Colonial Duplex with Mirrored
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 Market50
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
Bedroom 6, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1, Basement, Bathroom 3, Bathroom 4, Bedroom 3, Bedroom 5, Bathroom 5, Bedroom 4
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
Baseboard, Oil
Amenities
walled garden
Building Details
Year built
1750
Floors in Building
3
Number of units
2
Flooring type
Tile - Ceramic, Hardwood
Building materials
Plaster, Clapboard
Additional Structures
Storage
Buildings
1
Listing Agency:
Gustave White Sotheby's Realty · Sotheby's International Realty
(401) 849-3000
Listed By:
Shana Speer · License #RES.0040721
(401) 339-9685
Added: Sep 10
Changed: Oct 29
Last Checked: Oct 29 at 6:06PM
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The Cozzens House comprises two side-by-side residences totaling 3,848 square feet on a 0.18-acre corner parcel at Farewell and Warner Streets. Built circa 1750, the homes share a mirrored scale and character, with formal living and dining rooms, studies with built-in bookcases, high ceilings, original staircases, and twelve fireplaces. The residence at 59 Farewell Street also has a finished third floor with bedrooms and a bathroom. A walled garden occupies the outdoor area, and the property is offered as-is.
The property is outside the Historic District. Condominium conversion can proceed without zoning approval. A recent structural engineer’s report identified no significant structural deficiencies; inspection and structural reports are available.
The property is outside the Historic District. Condominium conversion can proceed without zoning approval. A recent structural engineer’s report identified no significant structural deficiencies; inspection and structural reports are available.
Key Highlights
- Two residences totaling 3,848 square feet
- 0.18‑acre corner lot at Farewell and Warner Streets
- Built circa 1750, with twelve fireplaces and original staircases
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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
Frequently Asked Questions
What type of property is this?
Duplex - Two side-by-side homes offer a documented path to condominium conversion without zoning approval.
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: Two residences totaling 3,848 square feet; 0.18‑acre corner lot at Farewell and Warner Streets; Built circa 1750, with twelve fireplaces and original staircases
