USARIPortsmouth46 Statue Way
Listing image | Image 1

46 Statue Way, Portsmouth, RI

House

For Sale

Listed price in listed location currency (USD).
$4,000,000

000

MLS® 73568415

  • Key Facts
  • Description
  • Map

Key Facts

Type 
Levels Commercial Sale
Size 13740 sqft
Garage 
Taxes $35,498
Days Active 43
Lot Size 0 Acres
Approx. Age 1988
Avg. Price Per Sqft $291
MLS® Number 73568415

Property Address: 46 Statue Way, Portsmouth, RI, 02871-1400

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® Number73568415
Laundry Level
Central VacNo
FireplaceNo
Acreage
Exterior
Garage
Approx. Age1988
Basement
Driveway
Garage Spaces
Heat
A/C

Extras

Price History

-End Date
Not Sold YetSold Price

For Sale

Aug 26, 2026List Date
$4,000,000List Price
  • Commute

Commute

Starting Address
Destination Address
46 Statue Way, Portsmouth, RI

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