NEWPORT – A two-story storefront and office building in the heart of the city’s heavily trafficked retail district recently sold for $2.8 million, according to public records.
The 117 Bellevue Ave. building, located about 500 feet away from the International Tennis Hall of Fame, was purchased by a company called Chestnut Partners, a Rhode Island general partnership based in Newport, according to the unit deed, a public record of the property sale.
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The property was sold by Gilded Age Properties LLC, which had owned the building since 2011, when that company bought it for $835,000 from Bellevue Avenue Holdings LLC.
Located at the corner of Bellevue Avenue and Prospect Hill Street, the building is fully rented out and occupied by businesses, including Sara Campbell Ltd., a women’s clothing store; Intuitive Alignment Massage; Total Mortgage; and the offices of Kevin Hagan Attorney At Law.
The 7,638-square-foot building is in the Historic Hill neighborhood, which attracts a high volume of foot traffic, with 60 feet of frontage on Bellevue Avenue.
The office-style condo building with a brick facade was constructed in 1900, according to the city’s online property tax assessment database.
The property contains a total of 10 rooms, including five half-bathrooms, according to the database. The building, located in a general business zone of the city, does not come with any additional land, according to the database.
The building was most recently assessed in fiscal year 2022 as being worth $1.21 million, according to the city database.
Marc Larocque is a PBN contributing writer.
