Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Renovated Mixed-Use Waterfront Building Title is generated by Realmo AI

    491 Thames, Newport, RI 02840

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $3,250,000

    High-visibility, renovated mixed-use building with income potential in Newport.

    Property size:
    4,800 SF
    Price / SF:
    $677/SF
    Added:
    Oct 18, 2025
    Days on Market:
    208
    Last Refresh:
    Mar 16 at 10:58 am

    Property Features for 491 Thames

    General Information

    Standard status
    Active
    Size
    4,800 SF

    Building Details

    Year Built
    1850

    We can help!

    Listing Contact
    JAMES MANSON

    Listing agent JAMES MANSON

    Listing office HOGAN ASSOCIATES CHRISTIE'S

    Listing date Oct 18, 2025

    Source Corcoran

    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 HOGAN ASSOCIATES CHRISTIE'S

    HighLights

    • Exceptional income generation from three luxury short‑term rental suites and two ground‑floor retail spaces.
    • Fully renovated with high‑end finishes, private decks, harbor views in suites; stamped ceilings, ceramic tile flooring, and updated baths in retail units.
    • Proven operational stability with Airbnb Superhost status for over three years, a 4.9‑star average, and high review volume.
    • Prime location in the high‑traffic Waterfront Business Zone on Lower Thames Street.
    • Additional income from two 800 sq. ft. retail units with long‑term tenants and annual renewals.
    • Includes an on‑site garage and 2 additional parking spaces.

    Overview

    This renovated mixed-use building, constructed in 1840, offers income potential from three luxury short-term rental suites and two ground-floor retail spaces. Situated in the Waterfront Business Zone on Lower Thames Street, the property benefits from high traffic. The suites feature high-end finishes, private decks, and harbor views. The retail units include stamped ceilings, ceramic tile flooring, and updated bathrooms. Each 800 sq. ft. retail unit has long-term tenants with annual renewals. The property includes an on-site garage and two additional parking spaces. The suites have maintained Airbnb Superhost status for over three years, with a 4.9-star average, 92% 5-star reviews, and over 500 reviews in the past 12 months. The property size is 4800 sq. ft.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newport
    County
    Newport
    State
    Rhode Island
    Longitude
    -71.3144311
    Latitude
    41.4796855

    Nearby Similar for Sale

    • $600

      Office Space in Newport, RI

      Office space for sale in a well-maintained building.
      342 Broadway, Newport, RI 02840
      View Details
    • $329,000

      Newport Commercial Condo For Sale

      Commercial condo in prime Newport location with flexible business potential.
      64 Halsey Street, Newport, RI 02840
      View Details
    • $1,275,000

      Historic Hill Townhouse, Newport

      Two-unit property near Bellevue Avenue and Newport Harbor.
      98 John Street, Newport, RI 02840
      View Details
    • $824,999

      Newport Two-Family Investment Opportunity

      Two-family property in Newport's Kay/Broadway neighborhood, close to amenities.
      8 Mann Avenue, Newport, RI 02840
      View Details
    • $1,500,000

      Renovated Two-Family Newport Residence

      Completely renovated two-family home in Newport, suitable for various uses.
      20 Summer Street, Newport, RI 02840
      View Details
    • $835,000

      Charming Newport Cottage - Multifamily Potential

      Charming cottage in Newport's Historic Hill neighborhood with multifamily potential.
      51 William Street, Newport, RI 02840
      View Details
    • $1,775,000

      Newport Mixed-Use Investment Opportunity

      Well-maintained mixed-use property with commercial and residential units in Newport.
      2 Perry Street, Newport, RI 02840
      View Details
    • $1,775,000

      Mixed-Use Property in Prime Location

      Mixed-use property with office spaces and residential units in Newport.
      2 Perry Street, Newport, RI 02840
      View Details
    • $799,000

      Newport Multifamily Near Broadway Shops

      Multifamily property near shops, restaurants, and Newport Bridge.
      19 Vernon Avenue, Newport, RI 02840
      View Details
    • $3,250,000

      Renovated Mixed-Use Building, Newport

      High-visibility mixed-use building with income potential in Newport, RI.
      491 Thames Street, Newport, RI 02840
      View Details
    • $1,685,000

      Historic Colonial in Newport's Hill

      Elegant home in a sought-after neighborhood, close to attractions.
      28 John Street, Newport, RI 02840
      View Details
    • $1,800,000

      Newport Multifamily Home with Patios

      Two-family home near Bellevue Ave and Broadway district.
      1 Pell Street, Newport, RI 02840
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - High-visibility, renovated mixed-use building with income potential in Newport.
    Where is this mixed-use property located?
    The property is located at 491 Thames Newport, RI.
    What is the asking price?
    The asking price for this property is $3,250,000.
    What are key features of this property?
    This property features: Exceptional income generation from three luxury short‑term rental suites and two ground‑floor retail spaces.; Fully renovated with high‑end finishes, private decks, harbor views in suites; stamped ceilings, ceramic tile flooring, and updated baths in retail units.; Proven operational stability with Airbnb Superhost status for over three years, a 4.9‑star average, and high review volume.
    (401) 845-9500
    We can help!
    Listing Contact
    JAMES MANSON
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    491 Thames, Newport, RI 02840
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!