Duplex with Garden
New
For Sale
$1,225,000
15 Dennison Street, Newport, RI 02840
Two-family residence with original woodwork, a rear deck, maintained gardens, and a heated lower level for flexible use.
Property Size2,656 SF
Price / SF$461.22
Days on Market4
Property Features for 15 Dennison Street
General Information
Standard status
Active
Size
2,656 SF
Property subtype
MultiFamily
Additional Details
Multifamily Units
2
Amenities
gardens
library
rear deck
Building Details
Year Built
1904
Listing Agency:
Lamacchia Realty, Inc. - North Adams
(413) 664-0411
Listed By:
Christine Girard · License #9510608
(413) 441-5450
Source:
Lockandkeyre
Added: Sep 12
Changed: Sep 15
Last Checked: Sep 15 at 5:25AM
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 Lamacchia Realty, Inc. - North Adams
Investment Insights
Based on property information with market context.
Built in 1904, this 2,656-square-foot duplex combines two-family functionality with period residential character. The interior includes original hardwood floors, a dining room finished with antique wood wainscoting, and a library. A rear deck extends toward landscaped gardens adjoining the Samuel Whitehorne Museum Grounds.
The lower level adds 1,175 square feet of radiant-heated concrete-floor space. It has operated as a book bindery and offers additional enclosed area for living space, guest quarters, a home gym, or other uses supported by the existing layout. The property is located at 15 Dennison Street in Newport’s Historic Downtown and includes access to the configuration of a two-family home, with the option described for use as a single residence.
The lower level adds 1,175 square feet of radiant-heated concrete-floor space. It has operated as a book bindery and offers additional enclosed area for living space, guest quarters, a home gym, or other uses supported by the existing layout. The property is located at 15 Dennison Street in Newport’s Historic Downtown and includes access to the configuration of a two-family home, with the option described for use as a single residence.
Key Highlights
- 2,656‑square‑foot duplex built in 1904
- Additional 1,175 square feet of radiant‑heated lower‑level space
- Original hardwood floors and antique wood wainscoting
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
$44,361
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
3.62%
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%
$887,220
$887.2K
Cap Rate 7%
$633,729
$633.7K
Cap Rate 9%
$492,900
$492.9K
Market Conditions
NOI Build-Up for 2,656 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
$67.9K $25.56/SF
− Vacancy
−$4.5K −$1.70/SF
EGI
$63.4K $23.86/SF
− OpEx
−$19.0K −$7.16/SF
NOI
$44.4K $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%
$887,220
Cap Rate 7%
$633,729
Cap Rate 9%
$492,900
Alternative Uses
Best Use
Multifamily LT 5
$633.7K
$554.5K – $739.4K
NOI $44,361 @ 7.0% cap · market cap 3.62%
Second Best
Apartment 5plus
$563.6K
$493.2K – $657.5K
NOI $39,452 @ 7.0% cap · market cap 3.22%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,837
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family residence with original woodwork, a rear deck, maintained gardens, and a heated lower level for flexible use.
Where is this duplex located?
The property is located at 15 Dennison Street Newport, RI.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: 2,656‑square‑foot duplex built in 1904; Additional 1,175 square feet of radiant‑heated lower‑level space; Original hardwood floors and antique wood wainscoting
