2-Family Residence with Private
78 Grotto Avenue, Providence, RI 02906
New
MULTI_FAMILY - Providence, RI
Property size:
3,083 SFLot size:
0.09 AcresPrice / SF:
$327/SF- Added:
- Jun 2, 2026
- Days on Market:
- 1
- Last Refresh:
- Jun 2 at 6:06 pm
Property Features for 78 Grotto Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R1
- Bedrooms
- 6
- Bathrooms
- 2
- Rooms
- Bedroom 1, Bedroom 6, Bedroom 4, Bedroom 3, Bathroom 2, Bedroom 2, Basement, Bedroom 5, Bathroom 1
- Parking features
- Garage
- Patio and Porch features
- Porch
- Interior features
- Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (None), Insulation (Unknown)
- Exterior features
- Balcony, Porch
- Fireplace
- 1
- Basement
- Storage Space, Full, Unfinished
- 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 agent Rachael Dotson License #RES.0040997 (401) 439-7705
Listing office Residential Properties Ltd. 140 Wickenden Street, RI (401) 274-6740
Listing date Jun 2, 2026
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.
HighLights
- 2‑family home built in 1913 with original plaster and clapboard construction
- Wood‑burning fireplace in each unit, plus front and back porches and two 2nd‑story balconies
- Both units include private entrances with original doors and glass
- Steam and oil heating systems; new heating systems and a dry basement for storage
- Appliances include dishwasher, oven/range, refrigerator, washer, dryer, and exhaust fan
- Public water service; garage parking available
Overview
This 2-family residence offers two separate living spaces with private entrances, original doors and glass, and a layout spread across two levels per unit. Each unit is designed to feel bright and spacious, featuring a wood-burning fireplace and including three bedrooms and one full bath. The home also includes front and back porches, two second-story balconies, and a yard with mature trees, providing outdoor space that works well for day-to-day living. A dry basement adds storage capacity, and the property has new heating systems, with the overall home presented as a unique opportunity that will require some updating and investment.
Located in the green and quiet Grotto neighborhood on Providence’s Eastside, the setting supports comfortable residential living. The property is described as being within walking distance of coffee shops, the retail section of Wayland Square, and Whole Foods, and it is approximately a 10-minute drive west of the Amtrak Station and Brown University.
For buyers and investors, the strong two-family configuration makes it suitable for generating rental income while maintaining residential appeal. The additional value is in the preserved character and the potential for a buyer to modernize and improve both units, whether with a long-term hold strategy or a more residentially oriented conversion concept that takes advantage of the property’s rarity in the area. Showings are set to begin Thursday, June 11.
Located in the green and quiet Grotto neighborhood on Providence’s Eastside, the setting supports comfortable residential living. The property is described as being within walking distance of coffee shops, the retail section of Wayland Square, and Whole Foods, and it is approximately a 10-minute drive west of the Amtrak Station and Brown University.
For buyers and investors, the strong two-family configuration makes it suitable for generating rental income while maintaining residential appeal. The additional value is in the preserved character and the potential for a buyer to modernize and improve both units, whether with a long-term hold strategy or a more residentially oriented conversion concept that takes advantage of the property’s rarity in the area. Showings are set to begin Thursday, June 11.
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 5.15%
Second Best
Apartment 5plus
$668.0K
$584.5K – $779.4K
NOI $46,761 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$1.03M
$902.5K – $1.20M
NOI $72,200 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Providence
- County
- Providence
- State
- Rhode Island
- Longitude
- -71.3835781
- Latitude
- 41.8372292
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Bright, spacious two-family home with original details, fireplaces, porches, and private entrances—ideal for an income-focused buyer.
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 $1,009,900.
What are key features of this property?
This property features: 2‑family home built in 1913 with original plaster and clapboard construction; Wood‑burning fireplace in each unit, plus front and back porches and two 2nd‑story balconies; Both units include private entrances with original doors and glass
