424 Thames Street presents a rare opportunity to acquire a mixed-use income-producing property in the heart of Newport’s vibrant Lower Thames district. The property features two street-level commercial spaces currently occupied by established retail and service tenants, complemented by a spacious three-bedroom, three-bath residential unit currently operated as a short-term rental. This diversified configuration offers multiple income streams within one of Newport’s most active commercial and hospitality corridors. Recent improvements include fresh exterior paint and new decking, highlighted by an incredible rooftop deck offering views of Newport Harbor and the Pell Bridge. With approximately 2,672 square feet across three units, one off-street parking space, and Limited Business (LB) zoning, 424 Thames combines high-visibility commercial frontage with an established residential hospitality component. Ideally situated just steps from Newport Harbor, restaurants, shopping, nightlife, and downtown attractions, this is a unique opportunity to own a versatile income-producing property in the heart of Newport’s waterfront district.
Active
$2,195,000
424 Thames St, Newport, RI 02840
3beds
2,672sqft
Multi Family
Built in 1835
-- sqft lot
$2,083,600 Zestimate®
$821/sqft
$-- HOA
What's special
New deckingOne off-street parking spaceFresh exterior paintHigh-visibility commercial frontageTwo street-level commercial spaces
- 46 days
- 438
- 31
Zillow last checked:
Listing updated:
Listed by:
Lauren Mailloux 401-835-7778,
Our Real Estate,
Hunter Parker 508-858-9947,
Our Real Estate
Source: StateWide MLS RI,MLS#: 1423765
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 3
- Bathrooms: 5
- Full bathrooms: 3
- 1/2 bathrooms: 2
Heating
- Natural Gas, Baseboard
Cooling
- Window Unit(s)
Appliances
- Included: Gas Water Heater
Features
- Flooring: Hardwood
- Basement: Full,Bulkhead,Unfinished
- Has fireplace: No
Interior area
- Total structure area: 4,306
- Total interior livable area: 2,672 sqft
Video & virtual tour
Property
Parking
- Total spaces: 1
- Parking features: No Garage
Lot
- Size: 1,306 Square Feet
Details
- Parcel number: NEWPM032B0023
- Zoning: LB
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
- Attached to another structure: Yes
Materials
- Wood
Condition
- New construction: No
- Year built: 1835
Utilities & green energy
- Electric: 200+ Amp Service
- Sewer: Public Sewer
- Water: Municipal
- Utilities for property: Sewer Connected, Water Connected
Community & HOA
Community
- Subdivision: Downtown Thames
HOA
- Has HOA: No
Location
- Region: Newport
Financial & listing details
- Price per square foot: $821/sqft
- Tax assessed value: $1,113,700
- Annual tax amount: $7,996
- Date on market: 9/19/2026
- Inclusions: Unit 3 has a short term rental registration in place. Income numbers for the breakdown of unit 3 is based on the total yearly gross rental income of $185, 957 divided into the $11, 590 monthly amount. Exact income varies based on the month. Buyer to do all due diligence for their own STR permits upon ownership.
- Total actual rent: 15574
Estimated market value
$2,083,600
$1.98M - $2.19M
$3,501/mo
Price history
| Date | Event | Price |
|---|---|---|
| 9/19/2026 | Listed for sale | $2,195,000+46.3%$821/sqft |
Source:  StateWide MLS RI #1423765 Report a problem | ||
| 6/28/2022 | Sold | $1,500,000+203.6%$561/sqft |
Source: StateWide MLS RI #1314184 Report a problem | ||
| 1/10/2020 | Listing removed | $2,100$1/sqft |
Source: William Raveis Report a problem | ||
| 10/15/2019 | Listed for rent | $2,100$1/sqft |
Source: Zillow Rental Manager Report a problem | ||
| 9/27/2012 | Sold | $494,000+44.2%$185/sqft |
Source: Agent Provided Report a problem | ||
| 8/15/2000 | Sold | $342,500$128/sqft |
Source: Public Record Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $7,996 | $1,113,700 |
| 2024 | -- | $1,113,700 +55.6% |
| 2023 | -- | $715,800 |
| 2022 | -- | $715,800 +7.8% |
| 2021 | -- | $663,700 -1.5% |
| 2020 | -- | $673,600 |
| 2019 | -- | $673,600 |
| 2018 | -- | $673,600 +35% |
| 2017 | -- | $498,800 |
| 2016 | -- | $498,800 |
| 2015 | -- | $498,800 -33.2% |
| 2010 | -- | $746,200 |
| 2009 | -- | $746,200 +15.5% |
| 2008 | -- | $646,200 |
| 2007 | -- | $646,200 |
| 2006 | -- | $646,200 +73.8% |
| 2002 | -- | $371,700 |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.Climate risks
Neighborhood: Harbor/Lower Thames
Similar homes
- $1,995,0003 bd2 ba2.6k sqft30 Whitwell Ave, Newport, RI 02840For Sale
MLS ID #1427096, Kara Malkovich, Lila Delman Compass. StateWide MLS RI - $2,275,0003 bd2 ba2.4k sqft7 Prairie Ave, Newport, RI 02840For Sale
MLS ID #1420308, Grace Cimo McCluskey, Gustave White Sotheby's Realty. StateWide MLS RI - $1,895,0006 bd6 ba3.5k sqft35-37 Mount Vernon St, Newport, RI 02840For Sale
MLS ID #1427465, Daniel Cordeiro, Gustave White Sotheby's Realty. StateWide MLS RI - $1,850,0006 bd5 ba3.9k sqft57 Farewell St, Newport, RI 02840For Sale
MLS ID #1422890, Shana Speer, Gustave White Sotheby's Realty. StateWide MLS RI - $1,895,0002 bd3 ba1.5k sqftHarrison House, Newport, RI 02840For SaleMLS ID #1426978, Hope Roosa, Greenwich Bay Brokers. StateWide MLS RI
- $2,875,0003 bd3 ba2.6k sqft80 Ayrault St, Newport, RI 02840For SaleMLS ID #1426048, Alexandra Thursby, Mott & Chace Sotheby's Intl.. StateWide MLS RI
- $2,498,8886 bd3 ba3.6k sqft16 Sherman St, Newport, RI 02840For SaleMLS ID #1424259, Jennifer Boarder, William Raveis Inspire. StateWide MLS RI
- $1,975,0002 bd3 ba1.6k sqftHarrison House, Newport, RI 02840For SaleMLS ID #1413921, Michelle Kirby, Gustave White Sotheby's Realty. StateWide MLS RI
- $2,450,0003 bd3 ba1.9k sqft41 Elm St, Newport, RI 02840For SaleMLS ID #1420181, Grace Cimo McCluskey, Gustave White Sotheby's Realty. StateWide MLS RI
- $1,200,0003 bd3 ba2k sqft7 Sheffield Ave, Newport, RI 02840For SaleMLS ID #1425301, Newport Living Group, Lila Delman Compass. StateWide MLS RI
- $2,695,0004 bd5 ba2.6k sqft81 2nd St, Newport, RI 02840For SaleMLS ID #1423599, Eric Kirton, Lila Delman Compass. StateWide MLS RI
- $1,250,0003 bd3 ba1.5k sqft67 Evarts St, Newport, RI 02840For SaleMLS ID #1427530, Newport Living Group, Lila Delman Compass. StateWide MLS RI
- $1,950,0002 bd3 ba1.7k sqftBancroft On The Bluffs, Middletown, RI 02842For SaleMLS ID #1427340, Fitzpatrick Team, RE/MAX Results. StateWide MLS RI
- $1,499,0002 bd3 ba2.7k sqft26 Franklin St, Newport, RI 02840For SaleMLS ID #1414245, Jennifer Cosgrove O'Leary, Greenwich Bay Brokers. StateWide MLS RI
- $1,150,0003 bd3 ba1.3k sqft26 Lee Ave, Newport, RI 02840For SaleMLS ID #1420087, Debbie Scanlon, Jack Conway & Co Inc.. StateWide MLS RI
- $1,550,0004 bd4 ba2k sqft10- 12 Champlin, Newport, RI 02840For SaleMLS ID #1419443, Kate Teixeira, Coldwell Banker Realty. StateWide MLS RI
- $2,195,0005 bd3 ba3k sqft31 Calvert Pl, Jamestown, RI 02835For SaleMLS ID #1424921, Bob Bailey, Lila Delman Compass. StateWide MLS RI
- $2,325,0003 bd3 ba2.5k sqft159 Longfellow Rd, Jamestown, RI 02835For SaleMLS ID #1425377, Bob Bailey, Lila Delman Compass. StateWide MLS RI
- $1,495,0004 bd2 ba1.4k sqft21 Elm St, Newport, RI 02840For SaleMLS ID #1424813, The Fraioli-Wilson Team, Edge Realty RI. StateWide MLS RI
- $2,500,0004 bd4 ba3.6k sqft113 2nd St, Newport, RI 02840For SaleMLS ID #1426295, Chrysanthe Taj, RE/MAX Results. StateWide MLS RI
