Three-Unit Triplex with Water
New
For Sale
$645,000
499 Park Avenue, Portsmouth, RI 02871
Water views span all three levels, alongside newer septic, oil tank, boiler, and furnace systems.
Property Size3,688 SF
Price / SF$174.89
Days on Market3
Property Features for 499 Park Avenue
General Information
Standard status
Active
Size
3,688 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
cosmetic updating here and there
Additional Details
Multifamily Units
3
Building Details
Year Built
1918
Stories
3
Listing Agency:
eXp Realty
Listed By:
Slocum Home Team · License #38011
(401) 491-4535
Source:
Lavonnelopes
Added: Sep 22
Last Checked: Sep 22 at 1:53PM
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
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 = 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
$54,781
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
8.49%
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%
$1,095,620
$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
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
$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 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%
$1,095,620
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.
Property Analytics
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Open Analytics
Current Use
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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Cap Rate, Value Estimation, Potential NOI and more
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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?
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 Avenue 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
