Renovated Historic
For Sale
$1,100,000
128 Sheldon Street, Providence, RI 02906
Two residences combine updated systems, separate laundry facilities, and flexible owner-occupancy or rental use.
Property Size3,672 SF
Price / SF$299.56
Days on Market53
Property Features for 128 Sheldon Street
General Information
Standard status
Active
Size
3,672 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/2BA, 1 x 4BR/3BA
Multifamily Units
2
Amenities
in-unit laundry
Building Details
Year Built
1900
Construction
post and beam Greek Revival
Listing Agency:
Residential Properties Ltd.
(401) 439-7705
Listed By:
David Abbott · License #16251
Source:
Lavonnelopes
Added: Jul 10
Changed: Aug 31
Last Checked: Aug 31 at 1:18PM
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 Residential Properties Ltd.
Investment Insights
Based on property information with market context.
This 3,672-square-foot duplex occupies a 1900-built Greek Revival residence with post-and-beam construction and historic character. A renovation completed over the past 15 months updated the electrical and plumbing systems, heating and cooling, insulation, windows, kitchens, bathrooms, and appliances. The property contains six bedrooms and five full bathrooms across two distinct residences.
The first-floor unit includes two bedrooms and two bathrooms. A four-bedroom, three-bath townhouse occupies the upper two levels, with each residence providing its own laundry. The configuration supports rental income, owner occupancy, or housing connected to Brown, RISD, and Providence’s East Side. Restaurants, coffee houses, museums, markets, and music venues are within walking distance.
The first-floor unit includes two bedrooms and two bathrooms. A four-bedroom, three-bath townhouse occupies the upper two levels, with each residence providing its own laundry. The configuration supports rental income, owner occupancy, or housing connected to Brown, RISD, and Providence’s East Side. Restaurants, coffee houses, museums, markets, and music venues are within walking distance.
Key Highlights
- 3,672 SF duplex in a 1900‑built Greek Revival residence
- Six bedrooms and five full bathrooms across two residences
- First‑floor unit includes 2 bedrooms and 2 bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$62,006
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.64%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,240,120
$1.2M
Cap Rate 7%
$885,800
$885.8K
Cap Rate 9%
$688,956
$689.0K
Market Conditions
NOI Build-Up for 3,672 SF
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.
Gross rent
$94.7K $25.80/SF
− Vacancy
−$6.2K −$1.68/SF
EGI
$88.6K $24.12/SF
− OpEx
−$26.6K −$7.24/SF
NOI
$62.0K $16.89/SF
Area
Providence, RI
Vacancy
6.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,240,120
Cap Rate 7%
$885,800
Cap Rate 9%
$688,956
Alternative Uses
Best Use
Multifamily LT 5
$885.8K
$775.1K – $1.03M
NOI $62,006 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$795.6K
$696.2K – $928.3K
NOI $55,695 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$1.23M
$1.07M – $1.43M
NOI $85,994 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,326
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences combine updated systems, separate laundry facilities, and flexible owner-occupancy or rental use.
Where is this duplex located?
The property is located at 128 Sheldon Street Providence, RI.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 3,672 SF duplex in a 1900‑built Greek Revival residence; Six bedrooms and five full bathrooms across two residences; First‑floor unit includes 2 bedrooms and 2 bathrooms
