NEWPORT, RHODE ISLAND – Demonstrating a 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 who represented the buyers in the transaction.
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 buildings 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.”
ABOUT LILA DELMAN REAL ESTATE INTERNATIONAL
Lila Delman founded the company’s original office in Narragansett over 50 years ago. Since then, Lila Delman Real Estate International has grown to include 6 strategically located offices, over 100 associates, a marketing department that creatively uses online social media, and an award-winning website. Utilizing international marketing partners such as Christie’s International Real Estate, Mayfair International Realty and Luxury Portfolio, the firm is consistently a frontrunner in the luxury market. For more information, please visit LilaDelman.com.
For more information, please contact Catherine Cloney at Lila Delman Real Estate International at 401-662-2570 or catherine.cloney@liladelman.com.
*This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.