Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Mixed-Use Property in Prime Location Title is generated by Realmo AI

    2 Perry Street Newport, Newport, RI 02840

    View on Map
    Claim this Listing
    For Sale
    $1,775,000

    Mixed-use property with office spaces and residential units in Newport.

    Property size:
    2,372 SF
    Price / SF:
    $748/SF
    Added:
    May 15, 2026
    Days on Market:
    15
    Last Refresh:
    May 15 at 8:21 pm

    Property Features for 2 Perry Street Newport

    General Information

    Standard status
    Active
    Size
    2,372 SF

    Building Details

    Year Built
    1870

    We can help!

    Listing Contact
    Leanne McCormick

    Listing agent Leanne McCormick

    Listing office

    Listing date May 15, 2026

    Source Milestonerealtyinc

    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 Leanne McCormick

    HighLights

    • Prime Spring Street location
    • Mixed‑use property with commercial and residential units
    • Separate utilities for each unit
    • Second‑floor residence with a private efficiency suite (kitchenette, bath, separate entrance)
    • Parking for four vehicles
    • Rear courtyard

    Overview

    This well-maintained mixed-use property is situated in a prime location on Spring Street. The street level features two office spaces. Above, there are two residential units. The second-floor residence, accessible via a private rear courtyard, includes two bedrooms and two bathrooms, granite countertops, stainless steel appliances, and in-unit laundry. One bedroom is configured as a private efficiency suite, complete with its own kitchenette, full bath, and separate entrance, offering flexibility for guests. The third-floor unit features two bedrooms, one bathroom, and an open-concept living/kitchen area, along with in-unit laundry. The property provides parking for four vehicles and includes a charming rear courtyard. Separate utilities throughout the property enhance its investment potential. The property size is 2372 square feet.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newport
    County
    Newport
    State
    Rhode Island
    Longitude
    -71.3118167
    Latitude
    41.4792875

    Nearby Similar for Sale

    • $1,960,000
      3,550 SF

      Newport Multifamily Investment Opportunity

      Well-maintained 8-bedroom property in desirable, walkable Newport neighborhood.
      34 Bull Street, Newport, RI 02840
      View Details
    • $749,999
      1,795 SF

      Newport Two-Family Investment Opportunity

      Two-family property in Newport's Kay/Broadway neighborhood, close to amenities.
      8 Mann Avenue, Newport, RI 02840
      View Details
    • $1,299,999
      2,079 SF

      Renovated Multi-Family Home with Yard

      Two-unit home with yard, modern amenities, and off-street parking.
      7 Sheffield Avenue, Newport, RI 02840
      View Details
    • $799,000
      3,854 SF

      Newport Multifamily Investment Opportunity

      Multifamily property near Broadway shops, restaurants, and Newport Bridge.
      19 Vernon Avenue, Newport, RI 02840
      View Details
    • $1,275,000
      2,458 SF

      Historic Hill Townhouse, Newport

      Two-unit property near Bellevue Avenue and Newport Harbor.
      98 John Street, Newport, RI 02840
      View Details
    • $1,775,000
      2,580 SF

      Mixed-Use Property in Newport, RI

      Well-maintained mixed-use property with office and residential units.
      2 Perry Street, Newport, RI 02840
      View Details
    • $1,775,000
      2,372 SF

      Newport Mixed-Use Investment Opportunity

      Well-maintained mixed-use property with commercial and residential units in Newport.
      2 Perry Street, Newport, RI 02840
      View Details
    • $3,250,000
      4,800 SF

      Renovated Mixed-Use Waterfront Building

      High-visibility Newport property with short-term rentals and retail spaces.
      491 Thames Street, Newport, RI 02840
      View Details
    • $1,800,000
      5,312 SF

      Newport Multifamily Home with Income Potential

      Two-family home in Newport, ideal for rental income or multi-generational living.
      1 Pell Street, Newport, RI 02840
      View Details
    • $2,200,000
      10,800 SF

      Versatile Building in Downtown Newport

      Three-story, 10,800 SF building in the heart of Newport.
      28 Pelham Street, Newport, RI, RI 02840
      View Details
    • $2,200,000
      10,800 SF

      Versatile Investment Property in Newport

      Multi-tenant building in historic downtown Newport, ideal for various uses.
      28 Pelham, Newport, RI 02840
      View Details
    • $875,000
      3,197 SF

      Well-Maintained Office Building For Sale

      Two-story office building with excellent visibility and business potential.
      460 East Main Road, Middletown, RI, RI 02840
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with office spaces and residential units in Newport.
    Where is this mixed-use property located?
    The property is located at 2 Perry Street Newport Newport, RI.
    What is the asking price?
    The asking price for this property is $1,775,000.
    What are key features of this property?
    This property features: Prime Spring Street location; Mixed‑use property with commercial and residential units; Separate utilities for each unit
    (508) 501-1443
    We can help!
    Listing Contact
    Leanne McCormick
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2 Perry Street, Newport, RI, RI 02840
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!