Great investment property in Newport, RI!

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This 3 unit residential property in Newport, RI has had the same owner for 23 years! Located in downtown Newport, this property is close to everything! Great investment opportunity. They have installed new wiring and electrical, the roof was replaced about 12 years ago, hardwired fire alarms installed and the boilers were updated since the original purchase. The building and structure are in great shape. There is a coin operated washer and dryer in the basement.

All three units are rented. The first floor apartment was used in the past by the owner for visits to Newport.

  • 3rd Floor unit: $1400 (utilities included in rent)
  • 2nd Floor unit: $1100 (tenant pays utilities)
  • 1st Floor unit: $1100 (utilities included in rent)

Total Potential Gross Revenue: $43,200 per year!

The opportunity to own an investment property like this one in Newport, Rhode Island does not come around often.  MLS#1186060

Year Built: 1900
Appliance: Dishwasher, Microwave, Oven/Range, Refrigerator
Basement: Full
Bathroom: Bathroom With Tub, Bathroom With Shower Stall
Cooling: None
Floor: Hardwood
Heating: Forced hot water
Laundry: In Building, coin operated
Heating Fuel Type: Oil
Gross Living Area: 1952 sq ft
Sewer: Connected, Water: Connected
Exterior General: Shingles, Aluminum Siding
Lot Features: Fenced
Lot Size – Square Feet: 2949 sq ft
Lot Size – Acres: 0.068 ac
On street and off street parking

2017 Taxes: $3354

Offered at $525,000 NOW $499,120!

Call Justin Gallant at 401-742-0958 for more information or a showing.