Colonial-Era Duplex with
For Sale
$1,850,000
57 Farewell Street, Newport, RI 02840
Two residences feature formal entertaining rooms, period staircases, private parking, and an enclosed garden on Farewell Street.
Property Size3,848 SF
Price / SF$480.77
Days on Market50
Property Features for 57 Farewell Street
General Information
Standard status
Active
Size
3,848 SF
Property subtype
MultiFamily
Additional Details
Road Access
Yes
Multifamily Units
2
Building Details
Year Built
1750
Buildings
1
Construction
Colonial
Listing Agency:
Gustave White Sotheby's Realty
(401) 849-3000
Listed By:
Shana Speer · License #RES.0040721
(401) 339-9685
Source:
Lockandkeyre
Added: Sep 10
Changed: Oct 29
Last Checked: Oct 28 at 8:34AM
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 Gustave White Sotheby's Realty
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Investment Insights
Based on property information with market context.
This 3,848-square-foot duplex, built in 1750, contains two residences with formal living and dining rooms, studies with built-in bookcases, two bedrooms, and a full bath on each side. The property retains original staircases, high ceilings, and 12 working fireplaces with original tile surrounds. Dedicated parking serves both residences, while an enclosed garden provides outdoor space behind a tall paneled fence.
Set on Farewell Street in Newport, the property is outside the Historic District. It was included in an Operation Clapboard restoration and has been documented in books, magazines, and newspapers. The property may be converted into two condominiums without zoning approval, and the sale is offered AS IS with a pre-inspection report available.
Set on Farewell Street in Newport, the property is outside the Historic District. It was included in an Operation Clapboard restoration and has been documented in books, magazines, and newspapers. The property may be converted into two condominiums without zoning approval, and the sale is offered AS IS with a pre-inspection report available.
Key Highlights
- 3,848‑square‑foot duplex built in 1750
- 12 working fireplaces with original tile surrounds
- Two residences with formal living and dining rooms, studies, two bedrooms, and a full bath per side
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,270
Cap Rate
3.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,285,400
$1.3M
Cap Rate 7%
$918,143
$918.1K
Cap Rate 9%
$714,111
$714.1K
Market Conditions
NOI Build-Up for 3,848 SF
Gross rent
$98.4K $25.56/SF
− Vacancy
−$6.5K −$1.70/SF
EGI
$91.8K $23.86/SF
− OpEx
−$27.5K −$7.16/SF
NOI
$64.3K $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%
$1,285,400
Cap Rate 7%
$918,143
Cap Rate 9%
$714,111
Alternative Uses
Best Use
Multifamily LT 5
$918.1K
$803.4K – $1.07M
NOI $64,270 @ 7.0% cap · market cap 3.47%
Second Best
Apartment 5plus
$816.5K
$714.5K – $952.6K
NOI $57,158 @ 7.0% cap · market cap 3.09%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,160
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?
Duplex - Two residences feature formal entertaining rooms, period staircases, private parking, and an enclosed garden on Farewell Street.
Where is this duplex located?
The property is located at 57 Farewell Street Newport, RI.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 3,848‑square‑foot duplex built in 1750; 12 working fireplaces with original tile surrounds; Two residences with formal living and dining rooms, studies, two bedrooms, and a full bath per side
