Building Details

Year built 1880

Number of units 2

Listing Agency: Link Real Estate

Listed By: Tracy LeRoux · License #3510263 Show Phone

Added: Sep 15 Changed: Oct 15 Last Checked: Nov 1 at 3:06AM

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MLS# 1423340

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.

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Investment Insights

Based on property information with market context.

This mixed-use property in Bristol includes the Hope Diner and an 1880 late-Victorian residence configured for three families. The residence is subject to a preservation requirement and cannot be demolished. Significant fire damage affected its third floor in June 2025, and substantial renovation is needed. Existing commercial and multifamily uses are grandfathered, with proposed work and uses subject to applicable approvals.

The 0.503-acre site is on Hope Street, directly across from Narragansett Bay, within Bristol's Historic District. The listed property size is 3,619 square feet. Buyers should consult the Historic District Commission and Building Department regarding proposed improvements and uses, and verify zoning, floodplain requirements, property condition, and necessary approvals.

Key Highlights

• 0.503‑acre site across from Narragansett Bay
• Includes the Hope Diner and an 1880 three‑family residence
• Third‑floor fire damage occurred in June 2025; substantial renovation is required

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$64,233

Cap Rate

3.40%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,284,660 $1.3M

Cap Rate 7%

$917,614 $917.6K

Cap Rate 9%

$713,700 $713.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,619 SF

Gross rent

$89.0K $24.60/SF

− Vacancy

−$3.4K −$0.93/SF

EGI

$85.6K $23.67/SF

− OpEx

−$21.4K −$5.92/SF

NOI

$64.2K $17.75/SF

Area

Bristol County, RI

Vacancy

3.80%

Lease Rate

$24.60 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,284,660

Cap Rate 7%

$917,614

Cap Rate 9%

$713,700

Alternative Uses

Best Use

Specialty Retail

$917.6K

$802.9K – $1.07M (±1% cap)

NOI $64,233 @ 7.0% cap · market cap 3.40%

Second Best

Multifamily LT 5

$873.0K

$763.9K – $1.02M (±1% cap)

NOI $61,111 @ 7.0% cap · market cap 3.23%

Theoretical Best

Office A

$1.21M

$1.06M – $1.41M (±1% cap)

NOI $84,753 @ 7.0% cap · market cap 4.48%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Hope Diner Restaurant

Suggested Use

Top Pick Dental Office Accounting Firm Plumbing Service Garden Center Pharmacy (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

616

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

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - A diner and an 1880 three-family residence occupy a property across from Narragansett Bay.

Where is this mixed-use property located?

The property is located at 742 Hope Street Bristol, RI.

What is the asking price?

The asking price for this property is $1,890,000.

What are key features of this property?

This property features: 0.503‑acre site across from Narragansett Bay; Includes the Hope Diner and an 1880 three‑family residence; Third‑floor fire damage occurred in June 2025; substantial renovation is required