2-Unit Side-by-Side
For Sale
$1,895,000
35 Mount Vernon Street, Newport, RI 02840
Residential Income, Newport, RI
Property Size3,522 SF
Lot Size0.07 Acres
Price / SF$538.05
Days on Market13
Property Features for 35 Mount Vernon Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R10
Bedrooms
6
Bathrooms
5
Full bathrooms
4
Half bathrooms
2
Rooms
Bedroom 4, Bedroom 1, Bathroom 4, Basement, Bathroom 3, Bedroom 2, Bedroom 5, Bedroom 6, Bathroom 1, Bathroom 5, Bathroom 2, Bathroom 6, Bedroom 3
Parking
2
Parking features
None
Window features
Skylight(s), Storm Window(s)
Patio and Porch features
Porch, Patio
Interior features
Stairs, Plumbing (Copper), Plumbing (Mixed), Plumbing (PVC)
Exterior features
Patio, Porch
Basement
Storage Space, Full, Partially Finished
Appliances
Dishwasher, Dryer, Disposal, Range Hood, Microwave, Oven, Range, Refrigerator, Washer, Gas Water Heater, Tankless Water Heater
Subdivision
Historic Hill
Lot features
Fenced, Paved Driveway, Sidewalks
Standard status
Active
Size
3,522 SF
Lot size
0.07 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9775
Utilities
Sewer type
Public Sewer
Heating system
Zoned, Electric (Heating), Heat Pump (Heating), Natural Gas
Cooling system
Ductless, Heat Pump, Window Unit(s)
Building Details
Year built
1914
Floors in Building
3
Number of units
2
Flooring type
Hardwood, Tile - Ceramic
Building materials
Shingles, Wood
Buildings
1
Listing Agency:
Gustave White Sotheby's Realty · Sotheby's International Realty
(401) 849-3000
Listed By:
Daniel Cordeiro
(917) 748-8791
Added: Oct 14
Changed: Oct 25
Last Checked: Oct 26 at 3:06AM
MLS# 1421642
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.
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Investment Insights
Based on property information with market context.
This 3,522-square-foot duplex contains two side-by-side residences on a 0.071-acre lot. Each unit has three bedrooms, a convertible fourth bedroom, 2.5 baths, a basement, front porch, kitchen with stainless steel appliances, and in-unit laundry. The property also features hardwood and ceramic tile flooring, gas heating, and a patio. Built in 1914, it is zoned R10.
At 35 Mount Vernon Street in Newport, the property is near downtown, the harbor, Broadway, restaurants, shops, and cafes. One unit is vacant, while the other is occupied by an annual tenant through June 2027.
At 35 Mount Vernon Street in Newport, the property is near downtown, the harbor, Broadway, restaurants, shops, and cafes. One unit is vacant, while the other is occupied by an annual tenant through June 2027.
Key Highlights
- Two side‑by‑side residences totaling 3,522 square feet
- Each unit offers 3 bedrooms, a convertible fourth bedroom, and 2.5 baths
- 0.071‑acre lot; zoned R10
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?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
50%
Occupancy
Single-tenant
Tenancy
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; 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: Two side‑by‑side residences totaling 3,522 square feet; Each unit offers 3 bedrooms, a convertible fourth bedroom, and 2.5 baths; 0.071‑acre lot; zoned R10
