Multifamily
For Sale
$1,050,000
594 Hope Street, Providence, RI 02906
A 1910 residential property on Hope Street near Brown University, RISD, and downtown Providence.
Property Size5,279 SF
Price / SF$198.90
Days on Market8
Property Features for 594 Hope Street
General Information
Standard status
Active
Size
5,279 SF
Property subtype
MultiFamily
Property Condition
Severity
Repairs Needed
Evidence
work and thoughtful improvements
Building Details
Year Built
1910
Listing Agency:
Innovations Realty
(401) 414-7414
Listed By:
The Hiraldo Group
(401) 451-2422
Source:
Lockandkeyre
Added: Sep 28
Changed: Oct 4
Last Checked: Oct 5 at 7:02PM
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 Innovations Realty
Investment Insights
Based on property information with market context.
This residential property at 594 Hope Street dates to 1910 and is identified as a multifamily asset. The property needs work and could benefit from improvements. Rental use is noted in connection with its residential setting.
The property is on Providence’s East Side, with Brown University, RISD, downtown Providence, Waterplace Park, and Wayland Square among the named nearby destinations. Blackstone Boulevard and Hope Village are also in the surrounding area, along with cafes, restaurants, markets, and independent shops.
The property is on Providence’s East Side, with Brown University, RISD, downtown Providence, Waterplace Park, and Wayland Square among the named nearby destinations. Blackstone Boulevard and Hope Village are also in the surrounding area, along with cafes, restaurants, markets, and independent shops.
Key Highlights
- 1910 construction
- Located at 594 Hope Street in Providence, Rhode Island
- Brown University, RISD, downtown Providence, and Waterplace Park are nearby
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$80,069
Cap Rate
7.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,601,380
$1.6M
Cap Rate 7%
$1,143,843
$1.1M
Cap Rate 9%
$889,656
$889.7K
Market Conditions
NOI Build-Up for 5,279 SF
Gross rent
$155.2K $29.40/SF
− Vacancy
−$9.6K −$1.82/SF
EGI
$145.6K $27.58/SF
− OpEx
−$65.5K −$12.41/SF
NOI
$80.1K $15.17/SF
Area
Providence, RI
Vacancy
6.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,601,380
Cap Rate 7%
$1,143,843
Cap Rate 9%
$889,656
Alternative Uses
Best Use
Apartment 5plus
$1.14M
$1.00M – $1.33M
NOI $80,069 @ 7.0% cap · market cap 7.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.77M
$1.55M – $2.06M
NOI $123,628 @ 7.0% cap · market cap 11.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,251
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - A 1910 residential property on Hope Street near Brown University, RISD, and downtown Providence.
Where is this multifamily property located?
The property is located at 594 Hope Street Providence, RI.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 1910 construction; Located at 594 Hope Street in Providence, Rhode Island; Brown University, RISD, downtown Providence, and Waterplace Park are nearby
