Historic Duplex with Gambrel
For Sale
$2,200,000
57 Farewell Street, Newport, RI 02840
MULTI_FAMILY - Newport, RI
Property Size3,848 SF
Lot Size0.18 Acres
Price / SF$571.73
Days on Market56
Property Features for 57 Farewell Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
3
Half bathrooms
2
Rooms
Bathroom 1, Bathroom 4, Bathroom 2, Bedroom 2, Bedroom 6, Bedroom 4, Bedroom 5, Bathroom 5, Bedroom 3, Bedroom 1, Bathroom 3, Basement
Parking
3
Parking features
None
Interior features
Wall (Plaster), Attic, Attic Stairs, Attic Storage, Plumbing (Mixed), Insulation (Unknown)
Fireplace
1
Basement
Full, Unfinished, Storage Space
Subdivision
The Point
Lot features
Corner Lot
Standard status
Active
Size
3,848 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
27540
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Oil
Amenities
fireplaces
high ceilings
original staircases
secret garden
Building Details
Year built
1750
Floors in Building
3
Number of units
2
Flooring type
Hardwood, Tile - Ceramic
Building materials
Plaster, Clapboard
Additional Structures
Storage
Listing Agency:
Gustave White Sotheby's Realty · Sotheby's International Realty
(401) 849-3000
Listed By:
Shana Speer
(401) 339-9685
Added: Jun 18
Changed: Aug 9
Last Checked: Aug 12 at 9:06AM
MLS# 1415171
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This historic duplex at 57 Farewell Street is believed to date to circa 1750 and features a gambrel roof with an extensive collection of original period details. Built by Joseph and William Cozzens, the property offers two formal living rooms, two dining rooms, and a shared-study setup with built-in bookcases on both sides. Each side also includes two bedrooms and a full bath. The property has a finished third floor with two additional bedrooms and a bath, bringing the total to six bedrooms. Interior finishes include plaster and clapboard construction, hardwood and ceramic tile flooring, and oil baseboard heat.
The home includes fireplace features with 12 fireplaces and retains original staircase details. It is served by public sewer. Set on a 0.18-acre lot with a property size of 3,848 square feet, it also offers an enclosed “secret garden” retreat.
The property is not in the Historic District, offering renovation flexibility. It can be configured as two condos without needing zoning approval. The property is being sold AS IS, with a pre-inspection report available.
The home includes fireplace features with 12 fireplaces and retains original staircase details. It is served by public sewer. Set on a 0.18-acre lot with a property size of 3,848 square feet, it also offers an enclosed “secret garden” retreat.
The property is not in the Historic District, offering renovation flexibility. It can be configured as two condos without needing zoning approval. The property is being sold AS IS, with a pre-inspection report available.
Key Highlights
- Circa 1750 historic duplex with original period details
- Gambrel roof design with 12 fireplaces
- Two bedrooms and a full bath on each side plus a finished third floor with two more bedrooms and a bath
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
2.92%
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 2.92%
Second Best
Apartment 5plus
$816.5K
$714.5K – $952.6K
NOI $57,158 @ 7.0% cap · market cap 2.60%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,160
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Colonial-era duplex with a gambrel profile, formal rooms on both sides, and a finished third floor.
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 $2,200,000.
What are key features of this property?
This property features: Circa 1750 historic duplex with original period details; Gambrel roof design with 12 fireplaces; Two bedrooms and a full bath on each side plus a finished third floor with two more bedrooms and a bath
