28 Pelham Street
Why We Love it
28 Pelham Street, Newport, RI 02840
Whether you're searching for an occupied investment property, envisioning a residential conversion, or dreaming up Newport's next boutique hotel, 28 Pelham Street deserves your attention. Ideally situated in the heart of historic downtown Newport — just one block from the iconic Bowens Wharf and Thames Street — this three-story, 10,800 square foot building with a full basement offers rare versatility in one of New England's most coveted coastal markets.
Currently operating as a multi-tenant office building with 16 individual tenants on yearly leases, the property generates consistent income from day one. Its well-laid-out floor plans across three full stories make it equally compelling for an owner-occupant seeking a signature headquarters, a developer with an eye toward adaptive reuse, or an investor looking to hold a stabilized asset in a high-demand location. Zoned General Business, the property also opens the door to a range of alternative uses — including residential conversion and transient guest facilities — subject to city approvals.
Opportunities like 28 Pelham, where location, flexibility, and income converge, rarely come to market in downtown Newport. Don't let this one pass you by.
SALE PRICE:
$2,200,000
SALE PRICE:
$2,200,000
FLOORS:
Three floors of office space along with a full basement of storage space.
PROPERTY TYPE:
Commercial office building
BUILDING SIZE:
10,850 SqFt
FRONTAGE:
Located on Pelham Street
BATHROOMS:
Six bathrooms (two on each floor)
SEWER:
Publicly Connected
WATER:
Publicly Connected
PLAT/LOT:
24 / 257
YEAR BUILT:
1900
LEASES:
16 Single office tenants in place all on single year leases
OFFICES:
19 Single offices across three floors
ROOF:
Main rubber roof was replaced in 2001. It has been consistently maintained as needed. The cedar wood shingles on the mansard were replaced in November 2018.
PARKING:
No parking on site
HEAT/AIR:
Two rooftop HVAC units were replaced. One in 2024, the other in 2025
ZONING:
GB- General Business Zone
Residential Conversion: Allows for conversion to Residential with up to two units by right. Any more units would require zoning work and approval.
Adaptive Re-Use: This is a new part of zoning that was created by the State legislature. It allows for more dense conversion of commercial properties into residential. This property could have up to 12 units. 20% of them would need to fit the low income standards. This would need the appropriate zoning approvals and parking variances.
Value Based on Transient Guest Facility: (Hotel) is allowed by right. The number of potential bedrooms would be 12. (one per every 400 sf of land area). The ability to provide parking is a key consideration for this model.
Income: Please inquire for Profit & Loss Statement and Rent Roll.