Two-Unit Waterfront
For Sale
$1,099,000
38 Aquidneck Avenue, Portsmouth, RI 02871
MULTI_FAMILY - Portsmouth, RI
Property Size4,552 SF
Lot Size0.11 Acres
Price / SF$241.43
Days on Market99
Property Features for 38 Aquidneck Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R20
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 2, Bathroom 1
Parking
3
Parking features
None
Interior features
Wall (Dry Wall), Wall (Plaster), Attic, Attic Stairs, Stairs, Plumbing (Mixed), Insulation (Ceiling), Insulation (Floors), Insulation (Unknown), Insulation (Walls)
Exterior features
Balcony
Basement
Storage Space, Full, Unfinished
Appliances
Tankless Water Heater, Dishwasher, Oven/Range, Refrigerator
Subdivision
Portsmouth Park Waterfront
Lot features
Paved Driveway
Standard status
Active
Size
4,552 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12647
Utilities
Sewer type
Septic Tank
Heating system
Oil, Baseboard
Water source
Public
Water front features
Waterfront
Water front
1
Building Details
Year built
1919
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic, Laminate, Vinyl, Hardwood
Building materials
Dry Wall, Plaster, Vinyl Siding
Listing Agency:
Keller Williams Coastal · Keller Williams Realty
(401) 845-9200
Listed By:
Joy Gilkeson
(401) 525-1714
Added: May 6
Changed: Aug 1
Last Checked: Aug 12 at 11:06AM
MLS# 1411598
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.
Located at 38 Aquidneck Avenue in Portsmouth, RI, this two-family duplex is configured as a two-unit investment property. The home sits on a 0.1108-acre waterfront lot and totals 4,552 square feet, built in 1919. Water and sewer service include public water and a septic tank, with heat provided by oil baseboard systems. Interior features include dry wall and plaster finishes, attic space with attic stairs, and multiple bedrooms and bathrooms spread across the layout. Appliances listed include a tankless water heater, dishwasher, oven/range, and refrigerator. The exterior includes a balcony, and the property also features a framed walk-up attic with potential for expansion leading to a third-floor deck/balcony.
The property is identified as waterfront and overlooks the Sakonnet River. Zoning is R20, and parking is listed as none. A newer 4-bedroom septic system is noted. Leases are set to expire 5/31/26, after which tenants are described as moving to month-to-month status.
The property is identified as waterfront and overlooks the Sakonnet River. Zoning is R20, and parking is listed as none. A newer 4-bedroom septic system is noted. Leases are set to expire 5/31/26, after which tenants are described as moving to month-to-month status.
Key Highlights
- 0.1108‑acre waterfront duplex overlooking the Sakonnet River
- 4,552 SF duplex built in 1919, zoned R20
- Newer 4‑bedroom septic system plus public water
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
$76,028
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
6.92%
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%
$1,520,560
$1.5M
Cap Rate 7%
$1,086,114
$1.1M
Cap Rate 9%
$844,756
$844.8K
Market Conditions
NOI Build-Up for 4,552 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
$116.3K $25.56/SF
− Vacancy
−$7.7K −$1.70/SF
EGI
$108.6K $23.86/SF
− OpEx
−$32.6K −$7.16/SF
NOI
$76.0K $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%
$1,520,560
Cap Rate 7%
$1,086,114
Cap Rate 9%
$844,756
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$950.4K – $1.27M
NOI $76,028 @ 7.0% cap · market cap 6.92%
Second Best
Apartment 5plus
$965.9K
$845.2K – $1.13M
NOI $67,615 @ 7.0% cap · market cap 6.15%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
196
Businesses Nearby
Explore this area
Business Placement
Demographics for 02871, RI
17,640
Population
8,044
Households
2.2
Avg Household Size
47
Median Age
60%
College-Educated
96%
High-School Grad
17.1 sq mi
ZIP Area
1,032
Density / Sq Mi
$119,135
Median Household Income
$56,615
Median Earnings
$1,577
Median Rent
$539,700
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-family duplex with waterfront frontage, R20 zoning, public water, and septic service near the Sakonnet River.
Where is this duplex located?
The property is located at 38 Aquidneck Avenue Portsmouth, RI.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: 0.1108‑acre waterfront duplex overlooking the Sakonnet River; 4,552 SF duplex built in 1919, zoned R20; Newer 4‑bedroom septic system plus public water
