# 551 Thames Street, Newport, RI 02840

> **TL;DR:** commercial, $55,000,000 ($655/sqft), built 1985, 83,983 sqft.
> Waterfront, A/C. Est. $238,333/mo. Listed 2 days.

## Property at a Glance

| Attribute | Value |
|-----------|-------|
| Price | $55,000,000 |
| Price/sqft | $655 |
| Square Feet | 83,983 |
| Year Built | 1985 |
| Lot Size | 229,561 sqft (5.27 acres) |
| Stories | 3 |
| Property Type | Commercial (Other) |
| Status | For Sale |
| Days on Market | 2 |

## Why This Home Stands Out

- **Waterfront** - Direct water access

## Estimated Monthly Costs

| Category | Amount |
|----------|--------|
| Mortgage (20% down, 6.5%) | $238,333 |
| **Total** | **$238,333** |

## Key Amenities

- Waterfront
- A/C

## Property Highlights

- Built in 1985
- 5.27 acre lot
- 3 stories
- 208 parking spaces
- Waterfront

## Description

### Agent Description
Nestled in the corner of Newport Harbor, the Wellington Resort presents one of the city's most significant waterfront investment opportunities. Spanning 5.27 acres in an exceptional harbor front setting, the property combines premier coastal real estate with excellent redevelopment and value-enhancement potential. The unique positioning of the property offers panoramic views of the harbor, Goat Island, the Newport Bridge, and beyond. The location is just steps from Newport's renowned waterfront attractions further distinguishing this landmark asset. The resort currently features 52 spacious, two-bedroom suites each with water views spanning four buildings, complemented by a full suite of resort-style amenities, including indoor and outdoor swimming pools, tennis courts, a fitness center, and 208 on-site parking spaces. Adding to its unique appeal, Newport zoning approved a modification to the existing Special Use Permit, allowing the conversion of the current 52-unit transient guest facility into 152 one-bedroom hotel units. This entitlement creates a rare opportunity to significantly increase density and unlock future development potential in one of Newport's most coveted waterfront locations.

## Location

- **Address:** 551 Thames Street, Newport, RI 02840
- **County:** Newport
- **Neighborhood:** Wellington
- **Coordinates:** 41.477811, -71.315235
- **Google Maps:** https://www.google.com/maps?q=41.477811,-71.315235

## Listing Agent

- **Name:** Mike Sweeney
- **Brokerage:** Gustave White Sotheby's Realty
- **Phone:** (401) 849-3000
- **Email:** msweeney@gustavewhite.com

## Primary Photo

![551 Thames Street - Primary Photo](http://lh.rdcpix.com/a42a87a709218ed7aeecf8a3ff2fac8el-f4229524945r.jpg)

*38 total photos available on [listing page](https://www.propertysimple.com/listing/551-thames-street-newport-ri-02840-1415439)*

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**MLS#:** 1415439 | **Updated:** 2026-06-24
**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.com/listing/551-thames-street-newport-ri-02840-1415439)

---

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