Colonial-Era Duplex with
New
For Sale
$1,850,000
57 Farewell Street, Newport, RI 02840
Residential Income, Newport, RI
Property Size3,848 SF
Lot Size0.18 Acres
Price / SF$480.77
Days on Market1
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 3, Bedroom 4, Bathroom 4, Bathroom 5, Bathroom 1, Bedroom 3, Basement, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 5
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
Farewell
Lot features
Corner Lot
Standard status
Active
Size
3,848 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
30091
Utilities
Sewer type
Public Sewer
Heating system
Oil, Baseboard
Amenities
fireplaces
secret garden
dedicated parking
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: Sep 10
Last Checked: Sep 10 at 11:06PM
MLS# 1422890
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 3,848-square-foot duplex occupies a 0.18-acre parcel and dates to 1750. Each residence includes a formal living room, dining room, study with built-in bookcases, two bedrooms, and a full bathroom. One residence also provides a finished third floor with two additional bedrooms and a bathroom. Interior details include 12 working fireplaces with original tile surrounds, high ceilings, original staircases, plaster walls, clapboard construction, hardwood flooring, and ceramic tile. The property is served by public sewer and heated by oil-fired baseboard systems.
Located on Farewell Street in Newport, the property sits outside the Historic District. A fenced garden creates a private outdoor area, while the existing two-residence configuration offers flexibility for renovation. The property may be converted into two condominiums without zoning approval and is offered as-is, with a pre-inspection report available.
Located on Farewell Street in Newport, the property sits outside the Historic District. A fenced garden creates a private outdoor area, while the existing two-residence configuration offers flexibility for renovation. The property may be converted into two condominiums without zoning approval and is offered as-is, with a pre-inspection report available.
Key Highlights
- 1750 construction with 3,848 square feet of total property size
- Duplex layout with two bedrooms and one full bathroom on each side
- One residence includes a finished third floor with two bedrooms and a bathroom
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
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Historic two-residence property with period interiors, private garden space, and flexible condominium conversion potential.
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: 1750 construction with 3,848 square feet of total property size; Duplex layout with two bedrooms and one full bathroom on each side; One residence includes a finished third floor with two bedrooms and a bathroom
