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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.

More Info

Basic Information

  • Gross Income $325,920
  • Mls StatusNew
  • Parcel Number M:033 B:0002,535203

Tax Information

  • Tax Year 2025
  • Taxes$35,498

Basic Information

  • List Price$4,000,000
  • MLS Number73568415
  • Modification Date08/26/2026

Location

  • Address46 Statue Way
  • Building Number46
  • CountyNewport
  • StateRI
  • StreetStatue Way
  • TownPortsmouth
  • Zip02871

Building

  • Building Area Units Square Feet
  • Utilities Public Water, Private Sewer
  • Year Built1988

Property Information

  • Living Area 13,740
  • Lot Size Units Acres
  • Square Feet13,740

Legal

  • ZoningR20
  • Zoning Description Legal Conforming

Other

  • Association YN Yes
  • Date Listed08/26/2026
  • Farm Land Area Units Square Feet

Map Location

Driving Directions

Listed by Joy Riley of Westcott Properties

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