Downtown Bristol Retail/Office
For Sale
$649,900
Pending
423 Hope Unit 21U, Bristol, RI 02809
1,526 SF unit in historic downtown Bristol, Rhode Island.
Property Size1,926 SF
Days on Market302
Property Features for 423 Hope Unit 21U
General Information
Standard status
Pending
Size
1,926 SF
Property subtype
Commercial
Building Details
Year Built
1880
Listing Agency:
Collins Commercial Real Estate,LLC
(508) 676-8500
Listed By:
Kelley Collins · License #REB.0014979
Source:
Milburyre
Added: Oct 28, 2025
Changed: Aug 23
Last Checked: Jul 23 at 7:23AM
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 Collins Commercial Real Estate,LLC
Investment Insights
Based on property information with market context.
This 1,526 square foot first-floor unit presents an opportunity to establish a new business or relocate an existing office, retail, or service business in historic downtown Bristol, Rhode Island. The space features hardwood flooring, lighting, and a custom built-in island. A back room was previously used as a kitchen. The unit includes an ADA-compliant bathroom and a 400 square foot basement area for storage. The property offers highway access and visibility in downtown Bristol, near the waterfront, marinas, waterfront parks, Colt State Park, and Roger Williams University. The area is known for its Fourth of July Parade and Celebration, fine dining, pubs, art galleries, and offices. Street parking and town parking are available off Court Street. The property is suitable for retail or office use.
Key Highlights
- Prime location in historic downtown Bristol, RI with excellent highway access and visibility.
- Versatile 1,526 SF first‑floor unit suitable for office, retail, or service business.
- Features include hardwood flooring, beautiful lighting, and a custom built‑in island.
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
$28,673
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
4.41%
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%
$573,460
$573.5K
Cap Rate 7%
$409,614
$409.6K
Cap Rate 9%
$318,589
$318.6K
Market Conditions
NOI Build-Up for 1,926 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
$42.8K $22.20/SF
− Vacancy
−$1.8K −$0.93/SF
EGI
$41.0K $21.27/SF
− OpEx
−$12.3K −$6.38/SF
NOI
$28.7K $14.89/SF
Area
Bristol County, RI
Vacancy
4.20%
Lease Rate
$22.20 /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%
$573,460
Cap Rate 7%
$409,614
Cap Rate 9%
$318,589
Alternative Uses
Best Use
Retail
$409.6K
$358.4K – $477.9K
NOI $28,673 @ 7.0% cap · market cap 4.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$644.4K
$563.8K – $751.8K
NOI $45,105 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
672
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - 1,526 SF unit in historic downtown Bristol, Rhode Island.
Where is this storefront property located?
The property is located at 423 Hope Unit 21U Bristol, RI.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Prime location in historic downtown Bristol, RI with excellent highway access and visibility.; Versatile 1,526 SF first‑floor unit suitable for office, retail, or service business.; Features include hardwood flooring, beautiful lighting, and a custom built‑in island.
