Side-by-Side Duplex
New
For Sale
$1,895,000
35 Mt. Vernon Street, Newport, RI 02840
Residential Income, Newport, RI
Property Size3,522 SF
Lot Size0.08 Acres
Price / SF$538.05
Days on Market1
Property Features for 35 Mt. 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
Bathroom 4, Bathroom 6, Bedroom 2, Bedroom 6, Bedroom 4, Bedroom 1, Basement, Bedroom 3, Bathroom 1, Bedroom 5, Bathroom 5, Bathroom 3, Bathroom 2
Parking
2
Parking features
None
Window features
Storm Window(s)
Patio and Porch features
Patio, Porch
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
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9775
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Heat Pump (Heating), Zoned, Natural Gas
Cooling system
Ductless, Window Unit(s), Heat Pump
Amenities
front porches
stainless steel appliances
in-unit laundry
basement storage
updated gas heating
Building Details
Year built
1914
Floors in Building
3
Number of units
2
Flooring type
Tile - Ceramic, Hardwood
Building materials
Shingles, Wood
Listing Agency:
Gustave White Sotheby's Realty · Sotheby's International Realty
(401) 849-3000
Listed By:
Daniel Cordeiro · License #RES.0048435
(917) 748-8791
Added: Oct 14
Last Checked: Oct 14 at 5:06PM
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.
Investment Insights
Based on property information with market context.
Built in 1914, this 3,522-square-foot duplex in Newport contains two side-by-side residences on a 0.0809-acre lot. Each home has three bedrooms, a convertible fourth-bedroom space, 2.5 bathrooms, a basement, a front porch, and a patio. Kitchens include stainless steel appliances, and each residence has in-unit laundry and basement storage. The property also features hardwood and ceramic tile flooring, gas heating, and a mix of original details and modern updates.
The two units have different occupancy status: Unit 37 is vacant, while Unit 35 is leased to an annual tenant through June 2027. The property is zoned R10 and served by public sewer.
The two units have different occupancy status: Unit 37 is vacant, while Unit 35 is leased to an annual tenant through June 2027. The property is zoned R10 and served by public sewer.
Key Highlights
- Two side‑by‑side residences within a 3,522‑square‑foot duplex
- Each unit has 3 bedrooms, a convertible fourth‑bedroom space, and 2.5 bathrooms
- Unit 37 is vacant; Unit 35 has an annual tenant through June 2027
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
Current Use
Lease Details
2
Residential units
Yes
Paved road access
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two independently configured homes provide separate kitchens, laundry, basement storage, and outdoor areas.
Where is this duplex located?
The property is located at 35 Mt. 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 within a 3,522‑square‑foot duplex; Each unit has 3 bedrooms, a convertible fourth‑bedroom space, and 2.5 bathrooms; Unit 37 is vacant; Unit 35 has an annual tenant through June 2027
