Rhode Island Investment Property for Sale: A Great Opportunity for Investors
Are you looking for an investment property in Rhode Island? Look no further than this amazing property located in Newport, RI. This investment property is not only located in a prime location but also offers a great potential for rental income. Let’s explore the details of this property and why it’s a great opportunity for investors.
This Rhode Island investment property for sale is located in the heart of Newport. It’s just a few minutes away from the downtown area, King Park, and Salve University. This means that the property is in a prime location for tourists and students who want to explore the city. Newport is a popular tourist destination, and it attracts millions of visitors every year. By investing in this property, you can tap into this market and earn a great return on your investment.
The property boasts a modern open floor plan, with an eat-in kitchen that comes with stainless steel appliances. There are two bathrooms and a full laundry, which is a great convenience for tenants. The primary bedroom has sliders that open to the deck, providing a great view of the surrounding area. The property also comes with two assigned parking spaces, which are a great value in Newport where parking can be a challenge.
The property is already leased from September 1, 2023, to May 31, 2024, for $2400 per month plus utilities (except for water). This provides you with a secure income stream for over eight months of the year. However, the property is also available to lease or use during the summer season, from June through August. The summer lease potential is estimated to be between $10,000 – $15,000, depending on the rental market. This means that you can earn a total of $36,000 – $39,200 per year from this investment property.
Investing in real estate is a great way to diversify your portfolio and earn passive income. This Rhode Island investment property for sale offers a great opportunity for investors who are looking for a prime location and great potential for rental income. The property is modern and comes with all the amenities that tenants want. It’s already leased for the next academic year, and the summer season offers great potential for additional rental income. Don’t miss out on this opportunity to invest in Newport, RI, and earn a great return on your investment.
26 Narragansett Avenue, Newport, RI 02840