27 Dean Ave, Newport, RI 02840

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.