Duplex with Covered
New
For Sale
$749,000
7 Princeton Street, Newport, RI 02840
Legal two-family residence with original interior details and a walk-up third floor.
Property Size3,978 SF
Price / SF$188.29
Days on Market6
Property Features for 7 Princeton Street
General Information
Standard status
Active
Size
3,978 SF
Property subtype
MultiFamily
Property Condition
Severity
Repairs Needed
Evidence
renovation
Additional Details
Multifamily Units
2
Building Details
Year Built
1925
Listing Agency:
Our Real Estate
Listed By:
Lauren Mailloux · License #REC.0018779
(401) 835-7778
Source:
Lockandkeyre
Added: Oct 8
Changed: Oct 13
Last Checked: Oct 12 at 7:27PM
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.
Built in 1925, this duplex is configured as a legal two-family home. Existing features include hardwood flooring, original woodwork, high ceilings, spacious rooms and covered porches. A walk-up third floor provides additional space within the building. The property is being sold as-is and requires renovation work.
The property is near Kay Street and the restaurants and shops along Broadway. The Naval Base is a short drive away, with access in and out of Newport.
The property is near Kay Street and the restaurants and shops along Broadway. The Naval Base is a short drive away, with access in and out of Newport.
Key Highlights
- Legal two‑family configuration
- Built in 1925
- Walk‑up third floor
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$66,441
Cap Rate
8.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,328,820
$1.3M
Cap Rate 7%
$949,157
$949.2K
Cap Rate 9%
$738,233
$738.2K
Market Conditions
NOI Build-Up for 3,978 SF
Gross rent
$101.7K $25.56/SF
− Vacancy
−$6.8K −$1.70/SF
EGI
$94.9K $23.86/SF
− OpEx
−$28.5K −$7.16/SF
NOI
$66.4K $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%
$1,328,820
Cap Rate 7%
$949,157
Cap Rate 9%
$738,233
Alternative Uses
Best Use
Multifamily LT 5
$949.2K
$830.5K – $1.11M
NOI $66,441 @ 7.0% cap · market cap 8.87%
Second Best
Apartment 5plus
$844.1K
$738.6K – $984.8K
NOI $59,089 @ 7.0% cap · market cap 7.89%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
802
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Legal two-family residence with original interior details and a walk-up third floor.
Where is this duplex located?
The property is located at 7 Princeton Street Newport, RI.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Legal two‑family configuration; Built in 1925; Walk‑up third floor
