46 Statue Way, Portsmouth, RI

Name: 46 Statue Way, For Sale in Portsmouth - Zoocasa
Brand: Westcott Properties
SKU: 1419880
Price: 4000000 USD

House

For Sale

Listed price in listed location currency (USD).

$4,000,000

0015

MLS® 1419880

Overview

Key Facts

Type

Levels Commercial Sale

Size -

Garage

Taxes $32,833

Days Active 0

Lot Size 0 SF

Approx. Age 1986

MLS® Number 1419880

Property Address: 46 Statue Way, Portsmouth, RI, 02871

Average square foot calculated using Size range provided by listing agent.

Description

Rare 11-unit condominium rental portfolio in Portsmouth's Lehigh Hill area, minutes from Newport. Current rents of $325, 920/year sit ~28% below market ($417, 600) about $91, 680 in upside as leases turn, moving the cap rate from 6.05% to 8.34% and GRM from 12.27x to 9.58x at $4, 000, 000. Bonus upside: Unit #46's detached garage is ADU-conversion ready under RI's statewide ADU law, and the oversized R-20 parcel may support further density. Condo structure lets a buyer hold as a rental or sell buildings/units individually at retail pricing rare flexibility for this asset size. Built 1986, condo-converted 2004; 8 townhouse buildings, most with decks, in-unit laundry, garage parking. Solar covers electric for 7 of 8 buildings; tenants pay own water; no flood insurance required. NOI: $242, 035 in-place to $333, 715 at market on $83, 885 expenses. Cash flow, upside, development potential, and disposition flexibility in one of RI's most desirable coastal submarkets.

MLS® Number1419880

Laundry Level

Central VacNo

FireplaceNo

Acreage

Exterior

Garage

Approx. Age1986

BasementFull

Driveway

Garage Spaces

Heat

A/C

Extras

Map

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