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Location, location, location! John Ellis house, first time on the market in 40 years.Historic charm, within walking distance to all Newport offers. Established neighborhood. This legal 3-apartment home has much to offer and many options for use as your needs change. Return it back to a stately single-family or large family home with a guest wing. Condominiums are an easy conversion or remain as three income-producing rental units. The original house is about 200 years old and is what remains from a sprawling farm stretching from the historic Cliff Walk toward the famed Newport Harbor, and now sits on a highly desirable corner in the Annandale/Cliff Walk Road corridor. All the bones are done: entire new roof (December/2016), new wiring, plumbing, thermal windows, sewer line, basement beams, total conversion of heating oil to gas, separate meters for gas/electric. With some cosmetic updates, and a few minor changes in each unit will increase the number of bedrooms and boost the total rents and which can instantly increase your cap rate. The actual current annual lease rents total $4550/month.

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Listed by Daniele Alsheimer of WILLIAM RAVEIS CHAPMAN ENSTONE

Listing Sold by Hogan Associates

 

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