Victorian Duplex with Third-Floor
New
For Sale
$1,195,000
350 Broadway, Newport, RI 02840
A separate-entry one-bedroom unit complements a three-bedroom, two-bathroom main residence.
Property Size2,413 SF
Price / SF$495.23
Days on Market5
Property Features for 350 Broadway
General Information
Standard status
Active
Size
2,413 SF
Property subtype
MultiFamily
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR
Multifamily Units
2
Amenities
large front porch
wraparound porch
laundry room
one-car garage
off-street parking
Building Details
Year Built
1909
Buildings
1
Construction
Queen Anne Victorian
Listing Agency:
RE/MAX Results
(401) 848-7827
Listed By:
Tyler Bernadyn · License #REB.0019892
(401) 241-1851
Source:
Lockandkeyre
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 2:54PM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
This 2,413-square-foot Queen Anne Victorian, built in 1909, combines a three-bedroom, two-bathroom main residence with a separate-entry one-bedroom apartment on the third floor. The main home includes a kitchen with pantry, dining and living rooms, and a library with a gas fireplace and built-in bookcases. Hardwood flooring and period details remain throughout. A wraparound porch, one-car garage, and off-street parking are also part of the property.
Recent updates include a three-year-old roof and gutters, new windows, 200-amp electrical service, and renovated bathrooms. The property occupies a corner lot at 350 Broadway in Newport.
Recent updates include a three-year-old roof and gutters, new windows, 200-amp electrical service, and renovated bathrooms. The property occupies a corner lot at 350 Broadway in Newport.
Key Highlights
- 2,413‑square‑foot Queen Anne Victorian built in 1909
- Three‑bedroom, two‑bathroom main residence plus a separate‑entry one‑bedroom apartment
- Third‑floor apartment has its own entrance
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
$40,302
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
3.37%
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%
$806,040
$806.0K
Cap Rate 7%
$575,743
$575.7K
Cap Rate 9%
$447,800
$447.8K
Market Conditions
NOI Build-Up for 2,413 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
$61.7K $25.56/SF
− Vacancy
−$4.1K −$1.70/SF
EGI
$57.6K $23.86/SF
− OpEx
−$17.3K −$7.16/SF
NOI
$40.3K $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%
$806,040
Cap Rate 7%
$575,743
Cap Rate 9%
$447,800
Alternative Uses
Best Use
Multifamily LT 5
$575.7K
$503.8K – $671.7K
NOI $40,302 @ 7.0% cap · market cap 3.37%
Second Best
Apartment 5plus
$512.0K
$448.0K – $597.4K
NOI $35,843 @ 7.0% cap · market cap 3.00%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
960
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - A separate-entry one-bedroom unit complements a three-bedroom, two-bathroom main residence.
Where is this duplex located?
The property is located at 350 Broadway Newport, RI.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: 2,413‑square‑foot Queen Anne Victorian built in 1909; Three‑bedroom, two‑bathroom main residence plus a separate‑entry one‑bedroom apartment; Third‑floor apartment has its own entrance
