Updated 3-Unit Multifamily
New
For Sale
$2,195,000
626 Thames Street, Newport, RI 02840
Three residential units include off-street parking, a detached garage, and a valid transient guest facility license.
Property Size4,165 SF
Price / SF$527.01
Days on Market6
Property Features for 626 Thames Street
General Information
Standard status
Active
Size
4,165 SF
Property subtype
Multifamily
Zoning
LB
Additional Details
Multifamily Units
3
Building Details
Year Built
1918
Listing Agency:
Our Real Estate
(401) 835-7778
Listed By:
Lauren Mailloux
Source:
Lockandkeyre
Added: Aug 5
Changed: Aug 10
Last Checked: Aug 9 at 2:45PM
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 Our Real Estate
Investment Insights
Based on property information with market context.
This 4,165-square-foot triplex, built in 1918, contains three residential units with updated living spaces. The first-floor residence is currently set up for residential occupancy, while the property also includes off-street parking for up to five vehicles and a detached garage. Recent capital improvements include a new roof completed in 2022, replacement of the boiler and hot water tank in 2023, and updated electrical service.
Located at 626 Thames Street in Newport’s Lower Thames Street district, the property is near Newport Harbor, restaurants, shopping, and local attractions. It is positioned within the Limited Business (LB) Zone and holds a valid Transient Guest Facility license, supporting legal short-term rental operations subject to applicable state and local requirements.
Located at 626 Thames Street in Newport’s Lower Thames Street district, the property is near Newport Harbor, restaurants, shopping, and local attractions. It is positioned within the Limited Business (LB) Zone and holds a valid Transient Guest Facility license, supporting legal short-term rental operations subject to applicable state and local requirements.
Key Highlights
- Three‑unit triplex with 4,165 square feet of building area
- Off‑street parking for up to five vehicles plus a detached garage
- New roof installed in 2022
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
$69,565
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
3.17%
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%
$1,391,300
$1.4M
Cap Rate 7%
$993,786
$993.8K
Cap Rate 9%
$772,944
$772.9K
Market Conditions
NOI Build-Up for 4,165 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
$106.5K $25.56/SF
− Vacancy
−$7.1K −$1.70/SF
EGI
$99.4K $23.86/SF
− OpEx
−$29.8K −$7.16/SF
NOI
$69.6K $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%
$1,391,300
Cap Rate 7%
$993,786
Cap Rate 9%
$772,944
Alternative Uses
Best Use
Multifamily LT 5
$993.8K
$869.6K – $1.16M
NOI $69,565 @ 7.0% cap · market cap 3.17%
Second Best
Apartment 5plus
$883.8K
$773.3K – $1.03M
NOI $61,867 @ 7.0% cap · market cap 2.82%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,368
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?
Triplex - Three residential units include off-street parking, a detached garage, and a valid transient guest facility license.
Where is this triplex located?
The property is located at 626 Thames Street Newport, RI.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: Three‑unit triplex with 4,165 square feet of building area; Off‑street parking for up to five vehicles plus a detached garage; New roof installed in 2022
