Three-Unit Triplex with Water
499 Park Ave, Portsmouth, RI 02871
For Sale
$645,000
Pending
Water views span all three levels, alongside newer septic, oil tank, boiler, and furnace systems.
Property Size3,688 SF
Days on Market50
Property Features for 499 Park Ave
General Information
Standard status
Size
Property subtype
Property Condition
Severity
Evidence
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Stories
Listing Agency:
eXp Realty
(888) 315-3445
Listed By:
Slocum Home Team · License #38011
(401) 593-1129
Source:
Exprealty
Added: Sep 21
Changed: Oct 26
Last Checked: Nov 8 at 11:03AM
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 eXp Realty
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Investment Insights
Based on property information with market context.
This three-family triplex contains 3,688 square feet and was built in 1918. Water views extend across all three levels, while major property systems include a newer septic system, oil tank, boiler, and furnace. The interiors require cosmetic updating, creating room for improvements within the existing residential configuration.
The property is located at 499 Park Avenue in Portsmouth’s Island Park neighborhood, on Aquidneck Island. Its three-unit layout supports continued multifamily use, with the option to occupy one residence while leasing the others.
The property is located at 499 Park Avenue in Portsmouth’s Island Park neighborhood, on Aquidneck Island. Its three-unit layout supports continued multifamily use, with the option to occupy one residence while leasing the others.
Key Highlights
- Three‑family triplex with 3,688 square feet
- Water views from all three levels
- Built in 1918
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$54,781
Cap Rate
8.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,095,620
$1.1M
Cap Rate 7%
$782,586
$782.6K
Cap Rate 9%
$608,678
$608.7K
Market Conditions
NOI Build-Up for 3,688 SF
Gross rent
$107.1K $29.04/SF
− Vacancy
−$7.5K −$2.03/SF
EGI
$99.6K $27.01/SF
− OpEx
−$44.8K −$12.15/SF
NOI
$54.8K $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%
$1,095,620
Cap Rate 7%
$782,586
Cap Rate 9%
$608,678
Alternative Uses
Best Use
Multifamily LT 5
$880.0K
$770.0K – $1.03M
NOI $61,598 @ 7.0% cap · market cap 9.55%
Second Best
Apartment 5plus
$782.6K
$684.8K – $913.0K
NOI $54,781 @ 7.0% cap · market cap 8.49%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
69
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
Frequently Asked Questions
What type of property is this?
Triplex - Water views span all three levels, alongside newer septic, oil tank, boiler, and furnace systems.
Where is this triplex located?
The property is located at 499 Park Ave Portsmouth, RI.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: Three‑family triplex with 3,688 square feet; Water views from all three levels; Built in 1918
