Mixed-Use Property with Rooftop
424 Thames Street, Newport, RI 02840
For Sale
$2,195,000
Three-unit property combining street-level commercial space with a short-term rental residence and off-street parking.
Property Size4,306 SF
Price / SF$509.75
Days on Market53
Property Features for 424 Thames Street
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Amenities
rooftop deck
Building Details
Year Built
Tenancy
Listing Agency:
Our Real Estate
Listed By:
Lauren Mailloux · License RI REC.0018779
(401) 835-7778
Source:
Lockandkeyre
Added: Sep 19
Changed: Nov 8
Last Checked: Nov 10 at 8:41AM
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 Our Real Estate
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Investment Insights
Based on property information with market context.
This mixed-use property contains approximately 2,672 square feet across three units: two street-level commercial spaces and a three-bedroom, three-bath residential unit operated as a short-term rental. The commercial spaces are occupied by retail and service tenants, creating a combination of commercial and residential uses within one building. Recent work includes fresh exterior paint and new decking, while the rooftop deck provides views toward Newport Harbor and the Pell Bridge.
Located at 424 Thames Street in Newport’s Lower Thames district, the property is positioned near Newport Harbor, restaurants, shopping, nightlife, and downtown attractions. Limited Business (LB) zoning supports its mixed-use character, and the property includes one off-street parking space. Built in 1835, the building offers a historic structure with active commercial frontage and a residential hospitality component.
Located at 424 Thames Street in Newport’s Lower Thames district, the property is positioned near Newport Harbor, restaurants, shopping, nightlife, and downtown attractions. Limited Business (LB) zoning supports its mixed-use character, and the property includes one off-street parking space. Built in 1835, the building offers a historic structure with active commercial frontage and a residential hospitality component.
Key Highlights
- Approximately 2,672 square feet across three units
- Two street‑level commercial spaces occupied by retail and service tenants
- Three‑bedroom, three‑bath residential unit operated as a short‑term rental
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$63,961
Cap Rate
2.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,279,220
$1.3M
Cap Rate 7%
$913,729
$913.7K
Cap Rate 9%
$710,678
$710.7K
Market Conditions
NOI Build-Up for 4,306 SF
Gross rent
$125.0K $29.04/SF
− Vacancy
−$8.8K −$2.03/SF
EGI
$116.3K $27.01/SF
− OpEx
−$52.3K −$12.15/SF
NOI
$64.0K $14.85/SF
Area
Newport County, RI
Vacancy
7.00%
Lease Rate
$29.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,279,220
Cap Rate 7%
$913,729
Cap Rate 9%
$710,678
Alternative Uses
Best Use
Apartment 5plus
$913.7K
$799.5K – $1.07M
NOI $63,961 @ 7.0% cap · market cap 2.91%
Second Best
Retail
$694.1K
$607.3K – $809.8K
NOI $48,586 @ 7.0% cap · market cap 2.21%
Theoretical Best
Multifamily LT 5
$1.03M
$899.0K – $1.20M
NOI $71,920 @ 7.0% cap · market cap 3.28%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,837
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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-unit property combining street-level commercial space with a short-term rental residence and off-street parking.
Where is this mixed-use property located?
The property is located at 424 Thames Street Newport, RI.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: Approximately 2,672 square feet across three units; Two street‑level commercial spaces occupied by retail and service tenants; Three‑bedroom, three‑bath residential unit operated as a short‑term rental
