11-Unit Townhouse Apartment
For Sale
$4,000,000
46 Statue Way, Portsmouth, RI 02871
Condominium-structured rental property with townhouse buildings, decks, in-unit laundry, and garage parking.
Property Size13,740 SF
Price / SF$291.12
Days on Market90
Property Features for 46 Statue Way
General Information
Standard status
Active
Size
13,740 SF
Property subtype
Commercial
Building Details
Year Built
1988
Listing Agency:
Westcott Properties
Listed By:
Joy Riley · License #3100765
(401) 421-5300
Source:
Elevatedboston
Added: Jul 17
Changed: Oct 13
Last Checked: Oct 12 at 8:21PM
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 Westcott Properties
Investment Insights
Based on property information with market context.
This 11-unit apartment portfolio comprises 8 townhouse buildings within a condominium structure, offering multiple ownership and disposition formats. The property includes decks on most buildings, in-unit laundry, and garage parking. The detached garage associated with Unit #46 is identified as suitable for ADU conversion under Rhode Island’s statewide ADU law. Solar service covers electric usage for 7 of the 8 buildings, while tenants pay their own water expenses.
The property is located at 46 Statue Way in Portsmouth’s Lehigh Hill area, minutes from Newport. The parcel is zoned R20 and is described as oversized, with potential to support additional density. No flood insurance is required. Built in 1988 and converted to condominium ownership in 2004, the asset can remain configured as a rental portfolio or support individual disposition of buildings or units.
The property is located at 46 Statue Way in Portsmouth’s Lehigh Hill area, minutes from Newport. The parcel is zoned R20 and is described as oversized, with potential to support additional density. No flood insurance is required. Built in 1988 and converted to condominium ownership in 2004, the asset can remain configured as a rental portfolio or support individual disposition of buildings or units.
Key Highlights
- 11‑unit apartment portfolio across 8 townhouse buildings
- 13,740 square feet with condominium ownership structure
- R20‑zoned oversized parcel with potential for additional density
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$204,093
Cap Rate
5.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,081,860
$4.1M
Cap Rate 7%
$2,915,614
$2.9M
Cap Rate 9%
$2,267,700
$2.3M
Market Conditions
NOI Build-Up for 13,740 SF
Gross rent
$399.0K $29.04/SF
− Vacancy
−$27.9K −$2.03/SF
EGI
$371.1K $27.01/SF
− OpEx
−$167.0K −$12.15/SF
NOI
$204.1K $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%
$4,081,860
Cap Rate 7%
$2,915,614
Cap Rate 9%
$2,267,700
Alternative Uses
Best Use
Apartment 5plus
$2.92M
$2.55M – $3.40M
NOI $204,093 @ 7.0% cap · market cap 5.10%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.28M
$2.87M – $3.82M
NOI $229,488 @ 7.0% cap · market cap 5.74%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
383
Businesses Nearby
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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
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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?
Apartment building - Condominium-structured rental property with townhouse buildings, decks, in-unit laundry, and garage parking.
Where is this apartment building located?
The property is located at 46 Statue Way Portsmouth, RI.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 11‑unit apartment portfolio across 8 townhouse buildings; 13,740 square feet with condominium ownership structure; R20‑zoned oversized parcel with potential for additional density
