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RECORD COMMERCIAL SALE IN NEWPORT

High Demand Thames Street Mixed-Use Building Sells

In a reflection of the continued demand for both residential and commercial real estate throughout Rhode Island, Lila Delman Real Estate International has sold 429 – 431 Thames Street in Newport for $1,900,000. The property was sold by Annie Becker, a Sales Associate from Lila Delman Real Estate International’s Newport office.

This represents the highest commercial sale in Newport since 2015 and the second commercial sale over $1 million since the sale of 39 Touro Street by Lila Delman Real Estate International in January, according to data from the Rhode Island Statewide MLS.*

The mixed-use building offers units ranging from retail space to a small 1-bedroom apartment to a 2-story penthouse with remarkable sunset and harbor views. The property is comprised of 2 retail spaces, 5 residential units and a garage within 2 buildings. It is in Newport’s waterfront business zone, which allows for commercial use and short-term residential rentals. The property is surrounded by important historic properties and Thames Street’s eclectic shops and restaurants.

“Residential and mixed-use buildings in Newport’s commercially zoned areas are bringing a lot of interest right now,” commented Annie Becker. “Investors are especially interested in properties in areas that have potential for short-term rentals.”