Five-Unit Apartment
New
For Sale
$1,095,000
2801 E Main Road, Portsmouth, RI 02871
Residential Income, Portsmouth, RI
Property Size6,253 SF
Lot Size0.30 Acres
Price / SF$175.12
Days on Market6
Property Features for 2801 E Main Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
C
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 2, Basement, Bathroom 2, Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 3, Bathroom 4
Parking
6
Parking features
None
Interior features
Wall (Dry Wall), Cathedral Ceilings, Stairs, Plumbing (Mixed), Insulation (Ceiling), Insulation (Floors), Insulation (Walls)
Fireplace
1
Basement
Storage Space, Full, Unfinished
Appliances
Electric Water Heater, Gas Water Heater, Tankless Water Heater, Dryer, Range Hood, Oven/Range, Refrigerator, Washer
Lot features
Paved Driveway, Paved
Standard status
Active
Size
6,253 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7164
Utilities
Sewer type
Septic Tank
Heating system
Natural Gas, Baseboard, Electric (Heating), Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1887
Floors in Building
3
Number of units
4
Flooring type
Carpet, Vinyl, Laminate, Hardwood, Tile - Ceramic
Building materials
Dry Wall, Other Siding, Vinyl Siding
Listing Agency:
Hogan Associates Christie's
(401) 845-9500
Listed By:
Kevan Campbell · License #RES.0034444
(401) 556-9563
Added: Sep 19
Last Checked: Sep 24 at 8:06AM
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.
Investment Insights
Based on property information with market context.
This five-unit apartment property comprises two separate buildings with a combined property size of 6,253 square feet on 0.3 acres. The primary building contains 3,323 square feet of living space divided among four one-bedroom apartments, while the second building provides a separate 959-square-foot two-bedroom residence. The configuration supports both multifamily ownership and an owner-occupant arrangement with additional rental units.
Each unit has its own heating and hot water system, and tenants are responsible for most utilities. The property is zoned C and is served by septic. Existing features include natural gas and electric heating systems, window-unit cooling, and a mix of hardwood, laminate, vinyl, carpet, and ceramic tile flooring. Built in 1887, the property also includes appliances such as ranges, refrigerators, washers, dryers, and water heaters.
Each unit has its own heating and hot water system, and tenants are responsible for most utilities. The property is zoned C and is served by septic. Existing features include natural gas and electric heating systems, window-unit cooling, and a mix of hardwood, laminate, vinyl, carpet, and ceramic tile flooring. Built in 1887, the property also includes appliances such as ranges, refrigerators, washers, dryers, and water heaters.
Key Highlights
- Five‑unit configuration across two separate buildings
- Four one‑bedroom apartments plus one two‑bedroom residence
- 6,253 square feet on 0.3 acres
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$92,882
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.48%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
256
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two separate buildings offer four one-bedroom apartments and a two-bedroom residence under commercial zoning.
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‑unit configuration across two separate buildings; Four one‑bedroom apartments plus one two‑bedroom residence; 6,253 square feet on 0.3 acres
