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Elmwood Multi-Family Investment Opportunity

217 Elmwood #2, Providence, RI 02907

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For Sale

$529,000

Mixed-use property in prime location with high traffic count.

Property size:

2,570 SF

Lot size:

0.12 Acres

Price / SF:

$205/SF

HighLights

Prime location with high traffic count and visibility on a corner lot.
Mixed‑use property offering both commercial and residential income potential.
Opportunity to increase value by expanding the second‑floor apartment to a townhouse using the third floor.
Desirable location with easy access to shopping, downtown, interstate, and airport.
First floor commercial space (or residential apartment) is bright and meticulously kept.
Off‑street parking.

We can help!

Contact an agent

RACHEL WILLS

For Sale

$529,000

Mixed-use property in prime location with high traffic count.

Property size:

2,570 SF

Lot size:

0.12 Acres

Price / SF:

$205/SF

Added:: Feb 5, 2026
Days on Market:: 142
Last Refresh:: Mar 16 at 11:03 am

Property Features for 217 Elmwood #2

General Information

Standard status: Active
Size: 2,570 SF
Lot size: 0.12 Acres

Building Details

Year Built: 1925

We can help!

Contact an agent

RACHEL WILLS

Listing office PETER M. SCOTTI & ASSOC.,INC.

Listing date Feb 5, 2026

Source Corcoran

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 PETER M. SCOTTI & ASSOC.,INC.

HighLights

Prime location with high traffic count and visibility on a corner lot.
Mixed‑use property offering both commercial and residential income potential.
Opportunity to increase value by expanding the second‑floor apartment to a townhouse using the third floor.
Desirable location with easy access to shopping, downtown, interstate, and airport.
First floor commercial space (or residential apartment) is bright and meticulously kept.
Off‑street parking.

Overview

This Elmwood multi-family property offers an excellent investment opportunity in a prime location with high traffic. Situated on a corner lot, the property benefits from high visibility and convenient access to shopping, downtown, the interstate, and the airport. The first floor features a bright and meticulously maintained commercial space with a front porch, which could also serve as a residential apartment. The second floor comprises a stylish 2-bedroom apartment with potential for additional square footage by expanding to the third floor. The property includes replacement windows, artisan hardwoods, and period charm. Laundry facilities are located in the basement. Long-term tenants are currently at will, with rents below current market demand. Off-street parking is available. The property, with a size of 2570 square feet, is being sold in As-Is condition. The sale includes the property only.

Local Financial Insights For Multifamily LT 5

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$66.3k	$25.80
− Vacancy	−$4.3k	−$1.68
EGI	$62.0k	$24.12
− OpEx	−$18.6k	−$7.24
NOI	$43.4k	$16.89

2,570 SF · lease $25.80/SF/yr · vacancy 6.50% · expense 30.00%

Alternative Uses

Best Use

Multifamily LT 5

$620.0K

$542.5K – $723.3K (±1% cap)

NOI $43,397 @ 7.0% cap · market cap 8.20%

Second Best

Apartment 5plus

$556.9K

$487.3K – $649.7K (±1% cap)

NOI $38,980 @ 7.0% cap · market cap 7.37%

Theoretical Best

Office A

$859.8K

$752.3K – $1.00M (±1% cap)

NOI $60,186 @ 7.0% cap · market cap 11.38%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Mendez Travel Agency Travel Agency

Suggested Use

Location Insight

Map
Local Demand

City: Providence
County: Providence
State: Rhode Island
Longitude: -71.4251509
Latitude: 41.8069935

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For sale
Mixed-use properties
RI
Providence
02907
217 Elmwood #2

What type of property is this?

Mixed-use property - Mixed-use property in prime location with high traffic count.

Where is this mixed-use property located?

The property is located at 217 Elmwood #2 Providence, RI.

What is the asking price?

The asking price for this property is $529,000.

What are key features of this property?

This property features: Prime location with high traffic count and visibility on a corner lot.; Mixed‑use property offering both commercial and residential income potential.; Opportunity to increase value by expanding the second‑floor apartment to a townhouse using the third floor.