default 
default
Rare 11-unit condominium rental portfolio in Portsmouth’s desirable Lehigh Hill area, just minutes from Newport and convenient to Routes 114 and 24.
This investment offers strong in-place income plus significant upside through rent growth, potential development, and flexible exit strategies.
Investment Highlights
- $4,000,000 asking price
- 11 units across 8 buildings
- Approximately $325,920 current annual rent
- Estimated $417,600 market rent
- Approximately $91,680 potential annual rent upside
- Current NOI of approximately $242,035
- 6.05% current cap rate
- Potential 8.34% cap rate at market rents
- R-20 zoning with potential additional development opportunities
- Potential ADU opportunity at existing detached garage at Unit #46, subject to approvals
- Solar utility contracts serving 7 of 8 buildings
- Garage parking and in-unit laundry
- Public water/private septic
- No flood insurance required
Why Statue Way?
The portfolio provides investors with a clear value-add opportunity: increase rents as leases turn over, improve NOI, and explore additional development or individual disposition opportunities.
Its Portsmouth location offers convenient access to Newport, coastal amenities, dining, tourism, and major routes, making it an attractive long-term rental market.
Interested in the complete investment package or scheduling a private showing?
Joy Riley | Westcott Properties
401-952-7887
Financial projections, market rents, development potential, and ADU opportunities are subject to due diligence, applicable regulations, condominium documents, and required approvals.
