5-Unit Apartment Building in Heart of Newport

Multi-Family for Sale
Catylist Listing ID: 30456429
Property Subtypes: Mid-Rise
Number of Units: 5 Units
Building Size (RSF): 2,912 SF
Gross Land Area: 0.12 Acres
Sale Price: $1,049,000
Unit Price: $209,800 Per Unit
Property Use Type: Investment
Usable Size (USF): 2,912 SF
Sale Terms: Cash to Seller
Cap Rate: 6.0%
Average Occupancy Rate: 85
Last Updated: 8/24/2019

Overview / Comments

Rare 5 unit apartment building in A+ location in downtown Newport, RI. One block from harbor and short walk from all Newport has to offer. Strong financials and rental history with growth potential. Apartments have been renovated, updated and/or painted. Rare two car garage. New driveway and newly added additional parking on property. Newer roof and gas heat / hot water. Four 1 bedroom units and One 3 bedroom unit. Harbor view from newly furnished 3rd floor 3 bedroom unit. Furniture conveys.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $10,577 (Annual)
Tax Value Land $225,400
Tax Value Improvements $460,500
Assessed Value - Total($) $685,900 (Annual)
Potential Rental Income $100,000 (Annual)
Gross Operating Income $90,300 (Annual)
Net Operating Income $68,000 (Annual)
Actual or Proforma Year Actual
Lender Name none

Additional Details

Nearest MSA: Providence-Warwick
County: Newport
Taxing Authority: City of Newport
Tax ID/APN: NE 32 199
Zoning: R10
Percent Occupied: 100%
Property Located Between: Spring and Thames St.
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1900
Year Renovated: 2018
Roof Type: Gable
Construction/Siding: Wood Shingle
Exterior Description: Three Story shingled building with gables.
Parking Type: Structure, Surface
Parking Description: 2-car garage and 3 off-street parking spots
Total Parking Spaces: 5
Sprinklers: None
Heat Type: Natural Gas, Hot Water
Heat Source: Baseboard
Fuel: Gas
Interior Description: (1) 3 bdrm/1 bath; (4) 1 bdrm/1 bath apartments - front and back stairways.
Zoning Description: R10
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,402 35,880 48,224
Median Age: 37.95 40.46 41.85
Households: 3,825 15,422 20,696
The information presented herein is provided as is, without warranty of any kind. Neither East Coast Commercial Property Network nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.