87 Spring St

$1,850,000
Price
7
Beds
2,906 Sq. Ft.
$637 / Sq. Ft.
2,906
Sq. Ft.
$637
per Sq. Ft.

Description

Exceptional investment property in the heart of Newport's tourist district. 87 Spring Street is a 4-unit multifamily featuring 3 Fully City Licensed Short Term Rental units and 1 year round tenancy apartment. The licensed short-term rental units are turnkey and ready to continue generating revenue, while the long-term tenant provides reliable baseline income. Profit and Loss statements are available for review; gross projected income for 2025-2026 $203,600. BEING SOLD as a package with 69 Spring...Exceptional investment property in the heart of Newport's tourist district. 87 Spring Street is a 4-unit multifamily featuring 3 Fully City Licensed Short Term Rental units and 1 year round tenancy apartment. The licensed short-term rental units are turnkey and ready to continue generating revenue, while the long-term tenant provides reliable baseline income. Profit and Loss statements are available for review; gross projected income for 2025-2026 $203,600. BEING SOLD as a package with 69 Spring Street (MLS #1401952) for $3,950,000. Reach out today to schedule a tour.
  1. Listed by Molly Kirby • Brokerage DRE #REB.0019291 • Kirby & Kirby
    P: (401)-477-4130 molly@KirbyKirby.com

Amenities

  • Air Conditioning
  • Basement
  • Ceramic Floors
  • Full Basement
  • Hardwood Floors
  • Hot Water Heating
  • Laminate Floors
  • Washer / Dryer in Unit
LISTING UPDATED: 12/18/2025 02:34 PM

Property Details for 87 Spring Street

StatusActive
MLS #1401961
Days on Market7
Taxes$10,696 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income / Multi Family
Year Built1898
Lot Size0.04 AC / 1,568 SF
CountyNewport County

Location

Listing Courtesy of Kirby & Kirby
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Building Information for 87 Spring Street

Stories3Residences4Year Built1898Building Size-Lot Size0.04 AC / 1,568 SF

Payment Calculator

$10,033 per month

30 year fixed, 6.28% Interest

Principal and Interest

$9,142

Property Taxes

$891

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 87 Spring Street

Summary
Location and General Information
  • City: Newport
  • Postal City: Newport
  • Postal Code: 02840
  • State Or Province: RI
  • Zoning: GB
  • Human Modified Y N: Yes
Parking
  • Covered Spaces: 0
  • Garage Spaces: 0
  • Garage Y N: No
  • Parking Features: No Garage
  • Parking Total: 0
Taxes and HOA Information
  • Association Fee: $.00
  • Tax Annual Amount: $10,696.00
  • Tax Assessed Value: 993500
  • Tax Lot: 75
  • Tax Map Number: 24
  • Tax Year: 2024
Virtual Tour
Property
Lot Information
  • Above Grade Fin SQFT: 2906.0
  • Building Area Total: 2906.0
  • Living Area Source: Public Records
  • Lot Size Acres: 0.036
  • Lot Size Area: 1568.0
  • Lot Size Square Feet: 1568.0
  • Lot Size Units: Square Feet
  • Number Of Buildings: 1
  • Parcel Number: 87SPRINGSTNEWP
  • Stories Total: 3
  • Structure Type: Apartment
Property and Assessments
  • New Construction Y N: No
  • Number Of Units Total: 4
  • Property Condition: Fixer
  • Property Sub Type: Multi Family
  • Property Type: ResidentialIncome
  • Senior Community Y N: No
  • Year Built: 1898
Utilities
  • Electric: Circuit Breakers
  • Sewer: Public Sewer
  • Water Source: Public
Interior and Exterior Features
Exterior Features
  • Foundation Details: Stone
Interior Features
  • Appliances: Oil Water Heater
  • Basement: Full, Unfinished, Walk Out Access
  • Basement Y N: Yes
  • Bathrooms Full: 4
  • Bathrooms Half: 0
  • Bathrooms Total Integer: 4
  • Bedrooms Total: 7
  • Cooling: Window Unit(s)
  • Cooling Y N: Yes
  • Fireplaces Total: 0
  • Fireplace Y N: No
  • Flooring: Ceramic Tile, Hardwood, Laminate
  • Heating: Hot Water, Oil
  • Heating Y N: Yes
  • Laundry Features: In Unit
  • Rooms Total: 20
Multi Family
Income & Expenses Information
  • Operating Expense: $68,821.00
Rental
Rental Information
  • Land Lease Y N: No

Property History for 87 Spring Street

DateEvent & SourcePriceAppreciation
Dec 18, 2025

Listed (Active)

Rhode Island Association of REALTORS® #1401961

$1,850,000
Mar 15, 2018

Sold

Rhode Island Association of REALTORS® #1177075

$610,000
Jan 15, 2018

Sold (Public Record)

Public Record #618802167

$610,000
Nov 6, 2017

Contract Signed

Rhode Island Association of REALTORS® #1177075

Nov 6, 2017

Listed (Active)

Rhode Island Association of REALTORS® #1177075

$675,000
DateEvent & SourcePrice
12/18/2025

Listed (Active)

Rhode Island Association of REALTORS® #1401961

$1,850,000
03/15/2018

Sold

Rhode Island Association of REALTORS® #1177075

$610,000
01/15/2018

Sold (Public Record)

Public Record #618802167

$610,000
11/06/2017

Contract Signed

Rhode Island Association of REALTORS® #1177075

11/06/2017

Listed (Active)

Rhode Island Association of REALTORS® #1177075

$675,000

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 87 Spring Street

Taxable ValueLand$326,100Additions$667,400Total$993,500
Tax Record2025$8,633 ($719 / month)
Home Facts
Baths4Total Finished SqFt2,906 SqFtAbove Grade Finished SqFt2,906 SqFtStories3Lot Size1,546 SqFtStyleMulti-Family Res (5+ Units)Year Built1898Year Renovated1992ZoningGBCountyNEWPORTAPNNEWP M:024 B:0075Fireplace TypeHas Fireplace

Schools near 87 Spring Street

This home is within Newport School District.
Rating
School
Type
Grades
Distance
Public - 5 to 8
Public - 9 to 12
Public - PK to 4
Public - 9 to 12
Rating
School
Distance
Frank E. Thompson Middle School
Public5 to 8

Rogers High School
Public9 to 12

Pell Elementary School
PublicPK to 4

Newport Area Career Tech Center
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

Similar Sold Homes

87 Spring Street is a multi-family home for sale in Newport, RI 02840. This property was listed for sale on December 18, 2025 by Kirby & Kirby, it's currently listed at $1,850,000. It has been on the market for a total of 7 days and was last sold on March 15, 2018. This listing's school district is Newport School District. Nearby schools include Frank E. Thompson Middle School, Rogers High School and Pell Elementary School. 87 Spring Street is a 7-bed, 4-bath, 2,906 sqft multi-family home built in 1898.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Kirby & Kirby

Based on information from one of the following Multiple Listing Services: Rhode Island Association of REALTORS®. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Rhode Island Association of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.