NEWPORT – A historic multifamily property on Kay Street recently sold for $3 million, marking the highest multifamily sale in the city so far this year, according to Mott & Chace Sotheby’s International Realty, which cited records kept by the Rhode Island Statewide Multiple Listing Service.
The property at 35 Kay St. is a 4,300-square-foot multifamily residence built in 1880, according to Mott & Chace. Situated on a 0.54-acre lot in Newport’s Kay Street neighborhood, the three-story building contains four residential units and retains many of its original architectural features, the real estate firm said.
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The property includes five bedrooms and five full bathrooms, along with soaring ceilings, rich hardwood floors, marble fireplaces and gracious outdoor living spaces.
The real estate firm said the building also features a full unfinished basement, a detached one-car garage and off-street parking. Located within Newport’s Local Historic District, the property is a short distance from Bellevue Avenue, Newport Harbor, beaches, restaurants and cultural attractions.
According to the Newport property assessor’s database, the property was valued at $1.5 million for fiscal year 2025, including $666,900 for the land, $828,800 for the building and $3,000 for outbuildings.
Alexandra Thursby, of Mott & Chace, represented both the seller and the buyer in the transaction.
A warranty deed documenting the transaction was not immediately available through the city’s online land records. According to the Newport property assessor’s database, the property had been owned by Donald Peebles for the previous seven years.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on X at @Marc_La_Rock.
