Historic Duplex with Secret
For Sale
$2,200,000
57 Farewell Street, Newport, RI 02840
Circa-1750 gambrel duplex with formal rooms, 12 fireplaces, dedicated parking, and a fenced secret garden.
Property Size3,848 SF
Days on Market56
Property Features for 57 Farewell Street
General Information
Standard status
Active
Size
3,848 SF
Total Parking Spaces
3
Property subtype
Multi Family Home
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$27,540
Building Details
Building Size
3,848 SF
Year Built
1750
Buildings
1
Stories
3
Units
2
Construction
Colonial
Tenancy
Multi
Listing Agency:
Gustave White Sotheby's Realty
(401) 339-9685
Listed By:
Shana Speer
(401) 339-9685
Source:
Liongatere
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 12 at 12:53PM
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 circa-1750 gambrel duplex is a rare Colonial-era multifamily property that retains an extensive collection of original period details. Both sides include formal living rooms, dining rooms, and a study with built-in bookcases, along with two bedrooms and a full bath. The property also has a finished third floor offering two additional bedrooms and a bath. Original features include staircases with ornate period detail and 12 fireplaces with tile surrounds.
Outside, a fenced, enclosed secret garden provides a private outdoor retreat. Dedicated parking is available on either side to serve both residences.
The property is not located in Newport’s Historic District, which the seller notes may offer flexibility with renovations. It is being sold AS IS, with a pre-inspection report available. The remarks also state the property can be converted to 2 condos without needing zoning approval. Easy access to downtown Newport is also noted.
Outside, a fenced, enclosed secret garden provides a private outdoor retreat. Dedicated parking is available on either side to serve both residences.
The property is not located in Newport’s Historic District, which the seller notes may offer flexibility with renovations. It is being sold AS IS, with a pre-inspection report available. The remarks also state the property can be converted to 2 condos without needing zoning approval. Easy access to downtown Newport is also noted.
Key Highlights
- Circa‑1750 gambrel duplex built by Joseph and William Cozzens (hat maker and wig maker), retaining original period details
- 12 fireplaces with tile surrounds, plus high ceilings and original staircases with ornate period detail
- Each side includes formal living room, dining room, and study with built‑in bookcases; also 2 bedrooms and a full 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
Multi-tenant
Tenancy
Yes
Fenced yard
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
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Frequently Asked Questions
What type of property is this?
Duplex - Circa-1750 gambrel duplex with formal rooms, 12 fireplaces, dedicated parking, and a fenced secret garden.
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 gambrel duplex built by Joseph and William Cozzens (hat maker and wig maker), retaining original period details; 12 fireplaces with tile surrounds, plus high ceilings and original staircases with ornate period detail; Each side includes formal living room, dining room, and study with built‑in bookcases; also 2 bedrooms and a full bath
