Five-Unit Apartment
New
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 Market4
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) 845-9500
Source:
Lavonnelopes
Added: Sep 21
Last Checked: Sep 22 at 1:50PM
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
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 = 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
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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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
