372-380 Thames Street

Signature Multi-Use Building For Sale

Property Description

Solid brick mixed use building with two commercial tenants & 6 apartments is now offered for sale. Located in the heart of the heavily travelled tourist district in downtown Newport. Across from the new National Sailing Hall of Fame. This property will be attractive to numerous buyers. Whether your looking for strong income, a condo conversion, location for your own thriving business, or an amazing place to live.  The penthouse suite consists of 5 bedrooms, 3 baths and an amazing deck with views of the gorgeous Newport Bay and bridge! Please see details on the pdf’s attached below along with a brochure. Call for information today! Please provide financial ability on the form below prior to showing.

Property Details

Address: 372-380 Thames Street, Newport, RI
Buillding Size: 13,188 sf per Vision Appraisal- 12,132 per Northeast Revaluation
Lot Size: ~4,000 sq.ft. (.09 acres)
Sale Price: $4,200,000
Sewer: Connected
Water: Connected
Sprinkler System: Wet sprinkler system
Taxes: $29,866.17- 2023 Tax Rate ($14.41)
Plat: 27
Lot: 160
Year Built: 1902
Number of Units: 9
Unit Descriptions:

2 one bedroom units

1 two bedroom unit

1 three bedroom unit

1 four bedroom unit

1 five bedroom unit (penthouse)


Building is in Flood Zone BX and does not require flood insurance. See map below.

New Roof 2010, Paint 2010, deck rubber membrane roof 8 years old,

Individual meters each unit for gas & electric. Water common – LL pays. Restaurant pays trash for building in lieu of water bill.

Location: Lower Thames Street
Site: Corner - High Visibility
Road: Municipal
Frontage: 61 LF on Thames ~ 131 LF On Two Sides
Zoning: LB - Limited Business
Income: $358,285.52 Gross ~6.24 Cap Rate
Expenses: $96,260.59 (Reforcast 2022)

372-380 Thames Street, Newport, RI,
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