REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 4,000,000
Est. payment /mo
New
46 Statue WAY Portsmouth, RI 02871
UPDATED:
Key Details
Property Type Commercial
Sub Type Commercial
Listing Status Active
Purchase Type For Sale
Subdivision Lehigh Hill
MLS Listing ID 1419880
HOA Y/N No
Year Built 1986
Annual Tax Amount $32,833
Tax Year 2025
Property Sub-Type Commercial
Property 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.
Location
State RI
County Newport
Community Lehigh Hill
Zoning R20
Rooms
Basement Full
Exterior
Community Features Golf, Highway Access, Marina, Near Schools, Pool, Public Transportation, Recreation Area, Restaurant, Shopping
Street Surface Concrete
Total Parking Spaces 15
Building
Sewer Septic Tank
Water Connected
Structure Type Frame
New Construction No
Others
Tax ID 46STATUEWYPORT
© 2026 State-Wide Multiple Listing Service. All rights reserved.
Listed by Westcott Properties
NEARBY SCHOOLS & PROPERTIES
GET MORE INFORMATION