Historic Three-Family
New
For Sale
$649,000
132 Hope Street, Bristol, RI 02809
Residential Income, Bristol, RI
Property Size2,945 SF
Lot Size0.07 Acres
Price / SF$220.37
Days on Market2
Property Features for 132 Hope Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2-5
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Basement, Bedroom 4, Bathroom 3, Bathroom 1, Bedroom 3, Bedroom 2
Parking
4
Window features
Skylight(s)
Patio and Porch features
Patio
Interior features
Wall (Dry Wall), Wall (Paneled), Wall (Plaster), Wall (Wood), Stairs, Plumbing (Mixed), Insulation (Unknown)
Exterior features
Patio
Fireplace
1
Basement
Full, Storage Space, Unfinished
Appliances
Dishwasher, Dryer, Oven/Range, Refrigerator, Washer
Subdivision
Downtown Historic District
Lot features
Local Historic District, Corner Lot, Paved Driveway
View
Water
Standard status
Active
Size
2,945 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10268
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Oil
Building Details
Year built
1785
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Vinyl, Carpet, Tile - Ceramic
Building materials
Dry Wall, Paneled, Plaster, Wood Wall(s), Clapboard, Wood
Listing Agency:
Residential Properties Ltd.
(401) 245-9600
Listed By:
Morgan Lowis
(401) 662-0589
Added: Sep 23
Last Checked: Sep 24 at 1:06AM
MLS# 1423799
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 three-family property at 132 Hope Street includes 2,945 square feet on a 0.07-acre lot. Built in 1785, the residence offers four bedrooms, three bathrooms, a basement, and a mix of hardwood, vinyl, carpet, and ceramic tile flooring. Interior finishes include drywall, paneling, plaster, and wood walls. The property also features a patio, fireplace, baseboard heating fueled by oil, public sewer service, and appliances including a dishwasher, washer, dryer, refrigerator, and oven/range. It is offered as-is.
The home is across from Walley Beach, with access to swimming and views toward Bristol Harbour. Historic Downtown Bristol, including restaurants, shops, the Library, and museums, is minutes away. The Mt Hope Bridge provides access toward Newport and Fall River. The property is zoned R2-5.
The home is across from Walley Beach, with access to swimming and views toward Bristol Harbour. Historic Downtown Bristol, including restaurants, shops, the Library, and museums, is minutes away. The Mt Hope Bridge provides access toward Newport and Fall River. The property is zoned R2-5.
Key Highlights
- 2,945‑square‑foot three‑family property on 0.07 acres
- Built in 1785 with four bedrooms and three bathrooms
- Across from Walley Beach with Bristol Harbour views
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$49,730
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.66%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$994,600
$994.6K
Cap Rate 7%
$710,429
$710.4K
Cap Rate 9%
$552,556
$552.6K
Market Conditions
NOI Build-Up for 2,945 SF
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.
Gross rent
$76.0K $25.80/SF
− Vacancy
−$4.9K −$1.68/SF
EGI
$71.0K $24.12/SF
− OpEx
−$21.3K −$7.24/SF
NOI
$49.7K $16.89/SF
Area
Bristol County, RI
Vacancy
6.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$994,600
Cap Rate 7%
$710,429
Cap Rate 9%
$552,556
Alternative Uses
Best Use
Multifamily LT 5
$710.4K
$621.6K – $828.8K
NOI $49,730 @ 7.0% cap · market cap 7.66%
Second Best
Apartment 5plus
$638.1K
$558.4K – $744.5K
NOI $44,668 @ 7.0% cap · market cap 6.88%
Theoretical Best
Office A
$985.3K
$862.1K – $1.15M
NOI $68,968 @ 7.0% cap · market cap 10.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
254
Businesses Nearby
Explore this area
Business Placement
Demographics for 02809, RI
22,493
Population
9,670
Households
2.3
Avg Household Size
44
Median Age
46%
College-Educated
92%
High-School Grad
9.8 sq mi
ZIP Area
2,295
Density / Sq Mi
$96,005
Median Household Income
$41,266
Median Earnings
$1,352
Median Rent
$447,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-family property across from Walley Beach with water views, a patio, and public sewer service.
Where is this triplex located?
The property is located at 132 Hope Street Bristol, RI.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 2,945‑square‑foot three‑family property on 0.07 acres; Built in 1785 with four bedrooms and three bathrooms; Across from Walley Beach with Bristol Harbour views
