Side-by-Side
New
For Sale
$995,000
22 Gilroy Street, Newport, RI 02840
Two separate residences have individual entrances, basements, laundry facilities, and utility systems.
Property Size1,811 SF
Lot Size0.13 Acres
Price / SF$549.42
Days on Market4
Property Features for 22 Gilroy Street
General Information
Standard status
Active
Size
1,811 SF
Total Parking Spaces
4
Lot size
0.13 Acres
Property subtype
MultiFamily
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
enclosed entry porch
private rear entrance
private full basement with laundry facilities
Building Details
Year Built
1918
Buildings
1
Listing Agency:
Lila Delman Compass
(401) 848-2101
Listed By:
Bill Sizeland · License #REB.0014586
(401) 862-0784
Source:
Lockandkeyre
Added: Oct 30
Changed: Nov 1
Last Checked: Nov 1 at 2:57PM
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 Lila Delman Compass
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Investment Insights
Based on property information with market context.
Built in 1918, this Newport duplex contains 1,811 square feet on a 5,880-square-foot lot. Its side-by-side homes include a three-bedroom, 1.5-bath unit and a two-bedroom, one-bath unit. Each residence has an enclosed entry porch, a separate rear entrance, a full basement with laundry, and its own heating, electric, and water systems. A two-car garage and two off-street parking spaces are also on site.
The property is in Newport’s Fifth Ward, near Thames Street restaurants and shops, Newport Harbor, parks, the waterfront, Ocean Drive, and Fort Adams.
The property is in Newport’s Fifth Ward, near Thames Street restaurants and shops, Newport Harbor, parks, the waterfront, Ocean Drive, and Fort Adams.
Key Highlights
- Two‑unit side‑by‑side duplex with 1,811 square feet on a 5,880‑square‑foot lot
- Unit mix: one three‑bedroom, 1.5‑bath residence and one two‑bedroom, one‑bath residence
- Separate heating, electric, and water systems for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,248
Cap Rate
3.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$604,960
$605.0K
Cap Rate 7%
$432,114
$432.1K
Cap Rate 9%
$336,089
$336.1K
Market Conditions
NOI Build-Up for 1,811 SF
Gross rent
$46.3K $25.56/SF
− Vacancy
−$3.1K −$1.70/SF
EGI
$43.2K $23.86/SF
− OpEx
−$13.0K −$7.16/SF
NOI
$30.2K $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 Rate 5%
$604,960
Cap Rate 7%
$432,114
Cap Rate 9%
$336,089
Alternative Uses
Best Use
Multifamily LT 5
$432.1K
$378.1K – $504.1K
NOI $30,248 @ 7.0% cap · market cap 3.04%
Second Best
Apartment 5plus
$384.3K
$336.3K – $448.4K
NOI $26,901 @ 7.0% cap · market cap 2.70%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
303
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences have individual entrances, basements, laundry facilities, and utility systems.
Where is this duplex located?
The property is located at 22 Gilroy Street 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 side‑by‑side duplex with 1,811 square feet on a 5,880‑square‑foot lot; Unit mix: one three‑bedroom, 1.5‑bath residence and one two‑bedroom, one‑bath residence; Separate heating, electric, and water systems for each unit
