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    Renovated Multi-Family Home with Yard Title is generated by Realmo AI

    7 Sheffield Avenue, Newport, RI 02840

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    For Sale
    $1,299,999

    MULTI_FAMILY - Newport, RI

    Property size:
    2,079 SF
    Lot size:
    0.11 Acres
    Price / SF:
    $625/SF
    Added:
    May 26, 2026
    Days on Market:
    4
    Last Refresh:
    May 29 at 11:06 am

    Property Features for 7 Sheffield Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R10
    Bedrooms
    3
    Bathrooms
    3
    Rooms
    Bedroom 2, Bathroom 3, Bedroom 3, Bathroom 2, Basement, Bedroom 1, Bathroom 1
    Parking
    4
    Parking features
    Garage
    Patio and Porch features
    Deck, Patio, Porch
    Interior features
    Wall (Cermaic), Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (Walls)
    Exterior features
    Balcony, Deck, Patio, Porch
    Basement
    Storage Space, Full, Unfinished
    Appliances
    Gas Water Heater, Tankless Water Heater, Dishwasher, Dryer, Microwave, Oven/Range, Refrigerator, Washer
    Standard status
    Active
    Size
    2,079 SF
    Lot size
    0.11 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    3914

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Baseboard, Heat Pump (Heating), Forced Air, Electric (Heating)
    Cooling system
    Ductless, Central Air
    Water source
    Public

    Building Details

    Year built
    1850
    Floors in Building
    3
    Number of units
    2
    Flooring type
    Hardwood, Tile - Ceramic
    Building materials
    Ceramic, Dry Wall, Plaster, Clapboard

    We can help!

    Listing Contact
    Newport Living Group

    Listing agent Newport Living Group

    Listing office Lila Delman Compass 2 Marlborough Street, RI

    Listing date May 26, 2026

    MLS# 1413550 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

    • Renovated two‑unit multi‑family home with potential for owner‑occupancy, multi‑generational living, or investment.
    • Upper unit features two bedrooms, two bathrooms, and two spacious decks with bridge views.
    • Newly added off‑street parking for four vehicles.
    • Separate heat/AC and water meters for each unit.
    • Oversized yard and separate outdoor spaces for each unit.
    • Close proximity to Newport and the Navy base.

    Overview

    This thoughtfully renovated two-unit multi-family home features an oversized yard, suitable for various living arrangements or investment opportunities. The property offers modern living with air conditioning, sawn-face white oak and hickory floors, and in-unit laundry facilities, as well as newly added off-street parking. The upper unit is a two-bedroom, two-bathroom duplex featuring two spacious decks with bridge views and a primary suite on the upper level. The first-floor unit includes one bedroom, one bathroom, and a versatile office space with views of the back yard. Each unit has separate outdoor spaces. Off-street parking is available for four vehicles. The home is equipped with separate heat/ac and separate water meters for each unit. A large full basement provides ample storage space with exterior access. The property is situated close to the Newport scene and the Navy base. It is suitable for owner-occupants, multi-generational living setups, or investors. The property has a lot size of 0.113 acres and a property size of 2079 square feet. Current leases are in place until Dec 31, 2026.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Newport
    County
    Newport
    State
    Rhode Island
    Longitude
    -71.311695
    Latitude
    41.50165

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    FAQs

    What type of property is this?
    Duplex - Two-unit home with yard, modern amenities, and off-street parking.
    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 $1,299,999.
    What are key features of this property?
    This property features: Renovated two‑unit multi‑family home with potential for owner‑occupancy, multi‑generational living, or investment.; Upper unit features **two bedrooms, two bathrooms, and two spacious decks with bridge views.**; Newly added **off‑street parking for four vehicles.**
    (401) 848-2101
    We can help!
    Listing Contact
    Newport Living Group
    Request Owner's contact information
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    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.

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