Updated 2-Unit
New
For Sale
$640,000
6 Shafter Street, Providence, RI 02909
Each residence includes a covered front deck and mini-split systems in every room.
Property Size1,648 SF
Price / SF$388.35
Days on Market7
Property Features for 6 Shafter Street
General Information
Standard status
Active
Size
1,648 SF
Property subtype
MultiFamily
Site & Location
Neighborhood
Silver Lake
Additional Details
Multifamily Units
2
Amenities
electric fireplace
stainless steel appliances
mini-split systems
covered front deck
shared basement laundry
Building Details
Year Built
1930
Buildings
1
Listing Agency:
Williams & Stuart Real Estate
(401) 942-0200
Listed By:
Giana Valelli · License #RES.0046716
(401) 230-3010
Source:
Lockandkeyre
Added: Oct 19
Changed: Oct 25
Last Checked: Oct 24 at 6:00PM
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 Williams & Stuart Real Estate
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Investment Insights
Based on property information with market context.
Reconfigured from a single-family house, this two-unit property has updated kitchens with stainless steel appliances, tiled bathrooms, new flooring, and living areas with electric fireplaces. Mini-split systems serve every room. Each unit also has a covered front deck, while shared laundry is located in the basement. The home was built in 1930.
Exterior work includes vinyl siding, stamped concrete walkways, and a paved parking area at the rear. The property is on Shafter Street in Providence, Rhode Island.
Exterior work includes vinyl siding, stamped concrete walkways, and a paved parking area at the rear. The property is on Shafter Street in Providence, Rhode Island.
Key Highlights
- Two residential units created from a former single‑family home
- Mini‑split systems in every room
- Updated kitchens with stainless steel appliances and bathrooms with custom tilework
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,828
Cap Rate
4.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$556,560
$556.6K
Cap Rate 7%
$397,543
$397.5K
Cap Rate 9%
$309,200
$309.2K
Market Conditions
NOI Build-Up for 1,648 SF
Gross rent
$42.5K $25.80/SF
− Vacancy
−$2.8K −$1.68/SF
EGI
$39.8K $24.12/SF
− OpEx
−$11.9K −$7.24/SF
NOI
$27.8K $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%
$556,560
Cap Rate 7%
$397,543
Cap Rate 9%
$309,200
Alternative Uses
Best Use
Multifamily LT 5
$397.5K
$347.9K – $463.8K
NOI $27,828 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$357.1K
$312.5K – $416.6K
NOI $24,996 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$551.3K
$482.4K – $643.2K
NOI $38,594 @ 7.0% cap · market cap 6.03%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
815
Businesses Nearby
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Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Each residence includes a covered front deck and mini-split systems in every room.
Where is this duplex located?
The property is located at 6 Shafter Street Providence, RI.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: Two residential units created from a former single‑family home; Mini‑split systems in every room; Updated kitchens with stainless steel appliances and bathrooms with custom tilework
