Property summary
This mixed-use property is located on two separate lots at 3 and 7 Carroll Avenue in Newport’s Fifth Ward neighborhood and is zoned Limited Business. It includes east-facing buildings with storefronts oriented to receive morning light. The second and third floors contain two residential units with natural lighting and views from a back deck. Building improvements include a full gut renovation of the third-floor unit, window replacements, new flooring in the back commercial kitchen, and new exterior siding on the main building (installed in 2024). The property includes 18 parking spaces and provides approximately 6,269 square feet of living area. It is positioned for commercial activity and has potential for uses such as food and beverage (e.g., a high-end café or restaurant), short-term rentals, or redevelopment.
Property profile
VerifiedCap rate & NOI
Current use
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Car Dealership Shipping Company
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(Bike/Boat/Book/etc) Store
Location
Value estimations
Owner & transaction history
Zoning & alternative use
-20 Residential R-40 District R-40 Residential R-40A District R-40A Residential R-60 District R-60 Residential R-120 District R-120 Residential R-160 District R-160 B. Commercial Districts Code Limited Business District…
Comparables
6 recent transactions · within 1.5 miComparable in this City
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Cap rate
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Property tax & assessments
Tax year 2023Property description
Physical attributes from public recordsZoning & alternative use
LB · Newport, RI-20 Residential R-40 District R-40 Residential R-40A District R-40A Residential R-60 District R-60 Residential R-120 District R-120 Residential R-160 District R-160 B. Commercial Districts Code Limited Business District…
Zoning
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Zoning designation
Official district profile
-20 Residential R-40 District R-40 Residential R-40A District R-40A Residential R-60 District R-60 Residential R-120 District R-120 Residential R-160 District R-160 B. Commercial Districts Code Limited Business District…
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