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.

Facts and features

Schools

• French-American School of Rhode Island

  elementary · K-8 · 0.2 mi

• Vartan Gregorian Elementary School

  elementary · K-5 · 0.3 mi

  8

• Village Green Virtual

  high · 9-12 · 0.7 mi

  6

• Trinity Academy for the Performing Arts

  elementary · 5-12 · 0.8 mi

  5

• Hamilton School At Wheeler

  elementary · 1-8 · 0.6 mi

• Wheeler School

  elementary · K-12 · 0.6 mi

Price history

• Nov 7, 2026 · Listed$1,495,000
• Apr 13, 2022 · Sold$885,000
• Sep 28, 2018 · Sold$540,000
• May 19, 2018 · Listed$599,000
• Oct 14, 2005 · Sold$425,000

Tax history

• 2025$8,899 tax · $1,178,700 assessed
• 2023$15,032 tax · $819,200 assessed
• 2022$14,489 tax · $814,000 assessed
• 2021$13,778 tax · $561,000 assessed
• 2020$13,778 tax · $561,000 assessed
• 2019$13,778 tax · $561,000 assessed
• 2018$13,509 tax · $422,700 assessed
• 2017$13,509 tax · $422,700 assessed

Home value

$1,303,000

• Collateral Analytics$1,303,000
• Quantarium$1,003,423

Where it is