Two-Unit Multifamily Home with
New
For Sale
$1,200,000
7 Sheffield Avenue, Newport, RI 02840
Residential Income, Newport, RI
Property Size2,079 SF
Lot Size0.11 Acres
Price / SF$577.20
Days on Market2
Property Features for 7 Sheffield Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R10
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 3, Bedroom 2, Bedroom 1, Basement, Bathroom 2, Bathroom 1
Parking
8
Parking features
None
Window features
Insulated Windows
Patio and Porch features
Deck, Patio, Porch
Interior features
Wall (Cermaic), Wall (Dry Wall), Wall (Plaster), Stairs, Insulation (Walls)
Exterior features
Balcony, Deck, Patio, Porch
Basement
Full, Unfinished, Storage Space
Appliances
Dishwasher, Dryer, Microwave, Oven, Range, Refrigerator, Washer, Gas Water Heater, Tankless Water Heater
Subdivision
Malbone - Van Zandt
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, Electric (Heating), Forced Air, Heat Pump (Heating)
Cooling system
Ductless, Central Air
Water source
Public
Amenities
air conditioning
in-unit laundry
decks
yard
basement
Building Details
Year built
1850
Floors in Building
3
Number of units
2
Flooring type
Tile - Ceramic, Hardwood
Building materials
Ceramic, Dry Wall, Plaster, Clapboard
Listing Agency:
Lila Delman Compass
(401) 848-2101
Listed By:
Newport Living Group
(401) 338-3771
Added: Oct 6
Last Checked: Oct 7 at 12:06AM
MLS# 1425301
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.
Investment Insights
Based on property information with market context.
This 2,079-square-foot multifamily property contains two residences on a 0.113-acre lot. The upper residence spans two levels and has two bedrooms, two bathrooms, and two decks; the first-floor residence includes one bedroom, one bathroom, and an office. Each unit has its own outdoor space, and the property includes a full basement with exterior access. Hardwood flooring, air conditioning, and in-unit laundry are among the interior features. Separate heating and cooling systems and individual water meters serve the units.
Built in 1850 and zoned R10, the property is in Newport, Rhode Island. The upper residence has views of a bridge, and the property is described as close to Newport’s activity and the Navy base. The first-floor unit’s lease runs through November 30, 2026.
Built in 1850 and zoned R10, the property is in Newport, Rhode Island. The upper residence has views of a bridge, and the property is described as close to Newport’s activity and the Navy base. The first-floor unit’s lease runs through November 30, 2026.
Key Highlights
- Two residences with 2,079 square feet of building area on a 0.113‑acre lot
- Upper residence: two bedrooms, two bathrooms, two levels, and two decks
- First‑floor residence: one bedroom, one bathroom, and an office
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.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,055
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
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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 - Separate heating and cooling systems and individual water meters serve the two residences.
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: Two residences with 2,079 square feet of building area on a 0.113‑acre lot; Upper residence: two bedrooms, two bathrooms, two levels, and two decks; First‑floor residence: one bedroom, one bathroom, and an office
