The strong market for quality commercial and mixed use properties in downtown Newport continues to be strong as evidenced by the recent sale by Lila Delman Real Estate International of the iconic former St Joseph’s Rectory on Washington Square for $1,062,500. The mixed use property at 39 Touro Street has 8,386 square feet of gross living area situated on a lot of 8,672 square feet currently houses three spacious and updated residential units and a first floor commercial office space with 13 on-site parking spaces. The property is centered on historic Washington Square and is strategically located between Newport’s longstanding commercial hub of Thames Street and the vibrant South Broadway area with its trendy restaurant scene.
Listing agents Paul Tobak and George Tollefson of Lila Delman’s Newport office spoke to the strengths of the property and the current market. “This landmark building enjoys the rare combination of mixed use zoning with ample downtown parking and a premium high-visibility location. There has been significant investment, in this sector over the last two years in the downtown area and it shows no sign of slowing down as investors have recognized the long-term growth and stability of Newport commercial opportunities. Along with the relocation ofStoneacre Pantryto Washington Square and the extensive renovation of the Opera House, this is just one more example of the heightened interest in this area.”