Two-Unit Duplex with Basement
For Sale
$995,000
15 Kilburn Ct, Newport, RI 02840
Two matching three-bedroom residences include separate kitchens, living and dining areas, plus basement storage.
Property Size2,350 SF
Price / SF$423.40
Days on Market124
Property Features for 15 Kilburn Ct
General Information
Standard status
Active
Size
2,350 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,065
Building Details
Buildings
1
Listing Agency:
Edge Realty RI
(401) 556-5700
Listed By:
Shiv Patel
(401) 556-5700
Source:
Exprealty
Added: Apr 29
Changed: Aug 30
Last Checked: Aug 30 at 4:24AM
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 Edge Realty RI
Investment Insights
Based on property information with market context.
This two-unit duplex contains 2,350 square feet and offers matching three-bedroom layouts. Each residence places the kitchen, living area, and dining space on the first floor, with bedrooms arranged above. Separate basement areas provide storage for both units.
The property is positioned on Kilburn Court, a dead-end street in Newport, Rhode Island. Broadway Street is nearby, with Upper Thames, shops, restaurants, and Downtown Newport within close walking distance.
The property is positioned on Kilburn Court, a dead-end street in Newport, Rhode Island. Broadway Street is nearby, with Upper Thames, shops, restaurants, and Downtown Newport within close walking distance.
Key Highlights
- Two‑unit duplex with matching three‑bedroom layouts
- 2,350 square feet of property size
- Each unit includes a kitchen, living area, and dining area on the first floor
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
$39,250
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
3.94%
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%
$785,000
$785.0K
Cap Rate 7%
$560,714
$560.7K
Cap Rate 9%
$436,111
$436.1K
Market Conditions
NOI Build-Up for 2,350 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
$60.1K $25.56/SF
− Vacancy
−$4.0K −$1.70/SF
EGI
$56.1K $23.86/SF
− OpEx
−$16.8K −$7.16/SF
NOI
$39.3K $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%
$785,000
Cap Rate 7%
$560,714
Cap Rate 9%
$436,111
Alternative Uses
Best Use
Multifamily LT 5
$560.7K
$490.6K – $654.2K
NOI $39,250 @ 7.0% cap · market cap 3.94%
Second Best
Apartment 5plus
$498.7K
$436.3K – $581.8K
NOI $34,907 @ 7.0% cap · market cap 3.51%
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two matching three-bedroom residences include separate kitchens, living and dining areas, plus basement storage.
Where is this duplex located?
The property is located at 15 Kilburn Ct Newport, RI.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Two‑unit duplex with matching three‑bedroom layouts; 2,350 square feet of property size; Each unit includes a kitchen, living area, and dining area on the first floor
