Colonial-Era Duplex with
New
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 Market5
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: Sep 13
Last Checked: Sep 14 at 7:27AM
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
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 = 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
$64,270
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
3.47%
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%
$1,285,400
$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
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
$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 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%
$1,285,400
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.
Property Analytics
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Current Use
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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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?
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
