Mixed-Use Property with
For Sale
$1,890,000
742 Hope Street, Bristol, RI 02809
Commercial/Business,Commercial Sale, Bristol, RI
Property Size3,619 SF
Lot Size0.50 Acres
Price / SF$522.24
Days on Market9
Property Features for 742 Hope Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
GB
Rooms
Basement
Parking
15
Basement
Full
Subdivision
Cl1 Historic District
Lot features
Local Historic District, Downtown, Free Standing, Historic
Standard status
Active
Size
3,619 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9746
Utilities
Water source
Public
Building Details
Year built
1880
Number of units
2
Listing Agency:
Link Real Estate
(401) 289-2600
Listed By:
Tracy LeRoux · License #3510263
(858) 752-9728
Added: Sep 15
Changed: Sep 22
Last Checked: Sep 23 at 1:06AM
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.
Investment Insights
Based on property information with market context.
This mixed-use property combines a commercial diner and a Victorian-style three-family residence on a 0.503-acre parcel. The site contains approximately 21,930 square feet of land and a 3,619-square-foot residential structure built in 1880. Existing equipment and fixtures are included, and the property is being offered in as-is condition.
The parcel fronts Hope Street and sits across from Narragansett Bay, with a prominent position along Bristol’s Fourth of July parade route. GB zoning applies to the property, and public water serves the site. The residential structure sustained significant third-floor fire damage in June 2025. Purchasers should independently evaluate the existing improvements, permitted uses, redevelopment options, and required approvals.
The parcel fronts Hope Street and sits across from Narragansett Bay, with a prominent position along Bristol’s Fourth of July parade route. GB zoning applies to the property, and public water serves the site. The residential structure sustained significant third-floor fire damage in June 2025. Purchasers should independently evaluate the existing improvements, permitted uses, redevelopment options, and required approvals.
Key Highlights
- 0.503‑acre parcel with approximately 21,930 square feet of land
- GB zoning with substantial Hope Street frontage
- Across from Narragansett Bay in Bristol, RI
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
$64,233
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
3.40%
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%
$1,284,660
$1.3M
Cap Rate 7%
$917,614
$917.6K
Cap Rate 9%
$713,700
$713.7K
Market Conditions
NOI Build-Up for 3,619 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
$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 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%
$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
NOI $64,233 @ 7.0% cap · market cap 3.40%
Second Best
Multifamily LT 5
$873.0K
$763.9K – $1.02M
NOI $61,111 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,753 @ 7.0% cap · market cap 4.48%
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
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
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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?
Mixed-use property - GB-zoned property with a diner and three-family residence 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 parcel with approximately 21,930 square feet of land; GB zoning with substantial Hope Street frontage; Across from Narragansett Bay in Bristol, RI
