A 20-year-old resident of Newport, R.I., would like to reassemble a 1661-vintage house - now stored there - on a Washington area lot.

Melvin (Bud) Hill, a finance and economics student at Georgetown University, said he and Arthur Marshall, a Newport restoration specialist, can deliver the large frame house to a site here and reassemble it for around $250,000.

Built more than 300 years ago as a gable cottage in Newport, the four-bedroom house was subsequently enlarged and modified three times. "It is rich in paneling and woodwork details," Hill said.

Since being dismantled in 1974 to make way for an industrial center, the house has been in storage in Newport.

Hill said that he and Marshall have worked together on restorations of other historic houses in Newport.When reassembled, according to Hill's plan, the calpboard dwelling would have modern bathrooms and kitchen features, as well as seven rebuilt fire-places and a beehive oven.

Hill estimates that it might take a year to complete the project. Rownea Hoover of the Shannon & Luchs' Bethesda office, is his real estate agent. CAPTION: Illustration, Melvin Hill wants to reassemble this 1661-vintage, Newport, R.I., house, currently in storage, on a lot in the Washington area. It will cost around $250,000. By Melvin Hill