Turnkey Updated Triplex with
For Sale
$1,385,000
5 Elliot Pl, Newport, RI 02840
Three-unit property with recent renovations, EV charger, 2-car garage, deck, and garden area plus five off-street parking spaces.
Property Size3,358 SF
Price / SF$412.45
Days on Market96
Property Features for 5 Elliot Pl
General Information
Standard status
Active
Size
3,358 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
3
Amenities
EV charger
deck
garden area
2-car garage
Building Details
Year Built
1870
Tenancy
Multi
Listing Agency:
Edge Realty RI
Listed By:
Alexander Fraioli
(401) 783-1007
Source:
Alpernandmesenbourg
Added: Jul 26
Changed: Oct 26
Last Checked: Oct 28 at 2:15PM
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 Edge Realty RI
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Investment Insights
Based on property information with market context.
This updated triplex offers three residential units, including two spacious 3-bedroom apartments and an additional 2-bedroom apartment. Recent renovations include the roof, siding, windows, electrical, plumbing, and heating systems. Exterior amenities include a deck and garden area, along with a 2-car garage and an EV charger. Parking is also a strong point with five off-street spaces.
The property is located just off Upper Broadway, within close proximity to Broadway’s restaurants and shops, the U.S. Naval War College, and convenient highway access.
With a strong rental history and multiple renovated systems, the building is well-suited for buyers seeking a turnkey setup with established income-producing use.
The property is located just off Upper Broadway, within close proximity to Broadway’s restaurants and shops, the U.S. Naval War College, and convenient highway access.
With a strong rental history and multiple renovated systems, the building is well-suited for buyers seeking a turnkey setup with established income-producing use.
Key Highlights
- 3‑unit property built in 1870: two 3‑bedroom apartments plus an updated 2‑bedroom apartment
- Renovations include roof, siding, windows, electrical, plumbing, and heating systems
- Includes 5 off‑street parking spaces and a 2‑car garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,086
Cap Rate
4.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,121,720
$1.1M
Cap Rate 7%
$801,229
$801.2K
Cap Rate 9%
$623,178
$623.2K
Market Conditions
NOI Build-Up for 3,358 SF
Gross rent
$85.8K $25.56/SF
− Vacancy
−$5.7K −$1.70/SF
EGI
$80.1K $23.86/SF
− OpEx
−$24.0K −$7.16/SF
NOI
$56.1K $16.70/SF
Area
Newport County, RI
Vacancy
6.65%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,121,720
Cap Rate 7%
$801,229
Cap Rate 9%
$623,178
Alternative Uses
Best Use
Multifamily LT 5
$801.2K
$701.1K – $934.8K
NOI $56,086 @ 7.0% cap · market cap 4.05%
Second Best
Apartment 5plus
$712.6K
$623.5K – $831.3K
NOI $49,880 @ 7.0% cap · market cap 3.60%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
802
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?
Triplex - Three-unit property with recent renovations, EV charger, 2-car garage, deck, and garden area plus five off-street parking spaces.
Where is this triplex located?
The property is located at 5 Elliot Pl Newport, RI.
What is the asking price?
The asking price for this property is $1,385,000.
What are key features of this property?
This property features: 3‑unit property built in 1870: two 3‑bedroom apartments plus an updated 2‑bedroom apartment; Renovations include roof, siding, windows, electrical, plumbing, and heating systems; Includes 5 off‑street parking spaces and a 2‑car garage
