NEWPORT – A three-unit residential property totaling 4,300 square feet of living space recently sold for $1.2 million, according to Residential Properties Ltd., which represented the seller in the transaction.
The 13 Rhode Island Ave. home was constructed in 1870 and sits on a 0.11-acre lot. The three-story building contains its original hardwood flooring, high ceilings and historic period details, according to Residential Properties.
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The property, located near the Beech Tree Inn and Cottage, was recently updated with new electrical components, a new kitchen, three newer heating systems, a new mansard roof and vinyl replacement windows, according to Residential Properties.
The property also includes a “large garden,” the real estate firm said. The home also contains storage units in the basement.
“This attractive property is currently leased, and is an outstanding investment opportunity, for both annual and seasonal rentals,” the real estate firm said in its listing for the multifamily home.
According to the city’s online property tax evaluation database, Newport assessors most recently valued the home in fiscal 2024 as being worth $1.35 million.
Residential Properties sales associate Pawler Garrahan represented the seller as the listing agent. The buyers were represented by Prutha Patel, of RE/MAX Innovations.
According to the warranty deed, a public record of the transaction, the home was sold by Thirteen R.I. Avenue LLC, a limited liability company operated by John Murphy.
The property was purchased by Shivani 13 LLC, another limited liability company based in Newport, operated by Jayesh Patel.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
