5-Unit Apartment
2801 E Main Road, Portsmouth, RI 02871
For Sale
$1,095,000
Residential Income, Portsmouth, RI
Property Size6,253 SF
Lot Size0.30 Acres
Price / SF$175.12
Days on Market52
Property Features for 2801 E Main Road
General Information
Property type
Property subtype
Zoning
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Parking features
Interior features
Fireplace
Basement
Appliances
Lot features
Standard status
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Sewer type
Heating system
Cooling system
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Buildings
Listing Agency:
Hogan Associates Christie's
(401) 845-9500
Listed By:
Kevan Campbell · License #RES.0034444
(401) 556-9563
Added: Sep 19
Changed: Oct 27
Last Checked: Nov 9 at 6:06AM
MLS# 1423564
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.
The property comprises two buildings with five residences. The 3,323-square-foot main building contains four one-bedroom apartments, while a separate 959-square-foot building provides a two-bedroom residence. Each unit has its own heating and hot water system, and tenants cover most utilities. Interior features include a mix of hardwood, tile, vinyl, carpet, and laminate flooring, along with window-unit cooling. The property was built in 1887 and is served by a septic system.
The 0.3-acre site is zoned C and is located at 2801 E Main Road in Portsmouth, Rhode Island. The main building carries the address 2803 East Main Road.
The 0.3-acre site is zoned C and is located at 2801 E Main Road in Portsmouth, Rhode Island. The main building carries the address 2803 East Main Road.
Key Highlights
- Five residences across two separate buildings
- Main building: 3,323 square feet with four one‑bedroom apartments
- Second building: 959 square feet with a two‑bedroom residence
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$92,882
Cap Rate
8.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,857,640
$1.9M
Cap Rate 7%
$1,326,886
$1.3M
Cap Rate 9%
$1,032,022
$1.0M
Market Conditions
NOI Build-Up for 6,253 SF
Gross rent
$181.6K $29.04/SF
− Vacancy
−$12.7K −$2.03/SF
EGI
$168.9K $27.01/SF
− OpEx
−$76.0K −$12.15/SF
NOI
$92.9K $14.85/SF
Area
Newport County, RI
Vacancy
7.00%
Lease Rate
$29.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,857,640
Cap Rate 7%
$1,326,886
Cap Rate 9%
$1,032,022
Alternative Uses
Best Use
Apartment 5plus
$1.33M
$1.16M – $1.55M
NOI $92,882 @ 7.0% cap · market cap 8.48%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.49M
$1.31M – $1.74M
NOI $104,439 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
256
Businesses Nearby
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Business Placement
Demographics for 02871, RI
17,640
Population
8,044
Households
2.2
Avg Household Size
47
Median Age
60%
College-Educated
96%
High-School Grad
17.1 sq mi
ZIP Area
1,032
Density / Sq Mi
$119,135
Median Household Income
$56,615
Median Earnings
$1,577
Median Rent
$539,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Two separate buildings combine four one-bedroom apartments with a detached two-bedroom residence on commercially zoned land.
Where is this apartment building located?
The property is located at 2801 E Main Road Portsmouth, RI.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Five residences across two separate buildings; Main building: 3,323 square feet with four one‑bedroom apartments; Second building: 959 square feet with a two‑bedroom residence
