Newly Constructed Duplex
New
For Sale
$1,325,000
31 Prescott Hall Road, Newport, RI 02840
Two fully finished units with private outdoor space and flexible owner-occupant or rental configurations.
Property Size2,596 SF
Price / SF$510.40
Days on Market6
Property Features for 31 Prescott Hall Road
General Information
Standard status
Active
Size
2,596 SF
Property subtype
Multifamily
Building Details
Year Built
1940
Buildings
1
Stories
2
Tenancy
Multi
Abandoned
No
Listing Agency:
Kirby & Kirby
(401) 324-0048
Listed By:
Molly Kirby · License #REB.0019291
Source:
Lockandkeyre
Added: Jul 28
Changed: Jul 31
Last Checked: Aug 2 at 6:15AM
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 Kirby & Kirby
Investment Insights
Based on property information with market context.
This two-family residence offers 2,596 square feet across two thoughtfully finished units. The upper unit includes four bedrooms, two full bathrooms, vaulted ceilings, hardwood floors, abundant natural light, and mini-split heating and cooling. The first-floor unit features two bedrooms and two full bathrooms with matching hardwood flooring, finishes, appliances, and amenities. The property was built in 1940 and has been newly constructed or substantially updated according to the property information, with brand-new finishes and appliances throughout.
Outdoor improvements include a fully fenced backyard, outdoor dining area, and fire pit. The residence is located in Newport, within walking distance of CHOMP and Nitro Bar and moments from the waterfront, Van Zandt Pier, Newport Shipyard, and nearby marinas. The Newport Bridge is also just minutes away.
Outdoor improvements include a fully fenced backyard, outdoor dining area, and fire pit. The residence is located in Newport, within walking distance of CHOMP and Nitro Bar and moments from the waterfront, Van Zandt Pier, Newport Shipyard, and nearby marinas. The Newport Bridge is also just minutes away.
Key Highlights
- Two‑family residence totaling 2,596 square feet
- Upper unit offers 4 bedrooms, 2 full bathrooms, vaulted ceilings, and mini‑split heating and cooling
- First‑floor unit includes 2 bedrooms and 2 full bathrooms
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $66.4k | $25.56 |
| − Vacancy | −$4.4k | −$1.70 |
| EGI | $61.9k | $23.86 |
| − OpEx | −$18.6k | −$7.16 |
| NOI | $43.4k | $16.70 |
2,596 SF · lease $25.56/SF/yr · vacancy 6.65% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$619.4K
$542.0K – $722.7K
NOI $43,359 @ 7.0% cap · market cap 3.27%
Second Best
Apartment 5plus
$550.9K
$482.0K – $642.7K
NOI $38,561 @ 7.0% cap · market cap 2.91%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,079
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two fully finished units with private outdoor space and flexible owner-occupant or rental configurations.
Where is this duplex located?
The property is located at 31 Prescott Hall Road Newport, RI.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: Two‑family residence totaling 2,596 square feet; Upper unit offers 4 bedrooms, 2 full bathrooms, vaulted ceilings, and mini‑split heating and cooling; First‑floor unit includes 2 bedrooms and 2 full bathrooms
