Hardwood-Floor
New
For Sale
$949,900
642 Hope Street, Providence, RI 02906
Both residences feature hardwood flooring and spacious living rooms and bedrooms.
Property Size4,550 SF
Price / SF$208.77
Days on Market5
Property Features for 642 Hope Street
General Information
Standard status
Active
Size
4,550 SF
Property subtype
MultiFamily
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1915
Listing Agency:
REMAX Revolution
(401) 921-5011
Listed By:
Mary Day · License #RES.0043027
(401) 714-5358
Source:
Lockandkeyre
Added: Oct 1
Changed: Oct 4
Last Checked: Oct 4 at 9:51AM
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 REMAX Revolution
Investment Insights
Based on property information with market context.
Built in 1915, this duplex contains two residences, each with hardwood floors and generous living and bedroom areas. Upgrades have been completed, though specific details are not provided.
Plans for a proposed accessory dwelling unit are at the pre-submission stage. A survey and garage demolition are complete; engineering and municipal approvals remain outstanding. The property is in Providence, with access to major highways and interstates and nearby shopping, dining, schools, and employment centers.
Plans for a proposed accessory dwelling unit are at the pre-submission stage. A survey and garage demolition are complete; engineering and municipal approvals remain outstanding. The property is in Providence, with access to major highways and interstates and nearby shopping, dining, schools, and employment centers.
Key Highlights
- Two residences in a duplex built in 1915
- Hardwood flooring in both units
- Each unit has generous living rooms and bedrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$76,832
Cap Rate
8.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,536,640
$1.5M
Cap Rate 7%
$1,097,600
$1.1M
Cap Rate 9%
$853,689
$853.7K
Market Conditions
NOI Build-Up for 4,550 SF
Gross rent
$117.4K $25.80/SF
− Vacancy
−$7.6K −$1.68/SF
EGI
$109.8K $24.12/SF
− OpEx
−$32.9K −$7.24/SF
NOI
$76.8K $16.89/SF
Area
Providence, 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 Rate 5%
$1,536,640
Cap Rate 7%
$1,097,600
Cap Rate 9%
$853,689
Alternative Uses
Best Use
Multifamily LT 5
$1.10M
$960.4K – $1.28M
NOI $76,832 @ 7.0% cap · market cap 8.09%
Second Best
Apartment 5plus
$985.9K
$862.7K – $1.15M
NOI $69,012 @ 7.0% cap · market cap 7.27%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,556 @ 7.0% cap · market cap 11.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,502
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?
Duplex - Both residences feature hardwood flooring and spacious living rooms and bedrooms.
Where is this duplex located?
The property is located at 642 Hope Street Providence, RI.
What is the asking price?
The asking price for this property is $949,900.
What are key features of this property?
This property features: Two residences in a duplex built in 1915; Hardwood flooring in both units; Each unit has generous living rooms and bedrooms
