Side-by-Side
New
For Sale
$995,000
22 Gilroy Street, Newport, RI 02840
Residential Income, Newport, RI
Property Size1,811 SF
Lot Size0.14 Acres
Price / SF$549.42
Days on Market4
Property Features for 22 Gilroy Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R10
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 4, Bedroom 5, Bedroom 2
Parking
4
Interior features
Wall (Plaster), Attic, Plumbing (Copper), Plumbing (Mixed), Plumbing (PVC), Insulation (Unknown)
Basement
Unfinished, Full, Storage Space
Appliances
Dryer, Oven, Range, Refrigerator, Washer, Electric Water Heater
Subdivision
Fifth Ward
Lot features
Corner Lot, Paved Driveway, Sidewalks
Standard status
Active
Size
1,811 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8850
Utilities
Sewer type
Public Sewer
Heating system
Oil, Forced Air
Water source
Public
Amenities
enclosed entry porch
private full basement with laundry facilities
Building Details
Year built
1918
Floors in Building
2
Number of units
2
Flooring type
Hardwood
Building materials
Plaster, Wood
Buildings
1
Listing Agency:
Lila Delman Compass
(401) 848-2101
Listed By:
Bill Sizeland · License #REB.0014586
(401) 862-0784
Added: Oct 30
Changed: Nov 1
Last Checked: Nov 2 at 12:06PM
MLS# 1426188
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.
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Investment Insights
Based on property information with market context.
This legal two-family property contains 1,811 square feet across two side-by-side residences: one with three bedrooms and 1.5 baths, and the other with two bedrooms and one bath. Each unit has an enclosed entry porch, a separate rear entrance, and a private full basement with laundry. Heating, electric, and water systems are separate. A two-car garage and two additional off-street parking spaces serve the property, which was built in 1918 and is zoned R10. The lot measures 5,880 square feet, or 0.135 acres.
Thames Street’s restaurants and shops, Newport Harbor, nearby parks, Ocean Drive, and Fort Adams are among the area destinations identified for the property. Public water and public sewer are available.
Thames Street’s restaurants and shops, Newport Harbor, nearby parks, Ocean Drive, and Fort Adams are among the area destinations identified for the property. Public water and public sewer are available.
Key Highlights
- Legal two‑family property with 1,811 square feet
- Two units: 3 bedrooms and 1.5 baths; 2 bedrooms and 1 bath
- 5,880‑square‑foot lot (0.135 acres); zoned R10
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
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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 residences offer separate entrances, basement laundry, and independent heating, electric, and water 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: Legal two‑family property with 1,811 square feet; Two units: 3 bedrooms and 1.5 baths; 2 bedrooms and 1 bath; 5,880‑square‑foot lot (0.135 acres); zoned R10
