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Multifamily

Newport County Portfolio

Thames St, Newport, RI 02840

Listing Price: $50,950,000

Cap Rate
6.41%
Number of Units
127
GRM
11.67
Price/Unit
$401,181
Price/Gross SF
$265.36
Gross SF
192,000

Investment Overview

Marcus & Millichap has been hired exclusively to sell the Newport Portfolio, a portfolio of
apartment buildings totaling 127 units clustered in the towns of Newport, Portsmouth and Middletown
in Newport County, Rhode Island.

With over 192,000 gross square feet spread across 49 buildings in two tight clusters, the Newport Portfolio provides a unique opportunity for an investor to enter one of the most highly coveted markets in the Northeast, with considerable scale at an attractive basis.

At an asking price of $401,000 per unit and an in-place capitalization rate of 6.41%, the Newport Portfolio provides a rare multifamily investment of this size on strong in-place fundamentals with unrealized upside through below-market rents and as-of-right zoning that allows for accessory dwelling units (ADU's).

Using a conservative rent growth of 3% annually, below the historical average, an investor can achieve a levered IRR of 20%, on a 5-year hold with minimal capital expenditure required given the close, detailed management of current ownership. To alleviate the initial management undertaking, a prospective investor also has the option to enter a short-term property management contract with current ownership’s property management team, employed for over 20 years with deep familiarity of each asset.

Investment Highlights

  • 49 Buildings | 127 Units | 123 Residential | 3 Commercial
  • 320 Beds | 174 Baths | Average Unit Size – 1,100 SQFT
  • 192,000 Gross Square Feet | 7.3 Acres of Total Land
  • Debt Quote available (5-YR | 20% IRR)
  • Please contact the Broker for more Details

Exclusively Listed By

Broker of Record

  • Thomas Shihadeh

    Vice President/Regional Manager

    (617) 896-7220

    License(s) RI: REB.0019374

    Rhode Island

Financing By

Multifamily

Newport County Portfolio

Listing Price: $50,950,000

Cap Rate
6.41%
Number of Units
127
GRM
11.67
Price/Unit
$401,181
Price/Gross SF
$265.36
Gross SF
192,000

Investment Highlights

  • 49 Buildings | 127 Units | 123 Residential | 3 Commercial
  • 320 Beds | 174 Baths | Average Unit Size – 1,100 SQFT
  • 192,000 Gross Square Feet | 7.3 Acres of Total Land
  • Debt Quote available (5-YR | 20% IRR)
  • Please contact the Broker for more Details

Investment Overview

Marcus & Millichap has been hired exclusively to sell the Newport Portfolio, a portfolio of apartment buildings totaling 127 units clustered in the towns of Newport, Portsmouth and Middletown in Newport County, Rhode Island. With over 192,000 gross square feet spread across 49 buildings in two tight clusters, the Newport Portfolio provides a unique opportunity for an investor to enter one of the most highly coveted markets in the Northeast, with considerable scale at an attractive basis. At an asking price of $401,000 per unit and an in-place capitalization rate of 6.41%, the Newport Portfolio provides a rare multifamily investment of this size on strong in-place fundamentals with unrealized upside through below-market rents and as-of-right zoning that allows for accessory dwelling units (ADU's). Using a conservative rent growth of 3% annually, below the historical average, an investor can achieve a levered IRR of 20%, on a 5-year hold with minimal capital expenditure required given the close, detailed management of current ownership. To alleviate the initial management undertaking, a prospective investor also has the option to enter a short-term property management contract with current ownership’s property management team, employed for over 20 years with deep familiarity of each asset.

Exclusively Listed By

Broker of Record

  • Thomas Shihadeh

    Vice President/Regional Manager

    (617) 896-7220

    License(s): RI: REB.0019374

    Rhode Island

Financing By

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