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 Market51
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: Sep 8
Last Checked: Sep 13 at 2:02PM
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
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 = 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
$56,086
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
4.05%
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%
$1,121,720
$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
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
$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 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%
$1,121,720
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.
Property Analytics
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
802
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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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
