Three-Unit Residential Income
32 Houston Avenue Newport, RI 02840
32 Houston Avenue, Newport, RI, 02840
$1,350,000
For Sale
$1,350,000
Three-family home with an updated first-floor three-bedroom unit and two one-bedroom units, with two leases in place.
Property Size2,552 SF
Lot Size0.20 Acres
Price / SF$528
Days on Market14
Property Features for 32 Houston Avenue
General Information
- Standard status
- Active
- Size
- 2,552 SF
- Lot size
- 0.20 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1880
Listing agency
RE/MAX Results
(401) 848-7827
Listed by
Tyler Bernadyn
Source
Lockandkeyre
Added: Jul 8 Updated: Jul 21 at 4:02AM Checked: Jul 21 at 4:02AM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
This three-family residence at 32 Houston Avenue in Newport includes an updated first-floor unit with three bedrooms and in-unit laundry, plus two additional one-bedroom units on the second and third floors. Two of the three units are currently leased, providing immediate rental income while still allowing flexibility for future management decisions.
The property sits on an oversized 8,500+ square foot lot, and is located approximately six doors from King Park and near Newport Harbor. A short walk reaches Thames Street and downtown, with nearby access to dining, shops, beaches, NYYC, and Ida Lewis YC.
With the generous lot, the home offers practical off-street parking and room for outdoor improvements. The configuration supports a range of upkeep and future scenario planning consistent with maintaining the property as a multi-family investment.
The property sits on an oversized 8,500+ square foot lot, and is located approximately six doors from King Park and near Newport Harbor. A short walk reaches Thames Street and downtown, with nearby access to dining, shops, beaches, NYYC, and Ida Lewis YC.
With the generous lot, the home offers practical off-street parking and room for outdoor improvements. The configuration supports a range of upkeep and future scenario planning consistent with maintaining the property as a multi-family investment.
Key Highlights
- 1880‑built three‑family home in Newport’s Fifth Ward with an updated first‑floor 3‑bedroom unit and two 1‑bedroom units
- Oversized 8,500+ sq ft lot with ample off‑street parking and room for outdoor improvements
- Updated first‑floor unit includes in‑unit laundry
Local 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 | $65.2k | $25.56 |
| − Vacancy | −$4.3k | −$1.70 |
| EGI | $60.9k | $23.86 |
| − OpEx | −$18.3k | −$7.16 |
| NOI | $42.6k | $16.70 |
2,552 SF · lease $25.56/SF/yr · vacancy 6.65% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$608.9K
$532.8K – $710.4K
NOI $42,624 @ 7.0% cap · market cap 3.16%
Second Best
Apartment 5plus
$541.5K
$473.8K – $631.8K
NOI $37,907 @ 7.0% cap · market cap 2.81%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Three-family home with an updated first-floor three-bedroom unit and two one-bedroom units, with two leases in place.
Where is this triplex located?
The property is located at 32 Houston Avenue Newport, RI.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 1880‑built three‑family home in Newport’s Fifth Ward with an updated first‑floor 3‑bedroom unit and two 1‑bedroom units; Oversized 8,500+ sq ft lot with ample off‑street parking and room for outdoor improvements; Updated first‑floor unit includes in‑unit laundry
