Single-Level Duplex with
23 Butler Street, Newport, RI 02840
For Sale
$790,000
Two separately metered homes offer fireplaces, hardwood flooring, and full concrete basements.
Property Size1,744 SF
Price / SF$452.98
Days on Market49
Property Features for 23 Butler Street
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Gross Income
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
Bathtub
Tub Shower
Building Details
Building Size
Year Built
Buildings
Stories
Units
Listing Agency:
Flagship Real Estate Advisors
(401) 789-2255
Listed By:
Frances Bidell · License RI #20842
(401) 864-1308
Source:
Berettarealty
Added: Sep 23
Changed: Nov 4
Last Checked: Nov 9 at 6:37AM
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 Flagship Real Estate Advisors
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Investment Insights
Based on property information with market context.
Built in 1981, this single-level duplex contains two residential units totaling 1,744 square feet. Unit A has 2 bedrooms and 2 full bathrooms; Unit B has 2 bedrooms and 1 full bathroom. Both feature fireplaces, hardwood floors, large kitchens, and full concrete basements. Gas and electric service are separately metered for each unit. The property is zoned R-10.
The property is in Newport, near Naval Station Newport, downtown Newport, local beaches, and waterfront access. Its two-unit layout and individual utility metering are complemented by single-level living and basement space on both sides.
The property is in Newport, near Naval Station Newport, downtown Newport, local beaches, and waterfront access. Its two-unit layout and individual utility metering are complemented by single-level living and basement space on both sides.
Key Highlights
- Two units totaling 1,744 square feet
- Unit A: 2 bedrooms and 2 full bathrooms; Unit B: 2 bedrooms and 1 full bathroom
- Fireplaces, hardwood floors, and large kitchens in both units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,129
Cap Rate
3.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$582,580
$582.6K
Cap Rate 7%
$416,129
$416.1K
Cap Rate 9%
$323,656
$323.7K
Market Conditions
NOI Build-Up for 1,744 SF
Gross rent
$44.6K $25.56/SF
− Vacancy
−$3.0K −$1.70/SF
EGI
$41.6K $23.86/SF
− OpEx
−$12.5K −$7.16/SF
NOI
$29.1K $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%
$582,580
Cap Rate 7%
$416,129
Cap Rate 9%
$323,656
Alternative Uses
Best Use
Multifamily LT 5
$416.1K
$364.1K – $485.5K
NOI $29,129 @ 7.0% cap · market cap 3.69%
Second Best
Apartment 5plus
$370.1K
$323.8K – $431.8K
NOI $25,905 @ 7.0% cap · market cap 3.28%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,079
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
$669,500
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Newport, RI
Properties on Market for Duplexes in Newport
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered homes offer fireplaces, hardwood flooring, and full concrete basements.
Where is this duplex located?
The property is located at 23 Butler Street Newport, RI.
What is the asking price?
The asking price for this property is $790,000.
What are key features of this property?
This property features: Two units totaling 1,744 square feet; Unit A: 2 bedrooms and 2 full bathrooms; Unit B: 2 bedrooms and 1 full bathroom; Fireplaces, hardwood floors, and large kitchens in both units
