Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Residential Lot in Portsmouth, RI Title is generated by Realmo AI

    61 Willow Lane, Portsmouth, RI 02871

    View on Map
    Claim this Listing
    For Sale
    $449,000

    LAND - Portsmouth, RI

    Lot size:
    0.43 Acres
    Added:
    May 22, 2026
    Days on Market:
    8
    Last Refresh:
    May 29 at 11:06 am

    Property Features for 61 Willow Lane

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R-20
    Standard status
    Active
    Lot size
    0.43 Acres

    Taxes and HOA fees

    Tax Year
    2025

    Utilities

    Utilities
    Natural Gas Available
    Water source
    Public

    We can help!

    Listing Contact
    Derek Greene

    Listing agent Derek Greene License #REB.0016396

    Listing office The Greene Realty Group 4 Field Way, Townsend, RI

    Listing date May 22, 2026

    MLS# 1413382 Listing URL

    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.

    HighLights

    • Approved residential lot in desirable Portsmouth, RI.
    • Approved 4‑bedroom septic design (ISDS/OWTS).
    • Municipal/public water available.
    • Walk to water and nearby public boat launch.
    • Excellent opportunity for custom home construction.
    • Close to schools, recreation, marinas, shopping, and area beaches.

    Overview

    This approved residential house lot is located in Portsmouth, Rhode Island. The newly created subdivision lot is adjacent to 61 Willow Lane and consists of approximately 18,855 square feet, which is equivalent to 0.43 acres. It is situated within an R-20 zoning district and features an approved 4-bedroom ISDS/OWTS septic design. Municipal/public water is available. The property is located within walking distance to the water and a nearby public boat launch. This presents an opportunity for custom home construction in an established neighborhood, with proximity to schools, recreation, marinas, shopping, and area beaches.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portsmouth
    County
    Newport
    State
    Rhode Island
    Longitude
    -71.260708
    Latitude
    41.614172

    Nearby Similar for Sale

    • $1,300,000
      4,552 SF

      Waterfront Duplex with Expansion Potential

      Waterfront duplex in Portsmouth with expansion and investment potential.
      38 Aquidneck Avenue, Portsmouth, RI 02871
      View Details
    • $399,900
      1,154 SF

      Portsmouth Multifamily Near Island Park

      Two-family home near Island Park Beach with conversion potential.
      458 Park Avenue, Portsmouth, RI 02871
      View Details
    • $949,000
      4,800 SF

      Versatile Portsmouth Office Opportunity

      Adaptable office building with redevelopment potential in a desirable location.
      35 Dyer Street, Portsmouth, RI 02871
      View Details
    • $650,000
      1,619 SF

      Victorian Property on East Main

      Charming Victorian property with versatile potential in a coveted location.
      2952 East Main Road, Portsmouth, RI 02871
      View Details
    • $949,000
      4,800 SF

      Versatile Office Building in Portsmouth

      Adaptable office space with redevelopment potential in a desirable location.
      35 Dyer Street, Portsmouth, RI, RI 02871
      View Details
    • $1,850,000
      7,584 SF

      Versatile Commercial Building on Main Road

      7,584 SF commercial building on 1.55 acres.
      1960 E Main Road, Portsmouth, RI 02871
      View Details
    • $849,900
      1,449 SF

      Restaurant Near Portsmouth Beaches

      Thriving restaurant with loyal customer base near Portsmouth beaches.
      501 Park Avenue, Portsmouth, RI 02871
      View Details
    • $395,000
      1,104 SF

      Portsmouth Commercial Condo For Sale

      Commercial condominium in Portsmouth, RI, ideal for retail or offices.
      171 Chase #2, Portsmouth, RI 02871
      View Details
    • $949,000
      4,800 SF

      Versatile Portsmouth Property For Sale

      Unique property with redevelopment potential in a desirable coastal community.
      35 Dyer, Portsmouth, RI 02871
      View Details
    • $849,900
      1,449 SF

      Thriving Restaurant Near Portsmouth Beaches

      Well-established restaurant with loyal customer base near Portsmouth beaches.
      501 Park Avenue, Portsmouth, RI, RI 02871
      View Details
    • $140,000

      Land in Common Fence Point

      Residential land for sale in Portsmouth, Rhode Island.
      Common Fence Boulevard, Portsmouth, RI 02871
      View Details
    • $2,600,000

      Portsmouth Developable Land For Sale

      8.3 acres of developable land in Portsmouth, Rhode Island.
      2500 East Main, Portsmouth, RI 02871
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Approved residential lot in Portsmouth, close to water access.
    Where is this residential land & home lot located?
    The property is located at 61 Willow Lane Portsmouth, RI.
    What is the asking price?
    The asking price for this property is $449,000.
    What are key features of this property?
    This property features: Approved residential lot in desirable Portsmouth, RI.; Approved 4‑bedroom septic design (ISDS/OWTS).; Municipal/public water available.
    (508) 517-4908
    We can help!
    Listing Contact
    Derek Greene
    Real Estate License ID: REB.0016396
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    61 Willow Lane, Portsmouth, RI 02871
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!