8-Bedroom
For Sale
$1,860,000
34 Bull Street, Newport, RI 02840
Residential Income, Newport, RI
Property Size3,550 SF
Lot Size0.07 Acres
Price / SF$523.94
Days on Market96
Property Features for 34 Bull Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 6, Bathroom 2, Bedroom 2, Bedroom 8, Bedroom 7, Bedroom 3, Bedroom 1, Bathroom 1, Bathroom 3, Bedroom 4, Basement
Parking features
None
Interior features
Wall (Dry Wall), Wall (Plaster), Stairs, Insulation (Unknown)
Fireplace
1
Basement
Unfinished, Full
Appliances
Dishwasher, Dryer, Microwave, Oven/Range, Refrigerator, Washer
Standard status
Active
Size
3,550 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10685
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1895
Floors in Building
3
Number of units
2
Flooring type
Tile - Ceramic, Hardwood
Building materials
Dry Wall, Plaster, Clapboard
Listing Agency:
William Raveis Inspire
(401) 846-3800
Listed By:
The Aquidneck Team
(401) 640-0807
Added: May 26
Changed: Aug 20
Last Checked: Aug 29 at 12:06AM
MLS# 1413646
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 duplex at 34 Bull Street offers 3,550 square feet on a 0.067-acre lot, with eight bedrooms, three full bathrooms, and a basement. Built in 1895, the property includes hardwood and ceramic tile flooring, plaster and drywall finishes, clapboard exterior materials, and a fireplace. The kitchen is equipped with a dishwasher, dryer, microwave, oven/range, refrigerator, and washer.
Located in Newport, Rhode Island, the property is within walking distance of downtown, restaurants, waterfront attractions, and local amenities. Heating is provided by natural gas and forced air, while cooling is supplied by window unit(s).
Located in Newport, Rhode Island, the property is within walking distance of downtown, restaurants, waterfront attractions, and local amenities. Heating is provided by natural gas and forced air, while cooling is supplied by window unit(s).
Key Highlights
- 8‑bedroom, 3‑bath duplex at 34 Bull Street
- 3,550 square feet on a 0.067‑acre lot
- Built in 1895 with clapboard exterior materials
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
$59,293
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
3.19%
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%
$1,185,860
$1.2M
Cap Rate 7%
$847,043
$847.0K
Cap Rate 9%
$658,811
$658.8K
Market Conditions
NOI Build-Up for 3,550 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
$90.7K $25.56/SF
− Vacancy
−$6.0K −$1.70/SF
EGI
$84.7K $23.86/SF
− OpEx
−$25.4K −$7.16/SF
NOI
$59.3K $16.70/SF
Area
Newport County, RI
Vacancy
6.65%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
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%
$1,185,860
Cap Rate 7%
$847,043
Cap Rate 9%
$658,811
Alternative Uses
Best Use
Multifamily LT 5
$847.0K
$741.2K – $988.2K
NOI $59,293 @ 7.0% cap · market cap 3.19%
Second Best
Apartment 5plus
$753.3K
$659.2K – $878.9K
NOI $52,732 @ 7.0% cap · market cap 2.84%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,583
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Flexible floor plan with three full baths and walkable access to downtown Newport.
Where is this duplex located?
The property is located at 34 Bull Street Newport, RI.
What is the asking price?
The asking price for this property is $1,860,000.
What are key features of this property?
This property features: 8‑bedroom, 3‑bath duplex at 34 Bull Street; 3,550 square feet on a 0.067‑acre lot; Built in 1895 with clapboard exterior materials
