46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth
46 Statue Way, Portsmouth

46 Statue Way Portsmouth

$4,000,000

Map View Street View

The Property

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.

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Listing Details

MLS Number

1419880

Features

  • Basement: Full
  • Bus
  • Commuter Bus
  • Golf
  • Highway Access
  • Interstate
  • Marina
  • Private School
  • Public School
  • Recreational Facilities
  • Restaurants
  • Schools
  • Shopping
  • Near Swimming
  • Free Standing
  • Year Built: 1986

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Market Trends for Commercial/Business,Commercial Sale
in Portsmouth

  • Overview
    Homes for Sale Today740% increase in inventory
    New on Market *2100% increase in new listings
    Avg. Asking Price/Sq.Ft. *$0.00$0 increase in List Price/Sq.Ft.
    Avg. Sale Price *$0$0 increase in Avg. Sale Price
    Avg. Sale Price as % of Asking Price *%100% increase in Sales to List Price
    Avg. Sale Price/Sq.Ft. *$0.00$0 increase in Sale Price/Sq.Ft.
    Avg. Days on Market of Sold *0 increase in days on market

    * All data is calculated based on the last 30 days

  • Avg. Sale Price
  • Avg. Days on the Market
  • New Market Inventory
  • Lila's Estimate

    Realtors Property Resource

    This is an estimate home valuation provide by RPR. It is based on RPR’s estimate market value and not an appraisal. You can use it as a starting point on the home’s value.

    ...

    Zillow

    This is an estimate home valuation provide by Zillow. It is based on Zillow’s estimate market value and not an appraisal. You can use it as a starting point on the home’s value.

    Real value?

    Contact Us

    Online estimates take you only so far. One of our associates can give you a market analysis of what your homes value.

Listed by Westcott Properties
Phone: 401-421-5300

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