January 15, 2025 – Stephen Girolamo of Horvath & Tremblay has successfully completed the sale of an 8-unit mixed-use property in Newport, Rhode Island. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $3,800,000.
372-380 Thames Street is a mixed-use Property in Newport, Rhode Island. The mixed-use property consists of a three-story brick building with eight total units comprised of two commercial units on the ground floor and six residential units on the upper floors. The residential units consist of one (1), 1-Bedroom/1-Bathroom unit, two (2), 2-Bedroom/1-Bathroom units, one (1), 3-Bedroom/1-Bathroom unit, one (1), 4-Bedroom/1-Bathroom unit, and one (1), 5-Bedroom/3-Bathroom unit with 12,132 square feet of rentable area in 13,640 square feet of total gross area on a 0.1-acre parcel of land. The town’s historic character and strict building and development codes provide a supply constrained market with extremely high barriers to entry for future commercial and residential development. The highly desirable Property is well-located on Thames Street in the heart of Downtown Newport. The Property is steps from the Newport Marina and is surrounded by restaurants, bars and retailers in the bustling waterfront neighborhood. Positioned along Thames Street the Property enjoy convenient access to America’s Cup Avenue and Memorial Boulevard, the area’s primary commercial and commuter corridors. The Property is also convenient to the Claiborne Pell/Newport Bridge and is just 1.2-miles from Salve Regina University.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.