Two-Unit Gothic Revival
118 Williams Street Providence, RI 02906
118 Williams Street, Providence, RI, 02906
$1,783,000
For Sale
$1,783,000
Circa 1844 two-family property with recently renovated kitchens and bathrooms, in-unit laundry, and separate utilities.
Property Size4,167 SF
Price / SF$427.89
Days on Market15
Property Features for 118 Williams Street
General Information
- Standard status
- Active
- Size
- 4,167 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1844
Listing agency
William Raveis Inspire
(401) 751-8100
Listed by
Spencer Kelleher
Source
Lockandkeyre
Added: Jul 8 Updated: Jul 21 at 5:20AM Checked: Jul 22 at 5:11AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of William Raveis Inspire
Investment Insights
Based on property information with market context.
Introducing a circa 1844 Gothic Revival two-family duplex featuring Unit 1 as a 4-bedroom, 1-bath apartment and Unit 2 as a 4-bedroom, 3-bath townhouse-style apartment. Both units offer spacious layouts with oversized bedrooms and stained-glass windows. Kitchens and bathrooms have been recently renovated, with new appliances, updated cabinets and countertops, and each unit includes in-unit laundry.
The property sits on a 9,000 SF lot and includes a 3-car garage. Separate utilities are in place, and the duplex is fully leased through May 2027, generating $11,400 per month.
With outdoor space and existing parking, the configuration also presents potential for an ADU addition, subject to applicable approvals.
The property sits on a 9,000 SF lot and includes a 3-car garage. Separate utilities are in place, and the duplex is fully leased through May 2027, generating $11,400 per month.
With outdoor space and existing parking, the configuration also presents potential for an ADU addition, subject to applicable approvals.
Key Highlights
- Daniel Dailey House (circa 1844) two‑family property built in 1844 in a Gothic Revival style
- 2 units: Unit 1 is 4 bed/1 bath; Unit 2 is 4 bed/3 bath townhouse apartment
- Kitchens and bathrooms in both units recently renovated with new appliances, cabinets, and countertops
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $107.5k | $25.80 |
| − Vacancy | −$7.0k | −$1.68 |
| EGI | $100.5k | $24.12 |
| − OpEx | −$30.2k | −$7.24 |
| NOI | $70.4k | $16.89 |
4,167 SF · lease $25.80/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.01M
$879.6K – $1.17M
NOI $70,364 @ 7.0% cap · market cap 3.95%
Second Best
Apartment 5plus
$902.9K
$790.0K – $1.05M
NOI $63,203 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$1.39M
$1.22M – $1.63M
NOI $97,586 @ 7.0% cap · market cap 5.47%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Circa 1844 two-family property with recently renovated kitchens and bathrooms, in-unit laundry, and separate utilities.
Where is this duplex located?
The property is located at 118 Williams Street Providence, RI.
What is the asking price?
The asking price for this property is $1,783,000.
What are key features of this property?
This property features: Daniel Dailey House (circa 1844) two‑family property built in 1844 in a Gothic Revival style; 2 units: Unit 1 is 4 bed/1 bath; Unit 2 is 4 bed/3 bath townhouse apartment; Kitchens and bathrooms in both units recently renovated with new appliances, cabinets, and countertops
