Lila Delman Compass today announced the recent sale of 7 Cottage Street in Newport for $1,800,000. Candice Sandman, a Sales Associate with Newport Living Group, represented the seller. According to data maintained by the Rhode Island statewide MLS, this transaction marks the highest multifamily home sale in Rhode Island, year-to-date.*
“The sale of 7 Cottage Street is a reflection of how thoughtful design paired with high-end finishes yields a multi-family end product that that lives like a home, rather than a rental property,” commented Candice Sandman in a statement. “The current market has a high number of 1031 exchange buyers looking for investment properties. Continued low inventory coupled with an abundance of buyers is what helped garner top dollar for this property.”
“Market activity continues to soar in Newport,” commented Brandyn Brunelle, Regional Marketing Manager of Lila Delman Compass in a statement. “The average sales price for residential properties in Newport County increased from $607,470 in Q1 2020 to $722,499 in Q1 2021.” *
This incredible three-unit home underwent an extensive renovation in 2020 including a new roof, electrical, plumbing, heating systems, decks and windows. The building affords modern amenities while restoring original 19th-century details, offering in-town living at its finest. Steps to Bellevue Avenue, downtown Newport, the Cliff Walk and First Beach, this turnkey building is a short walk to all that Newport has to offer.
*This representation is based on information from the RI Statewide MLS for the period of January 1,2021 – May 7, 2021. Neither Lila Delman Compass nor the MLS guarantees or are responsible for the accuracy of the data provided to them. Data maintained by the MLS may not reflect all real estate activity in the market.