46 Statue WayPortsmouth, RI 02871MLS Number 73568415

  • Price: $4,000,000
  • 25 Days on Market
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Federal 30-year interest rate: 6.95% last updated on Sep 17, 2026
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  • 1988Year Built
  • 13,740Square Feet

Driving Directions

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.
Listed by Joy Riley of Westcott Properties

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More Info

Basic Information

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

Property Information

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

Other

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

Tax Information

  • Tax Year 2025
  • Taxes$35,498

Location

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

Basic Information

  • List Price$4,000,000
  • MLS Number73568415
  • Modification Date09/03/2026

Building

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

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The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. (MLSPIN) from third party sources, including sellers, lessors and public records, and were compiled by MLSPIN. The property listing data and information, and the Images, are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLSPIN and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.

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