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.
Listing courtesy of Westcott Properties. Contact:
IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed. © 2026 State-Wide Multiple Listing Service. All rights reserved. Data Last Updated:
/u.realgeeks.media/sdrealtyri/SDRealty_FULL_Logo_SM.jpg){kind=logo}