Turnkey Two-Unit Duplex with Private
For Sale
$620,000
6 Shafter Street, Providence, RI 02909
MULTI_FAMILY - Providence, RI
Property Size1,648 SF
Lot Size0.09 Acres
Price / SF$376.21
Days on Market102
Property Features for 6 Shafter Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 2, Bathroom 1
Parking
1
Patio and Porch features
Patio, Porch
Interior features
Wall (Dry Wall)
Exterior features
Patio, Porch
Fireplace
1
Basement
Full, Unfinished
Appliances
Electric Water Heater, Dishwasher, Dryer, Disposal, Microwave, Oven/Range, Refrigerator, Washer
Subdivision
Silver Lake
Standard status
Active
Size
1,648 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5003
Utilities
Heating system
Electric (Heating)
Amenities
private deck
mini-split systems
shared laundry
electric fireplace
stainless steel appliances
Building Details
Year built
1930
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Building materials
Dry Wall, Vinyl Siding
Listing Agency:
Williams & Stuart Real Estate
(401) 942-0200
Listed By:
Giana Valelli
(401) 230-3010
Added: May 5
Changed: Aug 1
Last Checked: Aug 14 at 4:06PM
MLS# 1411830
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.
6 Shafter Street in Providence, RI 02909 is a renovated two-unit duplex converted from a single-family home. The property is currently marked under construction and described as like-new, with two fully updated units designed for immediate occupancy. Each unit includes a bright living layout with an electric fireplace, a private deck, and mini-split systems in every room for heating and cooling. Updates include new kitchens, baths, flooring, and fixtures.
Exterior improvements include new vinyl siding and stamped concrete along the side of the home. The basement provides shared laundry, and stainless steel appliances are planned for installation in both units prior to closing.
The property was built in 1930 and sits on a 0.0914-acre lot. Interior finishes reference dry wall, with vinyl flooring noted. Additional exterior features include a patio and porch.
Exterior improvements include new vinyl siding and stamped concrete along the side of the home. The basement provides shared laundry, and stainless steel appliances are planned for installation in both units prior to closing.
The property was built in 1930 and sits on a 0.0914-acre lot. Interior finishes reference dry wall, with vinyl flooring noted. Additional exterior features include a patio and porch.
Key Highlights
- Two fully updated units in a renovated two‑family duplex, described as like‑new and under construction
- Mini‑split systems in every room plus an electric fireplace in each unit’s living room
- Private deck for each unit
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
$27,828
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
4.49%
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%
$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
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
$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 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%
$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 4.49%
Second Best
Apartment 5plus
$357.1K
$312.5K – $416.6K
NOI $24,996 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$551.3K
$482.4K – $643.2K
NOI $38,594 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
815
Businesses Nearby
Explore this area
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
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 - Extensively renovated duplex with two updated units, mini-splits throughout, and private decks on a compact lot.
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 $620,000.
What are key features of this property?
This property features: Two fully updated units in a renovated two‑family duplex, described as like‑new and under construction; Mini‑split systems in every room plus an electric fireplace in each unit’s living room; Private deck for each unit
