# 46 Statue Way, Portsmouth, RI 02871

> **TL;DR:** commercial, $4,000,000, built 1986. Est. $21,393/mo. Listed 66 days.

## Property at a Glance

| Attribute | Value |
|-----------|-------|
| Price | $4,000,000 |
| Year Built | 1986 |
| Property Type | Commercial (Other) |
| Status | Active |
| Days on Market | 66 |

## Estimated Monthly Costs

| Category | Amount |
|----------|--------|
| Principal & Interest (20% down, 30-year at 6.5%) | $20,226 |
| Estimated Insurance | $1,167 |
| **Total** | **$21,393** |

## Property Highlights

- Built in 1986
- 15 parking spaces

## Description

### Agent Description
Rare 11-unit condominium rental portfolio in Portsmouth's Lehigh Hill area, minutes from Newport. Current rents of $325,920/year sit ~28% below market ($417,600) - about $91,680 in upside as leases turn, moving the cap rate from 6.05% to 8.34% and GRM from 12.27x to 9.58x at $4,000,000. Bonus upside: Unit #46's detached garage is ADU-conversion ready under RI's statewide ADU law, and the oversized R-20 parcel may support further density. Condo structure lets a buyer hold as a rental or sell buildings/units individually at retail pricing - rare flexibility for this asset size. Built 1986, condo-converted 2004; 8 townhouse buildings, most with decks, in-unit laundry, garage parking. Solar covers electric for 7 of 8 buildings; tenants pay own water; no flood insurance required. NOI: $242,035 in-place to $333,715 at market on $83,885 expenses. Cash flow, upside, development potential, and disposition flexibility in one of RI's most desirable coastal submarkets.

## Location

- **Address:** 46 Statue Way, Portsmouth, RI 02871
- **County:** Newport
- **Neighborhood:** Lehigh Hill
- **Coordinates:** 41.60317, -71.257612
- **Google Maps:** https://www.google.com/maps?q=41.60317,-71.257612

## Listing Agent

- **Name:** Joy Riley
- **Brokerage:** Westcott Properties Inc
- **Broker Phone:** (401) 421-5300

## Photos

![46 Statue Way - Photo 1](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f2989012855r.jpg)

![46 Statue Way - Photo 2](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f2399970850r.jpg)

![46 Statue Way - Photo 3](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f3488521586r.jpg)

![46 Statue Way - Photo 4](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f783172823r.jpg)

![46 Statue Way - Photo 5](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f2500097388r.jpg)

![46 Statue Way - Photo 6](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f1298191317r.jpg)

![46 Statue Way - Photo 7](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f3273864715r.jpg)

![46 Statue Way - Photo 8](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f3015537606r.jpg)

![46 Statue Way - Photo 9](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f2686556990r.jpg)

![46 Statue Way - Photo 10](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f2739662851r.jpg)

![46 Statue Way - Photo 11](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f3984214773r.jpg)

![46 Statue Way - Photo 12](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f3208558194r.jpg)

![46 Statue Way - Photo 13](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f1610403042r.jpg)

![46 Statue Way - Photo 14](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f2213745939r.jpg)

![46 Statue Way - Photo 15](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f631637245r.jpg)

![46 Statue Way - Photo 16](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f2024035014r.jpg)

![46 Statue Way - Photo 17](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f2918510857r.jpg)

![46 Statue Way - Photo 18](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f2397730300r.jpg)

![46 Statue Way - Photo 19](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f2281533330r.jpg)

![46 Statue Way - Photo 20](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f739760033r.jpg)

![46 Statue Way - Photo 21](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f546748329r.jpg)

![46 Statue Way - Photo 22](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f2105185814r.jpg)

![46 Statue Way - Photo 23](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f2078727076r.jpg)

![46 Statue Way - Photo 24](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f3512342234r.jpg)

![46 Statue Way - Photo 25](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f769463899r.jpg)

![46 Statue Way - Photo 26](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f1724176507r.jpg)

![46 Statue Way - Photo 27](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f2497511715r.jpg)

![46 Statue Way - Photo 28](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f4058977350r.jpg)

![46 Statue Way - Photo 29](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f2879803377r.jpg)

![46 Statue Way - Photo 30](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f3442414255r.jpg)

![46 Statue Way - Photo 31](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f94225343r.jpg)

![46 Statue Way - Photo 32](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f1183200233r.jpg)

![46 Statue Way - Photo 33](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f3243202120r.jpg)

![46 Statue Way - Photo 34](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f2469354918r.jpg)

![46 Statue Way - Photo 35](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f1903630901r.jpg)

![46 Statue Way - Photo 36](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f3730418908r.jpg)

![46 Statue Way - Photo 37](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f1032764258r.jpg)

![46 Statue Way - Photo 38](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f1163418133r.jpg)

![46 Statue Way - Photo 39](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f738622169r.jpg)

![46 Statue Way - Photo 40](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f1302285546r.jpg)

![46 Statue Way - Photo 41](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f1014016030r.jpg)

![46 Statue Way - Photo 42](http://lh.rdcpix.com/3efeda28aab076877e6c3cc63a8bc27cl-f2340158792r.jpg)

---

**MLS#:** 1419880 | **Updated:** 2026-10-20
**Source:** listhub

*Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.*

[View on PropertySimple](https://www.propertysimple.ai/listing/46-statue-way-portsmouth-ri-02871-3dc3e71a2df840ae9b2cc4f71f8c4210)

---

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}
```