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.

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.

Name

Your Email Address

Phone

Message Send me the deed for 46 Statue Way Portsmouth RI 02871 (ID#:1419880)

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Name

Your Email Address

Phone

Message Send me the survey or tax map for 46 Statue Way Portsmouth RI 02871 (ID#:1419880)

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Name

Your Email Address

Phone

Message I would like more information for 46 Statue Way Portsmouth RI 02871 (ID#:1419880)

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Listing Tools

Property Details of 46 Statue Way, Lehigh Hill

Property Details

Basic Information

Location

Exterior Features

Features

Community

Area

Map Location

Driving Directions

Your Local Office

Welcome!

Listing Tools

$/month over payments

Hi there! How can we help you?

Send to a friend

Property Details of 46 Statue Way, Lehigh Hill

Property Details

Basic Information

Location

Exterior Features

Features

Community

Area

Map Location

Driving Directions

Hi there! How can we help you?

Hi there! How can we help you?

Hi there! How can we help you?