$4,000,000
About this home
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.
Property details
- MLS #
- 1419880
- Property type
- Commercial
- Subdivision
- Lehigh Hill
- Status
- Active
- Days on market
- 28
- On market date
- August 26, 2026
- Stories
- N/A
- Total bathrooms
- N/A
- Garage spaces
- N/A
- Parking spaces
- 15
- Lot size
- N/A
Location
Get directions →Nearby schools
Within 10 miles · public school directory data (NCES)
- Enrollment
- 416
- Student:teacher ratio
- 15.4:1
- District
- Portsmouth
- Enrollment
- 635
- Student:teacher ratio
- 12.2:1
- District
- Portsmouth
- Enrollment
- 824
- Student:teacher ratio
- 11.8:1
- District
- Portsmouth
Walkability
Blended score for Portsmouth's center: EPA's National Walkability Index (street network, transit, land-use mix) combined with nearby-amenity density. 60% EPA National Walkability Index + 40% nearby-amenity density (Google Places).
Market position
How this listing compares to current activity in Portsmouth, from live MLS data.
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Data source: Listing information provided by Rhode Island Association of REALTORS via Trestle/CoreLogic. Last updated 1 days ago.
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.