New Construction Duplex with Finished
For Sale
$799,999
22 Sherwood Street, Providence, RI 02904
Two-unit income property offers spacious layouts, central air, stainless appliances, and multiple bathrooms.
Property Size3,900 SF
Days on Market35
Property Features for 22 Sherwood Street
General Information
Standard status
Active
Size
3,900 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Zoning
R3
Taxes and HOA fees
Annual Taxes
$2,131
Building Details
Building Size
3,900 SF
Year Built
2026
Buildings
1
Units
2
Listing Agency:
Innovations Realty
(401) 241-9439
Listed By:
Samuel Albert · License #RES.0042367
(401) 241-9439
Source:
Liongatere
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 2 at 4:50AM
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 Innovations Realty
Investment Insights
Based on property information with market context.
Completed in 2026, this duplex at 22 Sherwood Street presents two sizable residential units with distinct layouts. The townhouse-style first unit includes more than 2,500 square feet, five bedrooms, and a finished basement; the second unit adds three bedrooms. Across the property, features include central air conditioning, luxury vinyl flooring, stainless steel appliances, and multiple bathrooms. The combined layout provides eight bedrooms within the two-unit configuration.
The property is situated in Wanskuck, minutes from Providence College, Lasalle Bakery, and Interstates 146 and 95. Downtown Providence’s commuter rail station is less than a 10-minute drive, providing a convenient connection for Boston commuters.
The property is situated in Wanskuck, minutes from Providence College, Lasalle Bakery, and Interstates 146 and 95. Downtown Providence’s commuter rail station is less than a 10-minute drive, providing a convenient connection for Boston commuters.
Key Highlights
- Newly constructed duplex completed in 2026
- Two units with eight total bedrooms: five in the first unit and three in the second
- First unit includes more than 2,500 square feet and a finished basement
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
$65,856
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
8.23%
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%
$1,317,120
$1.3M
Cap Rate 7%
$940,800
$940.8K
Cap Rate 9%
$731,733
$731.7K
Market Conditions
NOI Build-Up for 3,900 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
$100.6K $25.80/SF
− Vacancy
−$6.5K −$1.68/SF
EGI
$94.1K $24.12/SF
− OpEx
−$28.2K −$7.24/SF
NOI
$65.9K $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%
$1,317,120
Cap Rate 7%
$940,800
Cap Rate 9%
$731,733
Alternative Uses
Best Use
Multifamily LT 5
$940.8K
$823.2K – $1.10M
NOI $65,856 @ 7.0% cap · market cap 8.23%
Second Best
Apartment 5plus
$845.0K
$739.4K – $985.9K
NOI $59,153 @ 7.0% cap · market cap 7.39%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,333 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
718
Businesses Nearby
Explore this area
Business Placement
Demographics for 02904, RI
31,542
Population
14,483
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
6,066
Density / Sq Mi
$64,637
Median Household Income
$47,040
Median Earnings
$1,217
Median Rent
$302,200
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-unit income property offers spacious layouts, central air, stainless appliances, and multiple bathrooms.
Where is this duplex located?
The property is located at 22 Sherwood Street Providence, RI.
What is the asking price?
The asking price for this property is $799,999.
What are key features of this property?
This property features: Newly constructed duplex completed in 2026; Two units with eight total bedrooms: five in the first unit and three in the second; First unit includes more than 2,500 square feet and a finished basement
