Former St. Joseph Rectory on Washington Square Sold

NEWPORT, RI January 25, 2017 — The former St. Joseph's Rectory at Washington Square was recently sold for more than a million dollars, according to Lila Delman Real Estate International.

The $1,062,500 price demonstrates the continuing "strong market for quality commercial and mixed use properties in downtown Newport," the firm said.

A mixed use property at 39 Touro St., the former rectory has 8,386 square feet of gross living area situated on an 8,672 square foot lot. Currently, the building houses three spacious and updated residential units and a first floor commercial office space. It has 13 on-site parking spaces.

The property is centered on historic Washington Square and is strategically located between Newport’s Thames Street, the city's longstanding commercial hub, and the vibrant South Broadway area with its trendy restaurant scene.

Listing agents Paul Tobak and George Tollefson of Lila Delman’s Newport office spoke to the strengths of the property and the current market.

“This landmark building enjoys the rare combination of mixed use zoning with ample downtown parking and a premium high-visibility location," they said. "There has been significant investment, in this sector over the last two years in the downtown area and it shows no sign of slowing down as investors have recognized the long-term growth and stability of Newport commercial opportunities.

"Along with the relocation of Thames Street Kitchen to Washington Square and the extensive renovation of the Opera House, this is just one more example of the heightened interest in this area.”

Courtesy Photo: Lila Delman Real Estate International