4-Unit Multifamily
47 Sheldon Street, Providence, RI 02906
For Sale
New
$1,495,000
Residential Income, Providence, RI
Property Size4,932 SF
Lot Size0.09 Acres
Price / SF$303.12
Days on Market2
Property Features for 47 Sheldon Street
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Parking features
Window features
Patio and Porch features
Interior features
Exterior features
Fireplace
Basement
Appliances
Subdivision
Lot features
Standard status
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Heating system
Cooling system
Water source
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Additional Structures
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Gerri Schiffman · License #RES.0025339
(401) 474-3733
Added: Nov 6
Last Checked: Nov 7 at 8:06AM
MLS# 1427956
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.
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Investment Insights
Based on property information with market context.
The 4,932-square-foot property dates to 1820 and contains four apartments across two floors. The first floor has one three-bedroom unit and one one-bedroom unit; two separate apartments occupy the second floor. Those upper units share utilities. The property also includes a 900-square-foot attic, a 1,200-square-foot basement, and a detached 300-square-foot garage, each identified as a potential area for finished living or studio space. Recent work includes exterior painting, replacement windows, exterior finish updates, and mechanical-system upgrades.
At 47 Sheldon Street in Providence, the property is near Brown University, RISD, Wickenden Street, area hospitals, downtown Providence, and major employment centers. The lot measures 0.09 acres.
At 47 Sheldon Street in Providence, the property is near Brown University, RISD, Wickenden Street, area hospitals, downtown Providence, and major employment centers. The lot measures 0.09 acres.
Key Highlights
- Four apartments: a 3‑bedroom and 1‑bedroom unit on the first floor, plus two second‑floor apartments
- 4,932 square feet of building area on a 0.09‑acre lot
- Potential finished‑space areas: 900‑square‑foot attic, 1,200‑square‑foot basement, and detached 300‑square‑foot garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$83,282
Cap Rate
5.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,665,640
$1.7M
Cap Rate 7%
$1,189,743
$1.2M
Cap Rate 9%
$925,356
$925.4K
Market Conditions
NOI Build-Up for 4,932 SF
Gross rent
$127.2K $25.80/SF
− Vacancy
−$8.3K −$1.68/SF
EGI
$119.0K $24.12/SF
− OpEx
−$35.7K −$7.24/SF
NOI
$83.3K $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 Rate 5%
$1,665,640
Cap Rate 7%
$1,189,743
Cap Rate 9%
$925,356
Alternative Uses
Best Use
Multifamily LT 5
$1.19M
$1.04M – $1.39M
NOI $83,282 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$1.07M
$935.1K – $1.25M
NOI $74,806 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$1.65M
$1.44M – $1.93M
NOI $115,502 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4,372
Businesses Nearby
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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
$582,700
Median Home Value
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Market
Average Price Trend$/SF for Quadplexes in Providence, RI
Properties on Market for Quadplexes in Providence
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Four apartments occupy two levels, with additional attic, basement, and garage areas identified for possible finished space.
Where is this quadplex located?
The property is located at 47 Sheldon Street Providence, RI.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Four apartments: a 3‑bedroom and 1‑bedroom unit on the first floor, plus two second‑floor apartments; 4,932 square feet of building area on a 0.09‑acre lot; Potential finished‑space areas: 900‑square‑foot attic, 1,200‑square‑foot basement, and detached 300‑square‑foot garage
