Commercial Land with Existing
For Sale
Under Contract
$2,450,000
Sheffield Avenue, Newport, RI 02840
Commercial/Business,Commercial Sale, Newport, RI
Property Size27,460 SF
Lot Size1.34 Acres
Price / SF$89.22
Days on Market229
Property Features for Sheffield Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R10
Parking
15
Interior features
Ceiling Height (9 to 12 Ft)
Subdivision
Van Zandt
Lot features
Paved, Free Standing
Standard status
Active Under Contract
Size
27,460 SF
Lot size
1.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
15009
Utilities
Heating system
Central, Forced Air
Cooling system
Window Unit(s), Central Air
Building Details
Year built
1917
Number of units
2
Building materials
Frame, Masonry
Listing Agency:
Gustave White Sotheby's Realty · Sotheby's International Realty
(401) 849-3000
Listed By:
Mike Sweeney · License #RES.0040637
(401) 862-0164
Added: Feb 26
Changed: Sep 13
Last Checked: Oct 13 at 3:06PM
MLS# 1405368
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 R10-zoned commercial land offering includes two abutting parcels with a combined property size of 27,460 square feet. The Sheffield Avenue parcel contains two frame and masonry structures totaling approximately 21,860 SF and 5,600 SF, while the Garfield Avenue parcel is vacant. The existing buildings date to 1917 and include ceiling heights from 9 to 12 feet, central and forced-air heating, and central air and window-unit cooling.
The Sheffield Avenue lot carries grandfathered industrial/commercial use. The parcels may be combined to create five separate R10 lots, while the existing structures provide an alternative basis for residential unit planning or continued commercial use. The property is located in Newport, RI, near downtown.
The Sheffield Avenue lot carries grandfathered industrial/commercial use. The parcels may be combined to create five separate R10 lots, while the existing structures provide an alternative basis for residential unit planning or continued commercial use. The property is located in Newport, RI, near downtown.
Key Highlights
- Two abutting parcels at Sheffield Avenue and Garfield Avenue
- 27,460‑square‑foot property with two existing structures
- Existing structures measure approximately 21,860 SF and 5,600 SF
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$127,765
Cap Rate
5.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,555,300
$2.6M
Cap Rate 7%
$1,825,214
$1.8M
Cap Rate 9%
$1,419,611
$1.4M
Market Conditions
NOI Build-Up for 27,460 SF
Gross rent
$191.1K $6.96/SF
− Vacancy
−$8.6K −$0.31/SF
EGI
$182.5K $6.65/SF
− OpEx
−$54.8K −$1.99/SF
NOI
$127.8K $4.65/SF
Area
Newport County, RI
Vacancy
4.50%
Lease Rate
$6.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,555,300
Cap Rate 7%
$1,825,214
Cap Rate 9%
$1,419,611
Alternative Uses
Best Use
Industrial
$1.83M
$1.60M – $2.13M
NOI $127,765 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$6.55M
$5.73M – $7.64M
NOI $458,642 @ 7.0% cap · market cap 18.72%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
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
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - R10-zoned land combines existing buildings with a vacant parcel and grandfathered industrial/commercial use on the improved lot.
Where is this commercial land located?
The property is located at Sheffield Avenue Newport, RI.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: Two abutting parcels at Sheffield Avenue and Garfield Avenue; 27,460‑square‑foot property with two existing structures; Existing structures measure approximately 21,860 SF and 5,600 SF
