Two-Unit Residential Income
78 Grotto Avenue Providence, RI 02906
78 Grotto Avenue, Providence, RI, 02906
$925,000
For Sale
$925,000
MULTI_FAMILY - Providence, RI
Property Size3,083 SF
Lot Size0.09 Acres
Price / SF$300.03
Days on Market47
Property Features for 78 Grotto Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R1
- Bedrooms
- 7
- Bathrooms
- 2
- Rooms
- Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 7, Basement, Bedroom 6, Bedroom 5, Bedroom 2, Bathroom 2
- Parking features
- None
- Patio and Porch features
- Porch
- Interior features
- Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (None), Insulation (Unknown)
- Exterior features
- Balcony, Porch
- Fireplace
- 1
- Basement
- Unfinished, Full, Storage Space
- Appliances
- Dishwasher, Dryer, Exhaust Fan, Oven/Range, Refrigerator, Washer
- Standard status
- Active
- Size
- 3,083 SF
- Lot size
- 0.09 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 8942
Utilities
- Heating system
- Steam, Oil
- Water source
- Public
Building Details
- Year built
- 1913
- Floors in Building
- 3
- Number of units
- 2
- Flooring type
- Hardwood, Tile - Ceramic
- Building materials
- Plaster, Clapboard
- Additional Structures
- None
Listing Agency
Residential Properties Ltd.
(401) 274-6740
140 Wickenden Street, RI
Listed by
Rachael Dotson · License #RES.0040997
(401) 439-7705
Added: Jun 2 Checked: Jul 18 at 2:06 am
MLS# 1414011
Listing URL
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.
This two-family duplex offers two spacious, bright units with private entrances and original details throughout. Each unit features a wood-burning fireplace and two levels of living space, including three bedrooms and one full bath. Outdoor space includes a front and back porch, plus two second-story balconies, and the property sits on a yard with mature trees. The home also has a dry basement for storage, and new heating systems are in place. The offering is described as requiring some updating and investment, while retaining many of its original character elements.
Located at 78 Grotto Avenue on Providence’s Eastside in the Grotto neighborhood, the property is positioned in a green and quiet setting. The remarks note it is within walking distance to coffee shops, the retail section of Wayland Square, and Whole Foods, with nearby access to Providence destinations. Showings are scheduled to begin Thursday, June 11.
For tenants, owner-occupants, or buyers seeking a straightforward two-unit residential income property, the configuration provides separate entries and comparable bedroom and bath layouts across both units. With each unit having its own fireplace and additional outdoor areas, the home may fit well for residents who value privacy and character, while the basement storage and updated heating systems support day-to-day functionality.
Located at 78 Grotto Avenue on Providence’s Eastside in the Grotto neighborhood, the property is positioned in a green and quiet setting. The remarks note it is within walking distance to coffee shops, the retail section of Wayland Square, and Whole Foods, with nearby access to Providence destinations. Showings are scheduled to begin Thursday, June 11.
For tenants, owner-occupants, or buyers seeking a straightforward two-unit residential income property, the configuration provides separate entries and comparable bedroom and bath layouts across both units. With each unit having its own fireplace and additional outdoor areas, the home may fit well for residents who value privacy and character, while the basement storage and updated heating systems support day-to-day functionality.
Key Highlights
- 2‑family home with year built 1913, located at 78‑80 Grotto Avenue in Providence’s Eastside Grotto neighborhood
- Wood‑burning fireplace in each unit plus hardwood and ceramic tile flooring
- Front and back porches, with two 2nd‑story balconies
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $79.5k | $25.80 |
| − Vacancy | −$5.2k | −$1.68 |
| EGI | $74.4k | $24.12 |
| − OpEx | −$22.3k | −$7.24 |
| NOI | $52.1k | $16.89 |
3,083 SF · lease $25.80/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$743.7K
$650.8K – $867.7K
NOI $52,060 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$668.0K
$584.5K – $779.4K
NOI $46,761 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$1.03M
$902.5K – $1.20M
NOI $72,200 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Charming two-family duplex with bright, spacious layouts, private entrances, and wood-burning fireplaces in each unit.
Where is this duplex located?
The property is located at 78 Grotto Avenue Providence, RI.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 2‑family home with year built 1913, located at 78‑80 Grotto Avenue in Providence’s Eastside Grotto neighborhood; Wood‑burning fireplace in each unit plus hardwood and ceramic tile flooring; Front and back porches, with two 2nd‑story balconies
