27 Dean Avenue, Newport, RI 02840

Property Description

Prime Downtown Newport Investment Opportunity in the charming Yachting Village! Just steps from the waterfront, restaurants, boutiques, and historic mansion tours, this exceptional three-family property offers immediate income and outstanding future potential. The well-maintained building features three updated units, each offering 2 bedrooms and 1 bath, all currently leased with a history of annual rental performance. A rare three-car garage and off-street parking (two spaces per unit) add tremendous value in this highly walkable, in-demand location. The property is well maintained with easy-care siding, young roof, asphalt driveway, a welcoming covered front porch, spacious entry, separate electric meters, common coin-op laundry, and a shared yard with an outdoor garden area. For investors and owner-occupants alike, the upside is compelling. Explore options to transition to seasonal rentals, or pursue future value-add opportunities such as condominium conversion, creating a spacious owner's townhouse by combining upper floors, dormer the third floor for distant water views, convert the garage to an ADU, or seek a variance to operate a guest rental in one unit. Dean Avenue, a street experiencing revitalization with elevated renovations, this property benefits from rising neighborhood values in one of Newport's most sought-after downtown locations. A rare opportunity to own a versatile, income-producing asset in the very heart of Newport.