Four-Unit Apartment
For Sale
$975,000
33 Halsey Street, Newport, RI 02840
Two-story multifamily building offers four 1-bedroom, 1-bath units with off-street parking on a 0.23-acre parcel.
Property Size3,209 SF
Lot Size0.23 Acres
Price / SF$303.83
Days on Market92
Property Features for 33 Halsey Street
General Information
Standard status
Active
Size
3,209 SF
Total Parking Spaces
5
Lot size
0.23 Acres
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
4
Building Details
Year Built
1940
Stories
2
Listing Agency:
Horvath & Tremblay
(781) 776-4000
Listed By:
Sean McHale · License #9584433
Source:
Milburyre
Added: May 24
Changed: Aug 23
Last Checked: Aug 22 at 6:50PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
Offered for sale, this two-story multifamily building features four (4) 1-bedroom, 1-bathroom units. The property contains 2,992 square feet of gross living area within 3,209 square feet of gross area. The site includes five (5) off-street parking spaces.
The building is located in the residential core of Newport and provides convenient access to downtown waterfront, historic districts, and neighborhood retail corridors. It also offers connectivity to local thoroughfares including Broadway and Memorial Boulevard, with close proximity to Rhode Island Routes 138 and 114 for travel throughout Aquidneck Island and to the mainland via the Claiborne Pell Newport Bridge.
The building is located in the residential core of Newport and provides convenient access to downtown waterfront, historic districts, and neighborhood retail corridors. It also offers connectivity to local thoroughfares including Broadway and Memorial Boulevard, with close proximity to Rhode Island Routes 138 and 114 for travel throughout Aquidneck Island and to the mainland via the Claiborne Pell Newport Bridge.
Key Highlights
- 1940‑built, two‑story multifamily building with four 1‑bedroom, 1‑bath units
- Total of 2,992 sq ft gross living area and 3,209 sq ft gross area
- 0.23‑acre parcel with five off‑street parking spaces
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
$47,666
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
4.89%
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%
$953,320
$953.3K
Cap Rate 7%
$680,943
$680.9K
Cap Rate 9%
$529,622
$529.6K
Market Conditions
NOI Build-Up for 3,209 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
$93.2K $29.04/SF
− Vacancy
−$6.5K −$2.03/SF
EGI
$86.7K $27.01/SF
− OpEx
−$39.0K −$12.15/SF
NOI
$47.7K $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%
$953,320
Cap Rate 7%
$680,943
Cap Rate 9%
$529,622
Alternative Uses
Best Use
Apartment 5plus
$680.9K
$595.8K – $794.4K
NOI $47,666 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$765.7K
$670.0K – $893.3K
NOI $53,597 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
937
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?
Multifamily property - Two-story multifamily building offers four 1-bedroom, 1-bath units with off-street parking on a 0.23-acre parcel.
Where is this multifamily property located?
The property is located at 33 Halsey Street Newport, RI.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 1940‑built, two‑story multifamily building with four 1‑bedroom, 1‑bath units; Total of 2,992 sq ft gross living area and 3,209 sq ft gross area; 0.23‑acre parcel with five off‑street parking spaces
