities
stone hardscaping
grilling area
oversized storage shed
Building Details
Year built
1880
Floors in Building
3
Number of units
2
Flooring type
Vinyl, Hardwood, Pine
Building materials
Dry Wall, Clapboard, Shingles
Listing Agency:
Hogan Associates Christie's
(401) 680-6588
Listed By:
Kol Naylor
(401) 447-7397
Added: Jul 9
Changed: Aug 20
Last Checked: Aug 30 at 9:06AM
MLS# 1417404
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.
Built in 1880, this legal two-family residence contains 3,505 square feet and 15 rooms. The first-floor apartment includes two bedrooms and two en suite full bathrooms, while the upper residence spans two floors with four bedrooms and three bathrooms. Hardwood, pine, and vinyl flooring complement clapboard and shingle exterior materials, original stairway details, oversized moldings, custom cabinetry, and a kitchen island. A fireplace, patio, porch, natural-gas heating, and window-unit cooling are also included.
The 0.1768-acre lot is enclosed by privacy hedges and includes a rear yard with stone hardscaping, a grilling area, and an oversized storage shed. Recent improvements include a five-zone gas furnace, water heater, and first-floor dishwasher. The property is located on Ayrault Street near Bellevue Avenue, the Kay Street and Broadway areas, Newport Harbor, dining, and shopping, all described as being within a short walking distance.
The 0.1768-acre lot is enclosed by privacy hedges and includes a rear yard with stone hardscaping, a grilling area, and an oversized storage shed. Recent improvements include a five-zone gas furnace, water heater, and first-floor dishwasher. The property is located on Ayrault Street near Bellevue Avenue, the Kay Street and Broadway areas, Newport Harbor, dining, and shopping, all described as being within a short walking distance.
Key Highlights
- Legal two‑family dwelling with a 2‑bedroom first‑floor unit and 4‑bedroom upper apartment
- 3,505 square feet with 15 rooms on a 0.1768‑acre lot
- 1880 construction with original stairway, oversized moldings, and Victorian architectural details
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
$58,541
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
3.49%
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%
$1,170,820
$1.2M
Cap Rate 7%
$836,300
$836.3K
Cap Rate 9%
$650,456
$650.5K
Market Conditions
NOI Build-Up for 3,505 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
$89.6K $25.56/SF
− Vacancy
−$6.0K −$1.70/SF
EGI
$83.6K $23.86/SF
− OpEx
−$25.1K −$7.16/SF
NOI
$58.5K $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 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%
$1,170,820
Cap Rate 7%
$836,300
Cap Rate 9%
$650,456
Alternative Uses
Best Use
Multifamily LT 5
$836.3K
$731.8K – $975.7K
NOI $58,541 @ 7.0% cap · market cap 3.49%
Second Best
Apartment 5plus
$743.8K
$650.8K – $867.7K
NOI $52,063 @ 7.0% cap · market cap 3.11%
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
2,104
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 - Legal duplex with separate apartments, preserved Victorian details, and a landscaped rear yard near Newport’s Bellevue Avenue district.
Where is this duplex located?
The property is located at 15 Ayrault Street Newport, RI.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: Legal two‑family dwelling with a 2‑bedroom first‑floor unit and 4‑bedroom upper apartment; 3,505 square feet with 15 rooms on a 0.1768‑acre lot; 1880 construction with original stairway, oversized moldings, and Victorian architectural details
