557 Center Rd - Apartments FOR SALE


New Shoreham, RI 02807
$2,295,000 USD
401-741-1825
557 Center Rd, New Shoreham, RI for Sale
$2,295,000 USD
Apartments - FOR SALE
1/40
null | Request Cap Rate

557 Center Rd
New Shoreham, RI 02807


HIGHLIGHTS

  • Desirable Block Island Location
  • Two Family status which is rare for Block Island
  • Substantial Nightly Rental with Potential for Higher Rates.

OVERVIEW

Versatile Two-Family Home in a Prime Block Island Location. This classic two-family home offers a rare opportunity for both flexible living and solid rental income. The main house spans three levels and features two distinct living spaces, each with private entry, charming interiors, and comfortable layouts. The main and second floors include full kitchens, open living/dining areas, and well-proportioned bedrooms with ample natural light. The second-floor apartment includes a small private deck, offering a quiet outdoor spot for morning coffee or evening air. The third level, with its own entrance, provides additional living space—ideal for a home office, guest suite, or overflow accommodations. Outdoors, the property features a peaceful yard shaded by mature trees and inviting sitting areas. A second detached building offers potential for expansion, studio use, or workshop space with the appropriate approvals. Whether you're seeking a full-time residence, a summer getaway, or an investment with rental appeal, this centrally located property meets a range of goals. Just a short distance from the shops, restaurants, and ferry in Old Harbor, and minutes from some of Block Island’s beloved beaches, this home makes enjoying everything the Island has to offer effortless. With its adaptable layout, income potential, and prime location, it presents a rare opportunity to own a piece of Block Island that balances convenience, comfort, and possibility.

FOR SALE DETAILS

PRICE

$2,295,000 USD

PRICE/SF

$609 USD /SF

# OF UNITS

2

PRICE/UNIT

$1,147,500

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

557 Center Road

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1910

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.28 AC

LAND SF

12,197 SF

ZONING

RA

APN/PARCEL ID

-

ASK ABOUT THIS PROPERTY

Rosemary TobinLila Delman Real EstateMore Info
401-741-1825

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Rosemary TobinLila Delman Real EstateMore Info
401-741-1825

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.