Renovated Duplex with Bridge
For Sale
$1,200,000
7 Sheffield Avenue, Newport, RI 02840
Two units offer separate utilities, outdoor areas, in-unit laundry, and off-street parking for four vehicles.
Property Size2,079 SF
Price / SF$577.20
Days on Market74
Property Features for 7 Sheffield Avenue
General Information
Standard status
Active
Size
2,079 SF
Total Parking Spaces
4
Property subtype
Residential Income / Multi Family
Units
Unit Mix
1 x 2BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,914
Amenities
air conditioning
in-unit laundry
basement
decks
Central Air, Ductless
Baseboard, Ductless, Electric, Forced Air, Gas, Heat Pump
Full, Unfinished
Ceramic Tile, Hardwood
Dryer, Dishwasher, Gas Water Heater, Microwave, Oven, Range, Refrigerator, Tankless Water Heater, Water Heater, Washer
Yes
12
No
3
Thermal Windows
In Unit
Bathtub, Interior Steps, Stall Shower, Tub Shower
Balcony, Deck, Patio, Porch
Balcony, Deck, Porch, Patio
Combination
Building Details
Year Built
1850
Buildings
1
Listing Agency:
Lila Delman Compass
Listed By:
Karin Jackson · License #RES.0032424
(401) 338-3771
Source:
Compass
Added: Aug 21
Changed: Nov 1
Last Checked: Nov 1 at 8:22AM
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 Lila Delman Compass
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Investment Insights
Based on property information with market context.
This renovated duplex contains 2,079 square feet across two separately configured residences. The upper unit includes two bedrooms, two bathrooms, two decks, and an upper-level primary suite with bridge views. The first-floor unit provides one bedroom, one bathroom, and an office area overlooking the backyard. Both residences feature air conditioning, separate heat and AC systems, in-unit laundry, and individual outdoor space. Interior finishes include sawn-face white oak and hickory flooring, while a full basement adds storage with direct exterior access.
The property includes an oversized yard and newly added off-street parking for four vehicles. Separate water meters serve each unit. Located at 7 Sheffield Ave in Newport, the duplex is near the Navy base and the city's active waterfront-oriented scene. Existing leases run through December 31, 2026.
The property includes an oversized yard and newly added off-street parking for four vehicles. Separate water meters serve each unit. Located at 7 Sheffield Ave in Newport, the duplex is near the Navy base and the city's active waterfront-oriented scene. Existing leases run through December 31, 2026.
Key Highlights
- 2,079‑square‑foot renovated duplex with two separate residential units
- Upper unit offers 2 bedrooms, 2 bathrooms, 2 decks, and bridge views
- First‑floor unit includes 1 bedroom, 1 bathroom, and an office area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,724
Cap Rate
2.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$694,480
$694.5K
Cap Rate 7%
$496,057
$496.1K
Cap Rate 9%
$385,822
$385.8K
Market Conditions
NOI Build-Up for 2,079 SF
Gross rent
$53.1K $25.56/SF
− Vacancy
−$3.5K −$1.70/SF
EGI
$49.6K $23.86/SF
− OpEx
−$14.9K −$7.16/SF
NOI
$34.7K $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%
$694,480
Cap Rate 7%
$496,057
Cap Rate 9%
$385,822
Alternative Uses
Best Use
Multifamily LT 5
$496.1K
$434.1K – $578.7K
NOI $34,724 @ 7.0% cap · market cap 2.89%
Second Best
Apartment 5plus
$441.2K
$386.0K – $514.7K
NOI $30,881 @ 7.0% cap · market cap 2.57%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,055
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two units offer separate utilities, outdoor areas, in-unit laundry, and off-street parking for four vehicles.
Where is this duplex located?
The property is located at 7 Sheffield Avenue Newport, RI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 2,079‑square‑foot renovated duplex with two separate residential units; Upper unit offers 2 bedrooms, 2 bathrooms, 2 decks, and bridge views; First‑floor unit includes 1 bedroom, 1 bathroom, and an office area
