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46 Statue Way
Portsmouth, RI 02871

$4,000,000 USD

Multifamily For Sale • 12,244 SF

Property Details

Property Type Multifamily
Total Building Size 12,244 SF
Year Built 1986
Cap Rate 6.05 %
Zoning R-20

30 Transit Score

30 Walk Score

                
                    Highlights
                
                                Sellable as one portfolio or unit-by-unit — rare exit flexibility for a multifamily asset
                            
                                $91,680/year of rent upside already identified — 28% below market, no capital required
                            
                                A 12th unit — or more: garage-to-ADU conversion ready now, plus room for further density on this oversized R-20 parcel
                            
                                Minutes from Newport, with a lean expense profile — solar-covered electric, tenant-paid water, no flood insurance
                            
                                8 well-maintained townhouse buildings with decks, in-unit laundry, and garage parking
                            
                                Proven since 1986, condo-converted in 2004 — a stable, low-maintenance asset with a real track record

Financial Summary (Actual)

Net Operating Income: $242,035 USD (2025)

Cap Rate:	6.05 %
Total Expenses:	$83,885 USD

Public Transportation

Airport	Drive	Walk	Distance
Rhode Island Tf Green International	46 min	-	28.0 mi

Parking Details

Parking Available:	Yes
Reserved:	No
Type:	OneCarGarage
Included in Rent:	Yes

Joy Riley 401-952-7887 Westcott Properties

46 Statue Way Portsmouth, RI 02871