Five-Unit Apartment
For Sale
$1,095,000
2801 East Main Road, Portsmouth, RI 02871
Two separate buildings offer distinct residential spaces with individually controlled heating and hot water systems.
Property Size6,253 SF
Price / SF$175.12
Days on Market42
Property Features for 2801 East Main Road
General Information
Standard status
Active
Size
6,253 SF
Property subtype
Multi-Family
Building Details
Year Built
1887
Listing Agency:
Hogan Associates Christie's
Listed By:
Kevan Campbell · License #31343
(401) 556-9563
Source:
Lavonnelopes
Added: Sep 21
Changed: Oct 25
Last Checked: Oct 30 at 11:03AM
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 Hogan Associates Christie's
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Investment Insights
Based on property information with market context.
This multifamily property includes five apartments across two separate buildings. The primary structure contains four one-bedroom units, while the second building is configured as a separate two-bedroom residence. Each unit has its own heating and hot water system, and tenants are responsible for most utilities. The property is zoned commercial and includes ample parking.
Located at 2801 and 2803 East Main Road, the buildings provide distinct living areas within one property. Current rents are below market, and the established rental configuration includes four one-bedroom apartments and one two-bedroom residence. Built in 1887, the property may suit an investor or an owner-occupant seeking residential space with additional rental units.
Located at 2801 and 2803 East Main Road, the buildings provide distinct living areas within one property. Current rents are below market, and the established rental configuration includes four one-bedroom apartments and one two-bedroom residence. Built in 1887, the property may suit an investor or an owner-occupant seeking residential space with additional rental units.
Key Highlights
- Five‑unit multifamily property arranged across two separate buildings
- Four one‑bedroom apartments plus one separate two‑bedroom residence
- Individual heating and hot water systems for each unit
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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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 offer distinct residential spaces with individually controlled heating and hot water systems.
Where is this apartment building located?
The property is located at 2801 East 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‑unit multifamily property arranged across two separate buildings; Four one‑bedroom apartments plus one separate two‑bedroom residence; Individual heating and hot water systems for each unit
