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    Historic Two-Family Home, College Hill Title is generated by Realmo AI

    238 Brown Street, Providence, RI 02906

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    New
    For Sale
    $1,095,000

    MULTI_FAMILY - Providence, RI

    Property size:
    3,849 SF
    Lot size:
    0.11 Acres
    Price / SF:
    $284/SF
    Added:
    May 13, 2026
    Days on Market:
    4
    Last Refresh:
    May 16 at 2:06 pm

    Property Features for 238 Brown Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    HD/R-3
    Bedrooms
    8
    Bathrooms
    3
    Rooms
    Bedroom 5, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 8, Bedroom 3, Bedroom 1, Basement, Bedroom 2, Bedroom 7, Bedroom 6
    Parking
    4
    Parking features
    Garage
    Patio and Porch features
    Patio, Porch
    Interior features
    Stairs, Plumbing (Mixed), Insulation (Ceiling), Insulation (Walls)
    Exterior features
    Patio, Porch
    Fireplace
    1
    Basement
    Storage Space, Unfinished, Full
    Appliances
    Gas Water Heater, Dishwasher, Dryer, Disposal, Microwave, Oven/Range, Refrigerator, Washer
    Standard status
    Active
    Size
    3,849 SF
    Lot size
    0.11 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    8560

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Natural Gas, Central
    Cooling system
    Ductless, Central Air

    Building Details

    Year built
    1900
    Floors in Building
    3
    Number of units
    2
    Flooring type
    Hardwood, Tile - Ceramic

    We can help!

    Listing Contact
    Jim DeRentis

    Listing agent Jim DeRentis

    Listing office Residential Properties Ltd. 140 Wickenden Street, RI

    Listing date May 13, 2026

    MLS# 1412263 Listing URL

    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.

    HighLights

    • Prime College Hill location: Walkable to universities, commuter rail, and across from Brown Street Park.
    • Two‑family home: Ideal for owner‑occupancy with rental income or investment property.
    • Second‑floor unit: Townhouse style with 6 bedrooms, 2 baths, private laundry, and renovated kitchen featuring high‑end appliances and quartz countertops; ideal for owner‑occupancy or luxury rental.
    • First‑floor unit: 2 beds, 1 bath, renovated chef's kitchen with quartz countertops and newer appliances.
    • Outdoor space: Fenced backyard with brick patio and city garden.
    • Historic charm: Beautiful exterior details, mature plantings, hardwood floors, ample moldings, and period fireplace.

    Overview

    This historic two-family home is situated in a prime College Hill location, within walking distance of universities, the commuter rail, and across from Brown Street Park. The property's exterior features beautiful details and mature plantings. Each unit has a separate front door entrance off the front porch. The first-floor unit offers over 1,400 square feet of living space on one level, featuring 2 bedrooms and 1 full bathroom. A large family room flows into the living room and dining room. The unit includes hardwood floors, moldings, and a period fireplace. The renovated chef's kitchen features quartz countertops, a white marble backsplash, and newer appliances. The second-floor unit, accessed by an original ornate staircase, is a townhouse-style dwelling with over 2,400 square feet of living space. This unit contains 6 bedrooms, 2 full bathrooms, and a private laundry room. A double parlor and dining room lead into a renovated kitchen with high-end appliances, glass front cabinetry, and quartz countertops. Both bathrooms in this unit have been renovated. Outside, the fenced backyard offers a city garden with a brick patio. The property is located in Providence, RI, with a lot size of 0.114 acres. The property size is 3,849 square feet. The zoning is HD/R-3.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $722.2K
    NOI $64,995 @ 9.00% cap · cautious / downside scenario
    Moderate
    $928.5K
    NOI $64,995 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.30M
    NOI $64,995 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $99.3k $25.80
    − Vacancy −$6.5k −$1.68
    EGI $92.8k $24.12
    − OpEx −$27.9k −$7.24
    NOI $65.0k $16.89
    3,849 SF · lease $25.80/SF/yr · vacancy 6.50% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $928.5K
    $812.4K – $1.08M (±1% cap)
    NOI $64,995 @ 7.0% cap · market cap 5.94%
    Second Best
    Apartment 5plus
    $834.0K
    $729.8K – $973.0K (±1% cap)
    NOI $58,380 @ 7.0% cap · market cap 5.33%
    Theoretical Best
    Office A
    $1.29M
    $1.13M – $1.50M (±1% cap)
    NOI $90,139 @ 7.0% cap · market cap 8.23%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.40512
    Latitude
    41.83392

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    FAQs

    What type of property is this?
    Duplex - Two-family home near universities, commuter rail, and Brown Street Park.
    Where is this duplex located?
    The property is located at 238 Brown Street Providence, RI.
    What is the asking price?
    The asking price for this property is $1,095,000.
    What are key features of this property?
    This property features: Prime College Hill location: Walkable to universities, commuter rail, and across from Brown Street Park.; Two‑family home: Ideal for owner‑occupancy with rental income or investment property.; Second‑floor unit: Townhouse style with **6 bedrooms, 2 baths, private laundry, and renovated kitchen featuring high‑end appliances and quartz countertops**; ideal for owner‑occupancy or luxury rental.
    (401) 439-7705
    We can help!
    Listing Contact
    Jim DeRentis
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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