$1,495,000

About this home

Ideally located in the highly desirable College Hill neighborhood, 47 Sheldon Street presents a compelling investment opportunity combining established rental income of $12,300 per month, substantial development potential, and proximity to some of the city's strongest rental demand drivers including Brown University, RISD, Wickenden Street, and major hospital centers. The 1st floor offers a 3 bed unit and a 1 bed unit. The 2nd floor currently has 2 separate apartments which share utilities and could easily be merged into a large 4 or 5 bed, 2 bath unit. This property has benefited from numerous recent improvements, including fresh exterior paint, replacement windows, updated exterior finishes, and upgraded mechanical systems. Significant additional value and rental income may be unlocked through the potential development for additional finished living or studio space across 3 distinct areas: attic (900 sq ft), basement (1200 sq ft), and detached garage (300 sq ft). The property's location further strengthens its investment profile. The colleges provide consistent student and academic housing demand, while proximity to the area's hospitals, downtown Providence, and major employment centers broadens the potential tenant pool to include medical professionals, researchers, and others. With a 2027 rent roll of $147,600, a prime College Hill location, and 2,400 sq ft of potential expansion, this property offers an outstanding combination of immediate income and long-term upside.

Property facts

Property type

Multi Family

Year built

1820

Lot size (acres)

0.09

Total rooms

12

Garage spaces

2

Total parking

5

Annual taxes

$8,899

Tax year

2026

Neighborhood

East Side/College Hill/Fox Point

County

Providence

Features

Heating

Electric, Natural Gas, Baseboard, Heat Pump, Zoned

Cooling

Ductless

Basement

Full, Walkout, Unfinished, Laundry, Storage Space, Utility

Appliances

Dishwasher, Dryer, Microwave, Oven, Range, Refrigerator, Washer, Electric Water Heater

Interior

Wall (Plaster), Attic, Attic Stairs, Attic Storage, Plumbing (Mixed), Insulation (Unknown)

Fireplace

Brick

Laundry

In Building

Parking

Detached, Garage Door Opener

Construction

Plaster, Clapboard

Utilities

Sewer Connected, Water Connected

Sewer

Public

Water

Public

Waterfront

River, Walk To Water

Community

Bus, Highway Access, Hospital, Interstate, Marina, Private School, Public School, Railroad, Recreational Facilities, Restaurants, Schools

Exterior

Patio

Lot

Local Historic District, Fenced, Paved Driveway, Sidewalks

Location