Two-Unit Side-by-Side
For Sale
$1,895,000
35 Mount Vernon Street, Newport, RI 02840
One residence is vacant, while the other is leased to an annual tenant through June 2027.
Property Size3,522 SF
Price / SF$538.05
Days on Market16
Property Features for 35 Mount Vernon Street
General Information
Standard status
Active
Size
3,522 SF
Total Parking Spaces
2
Property subtype
MultiFamily
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Additional Details
Road Access
Yes
Tenant in Place
Yes
Amenities
front porches
stainless steel appliances
in-unit laundry
basement storage
Building Details
Year Built
1914
Buildings
1
Construction
shingle-style
Listing Agency:
Gustave White Sotheby's Realty
(401) 849-3000
Listed By:
Daniel Cordeiro · License #RES.0048435
(917) 748-8791
Source:
Lockandkeyre
Added: Oct 14
Changed: Oct 29
Last Checked: Oct 28 at 8:10AM
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 Gustave White Sotheby's Realty
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Investment Insights
Based on property information with market context.
Built in 1914, this 3,522-square-foot duplex contains two side-by-side residences. Each has three bedrooms with a convertible fourth-bedroom option, 2.5 baths, a basement, a front porch, a kitchen with stainless steel appliances, and in-unit laundry. Original details remain alongside modern updates, and the gas heating was recently updated. The property includes a tandem driveway for two cars and on-street parking.
The Mount Vernon Street property sits between the Kay-Catherine and Historic Hill districts, with Downtown Newport, the harbor, Broadway, restaurants, shops, and cafes nearby. Unit 37 is vacant; Unit 35 has an annual tenant through June 2027.
The Mount Vernon Street property sits between the Kay-Catherine and Historic Hill districts, with Downtown Newport, the harbor, Broadway, restaurants, shops, and cafes nearby. Unit 37 is vacant; Unit 35 has an annual tenant through June 2027.
Key Highlights
- 3,522‑square‑foot duplex built in 1914
- Two side‑by‑side residences, each with 3 bedrooms and a convertible 4th bedroom
- Each residence includes 2.5 baths, a basement, and in‑unit laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,825
Cap Rate
3.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,176,500
$1.2M
Cap Rate 7%
$840,357
$840.4K
Cap Rate 9%
$653,611
$653.6K
Market Conditions
NOI Build-Up for 3,522 SF
Gross rent
$90.0K $25.56/SF
− Vacancy
−$6.0K −$1.70/SF
EGI
$84.0K $23.86/SF
− OpEx
−$25.2K −$7.16/SF
NOI
$58.8K $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 Rate 5%
$1,176,500
Cap Rate 7%
$840,357
Cap Rate 9%
$653,611
Alternative Uses
Best Use
Multifamily LT 5
$840.4K
$735.3K – $980.4K
NOI $58,825 @ 7.0% cap · market cap 3.10%
Second Best
Apartment 5plus
$747.4K
$654.0K – $871.9K
NOI $52,316 @ 7.0% cap · market cap 2.76%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,583
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - One residence is vacant, while the other is leased to an annual tenant through June 2027.
Where is this duplex located?
The property is located at 35 Mount Vernon Street Newport, RI.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: 3,522‑square‑foot duplex built in 1914; Two side‑by‑side residences, each with 3 bedrooms and a convertible 4th bedroom; Each residence includes 2.5 baths, a basement, and in‑unit laundry
