Multi Family at 515 Indian Avenue, Middletown
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$7,900,000

515 Indian Avenue
Middletown, RI 02842
Listed by Alexandra Thursby
Bedrooms
4
Bathrooms
5
Living area
N/A
Year built
1988

About this home

WATERFRONT on INDIAN AVENUE. Céad Míle Fáilte, “One Hundred Thousand Welcomes.” An extraordinary waterfront compound located on the historic grounds of Stonybrook Estate. The property features a 4,609 square foot Manor House built in 1988, a historically significant 1,522 square foot Horace Trumbauer Gate House constructed in 1935, and a gunite pool with cabana overlooking the Sakonnet River. This gracious contemporary home was custom-designed with traditional elements including a steeply pitched slate roof, tall gables and half-timbering. Through the front door is a comfortable, open floor plan with stunning water views from nearly every room. The kitchen, living, dining and primary bedrooms all provide access to stone terraces around the pool and lush gardens with opportunities for a relaxing indoor-outdoor lifestyle. Enjoy expansive water views and meticulously landscaped grounds with specimen trees and an English Garden. This bucolic setting is on the rural and much-loved Indian Avenue, just 1.5 miles from beautiful Second and Third Beaches and 15 minutes to downtown Newport.

Highlights

WaterfrontFireplace

Property details

MLS #
1411471
Property type
Multi Family
Subdivision
N/A
Status
Active
Days on market
124
On market date
April 30, 2026
Stories
N/A
Total bathrooms
5
Garage spaces
2
Parking spaces
10
Lot size
1.7 acres
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Nearby schools

Within 10 miles. School directory data from the National Center for Education Statistics (NCES), accessed via the Urban Institute Education Data API. Local Score is calculated by INNOVATE Real Estate; where a state rating is shown, it comes from that state's own official school report card (e.g. NC Dept. of Public Instruction, SC Report Card).

Elementary
Gaudet Learning Academy
2.2 mi away · Grades 4-5
Nearest school -- attendance-zone data not available here
4.0
Local Score (student-teacher ratio only (preliminary -- will incorporate state test-score data once available)) -- not an official state rating
Enrollment
317
Student:teacher ratio
13.2:1
District
Middletown
Middle
Gaudet Middle School
2.2 mi away · Grades 6-8
Nearest school -- attendance-zone data not available here
5.0
Local Score (student-teacher ratio only (preliminary -- will incorporate state test-score data once available)) -- not an official state rating
Enrollment
463
Student:teacher ratio
11.3:1
District
Middletown
High
Middletown High School
2.53 mi away · Grades 9-12
Nearest school -- attendance-zone data not available here
5.0
Local Score (student-teacher ratio only (preliminary -- will incorporate state test-score data once available)) -- not an official state rating
Enrollment
620
Student:teacher ratio
11.9:1
District
Middletown

Walkability

Blended score for Middletown's center, calculated by INNOVATE Real Estate from two sources: the EPA's National Walkability Index (street network, transit, land-use mix) and Google Places amenity data (what's actually reachable on foot from this point). 60% EPA National Walkability Index + 40% nearby-amenity density (Google Places).

33
Car-dependent
out of 100
EPA National Walkability Index
7.8 / 20 -- Below average walkable
Google Places amenity density
23 / 100
Restaurants & cafes1
Grocery stores0
Parks8
Schools1
Transit stops0
Pharmacies0

Market position

How this listing compares to current activity in Middletown, from live MLS data.

On the market 124 days -- 35 more days than Middletown's current average of 89 days.
For reference, the median list price across 207 active listings in Middletown right now is $15,000.

Mortgage calculator

Estimate only - actual rate and payment depend on your lender, credit, and loan program.

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Est. monthly payment
$47,725/mo
$1,580,000 down
$6,320,000 loan
Principal & interest$40,991
Property tax (est.)$6,583
Home insurance (est.)$150

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Data source: Listing information provided by Rhode Island Association of REALTORS via Trestle/CoreLogic. Last updated September 2, 2026.

Information herein deemed reliable but not guaranteed; all measurements, school assignments, HOA fees, taxes, and feature lists are approximate and should be independently verified. Equal Housing Opportunity.