Renovated Two-Unit
For Sale
$1,100,000
Pending
128 Sheldon Street, Providence, RI 02906
Residential Income, Providence, RI
Property Size3,672 SF
Lot Size0.05 Acres
Days on Market53
Property Features for 128 Sheldon Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 5, Bathroom 4, Bedroom 4, Bedroom 5, Basement, Bathroom 3, Bedroom 6, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Parking features
None
Window features
Skylight(s), Insulated Windows
Interior features
Wall (Cermaic), Wall (Dry Wall), Stairs, Plumbing (Mixed), Insulation (Cap), Insulation (Floors), Insulation (Walls)
Fireplace
1
Basement
Full, Unfinished
Appliances
Electric Water Heater, Dishwasher, Dryer, Oven/Range, Refrigerator, Washer
Subdivision
College Hill
Standard status
Pending
Size
3,672 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10468
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Forced Air, Central, Electric (Heating), Natural Gas
Cooling system
Heat Pump, Central Air
Amenities
in-unit laundry
Building Details
Year built
1900
Floors in Building
3
Number of units
2
Flooring type
Hardwood, Tile - Ceramic
Building materials
Ceramic, Dry Wall, Shingles
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
David Abbott
(401) 523-8806
Added: Jul 8
Changed: Aug 20
Last Checked: Aug 29 at 6:06PM
MLS# 1417387
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.
Investment Insights
Based on property information with market context.
Built in 1900, this 3,672-square-foot Greek Revival duplex combines preserved architectural character with extensive recent reconstruction. Work completed over 15 months included wiring, plumbing, heating, cooling, insulation, kitchens, baths, windows, and appliances. The property contains two residences: a first-floor unit with two bedrooms and two full baths, plus a four-bedroom, three-bath townhouse arranged across the upper two levels. Each residence includes its own laundry, and the building has hardwood and ceramic tile flooring, central air, heat-pump and forced-air systems, and a fireplace.
Situated at 128 Sheldon Street in Providence, the property is within walking distance of restaurants, coffee houses, museums, markets, music venues, and neighborhood amenities. Brown and RISD are also identified in the surrounding context. The property occupies 0.0514 acres, carries R3 zoning, and has public sewer service.
Situated at 128 Sheldon Street in Providence, the property is within walking distance of restaurants, coffee houses, museums, markets, music venues, and neighborhood amenities. Brown and RISD are also identified in the surrounding context. The property occupies 0.0514 acres, carries R3 zoning, and has public sewer service.
Key Highlights
- Two‑unit duplex with 6 bedrooms and 5 full baths
- 3,672 square feet on a 0.0514‑acre lot
- First‑floor residence has 2 bedrooms and 2 full baths
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Greek Revival character pairs with updated systems and private laundry for each residence.
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: Two‑unit duplex with 6 bedrooms and 5 full baths; 3,672 square feet on a 0.0514‑acre lot; First‑floor residence has 2 bedrooms and 2 full baths
