Hope Village Mixed-Use
For Sale
$2,175,000
771 Hope Street, Providence, RI 02906
Prime corner location with restaurant, retail, and residential income.
Property Size7,820 SF
Price / SF$278.13
Days on Market175
Property Features for 771 Hope Street
General Information
Standard status
Active
Size
7,820 SF
Property subtype
Multi-family
Building Details
Year Built
1930
Listing Agency:
Residential Properties Ltd.
Listed By:
Stephen Gaskin
(508) 991-0151
Source:
Residentialproperties
Added: Mar 14
Changed: Sep 4
Last Checked: Sep 2 at 1:25PM
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 Residential Properties Ltd.
Investment Insights
Based on property information with market context.
This offering presents a rare opportunity to acquire a highly visible corner property in the heart of Hope Village. The property, located at 771-773 Hope Street and 75-79 Burlington Street, consists of two properties offered together on a single parcel. The ground level features a commercial space at the corner of Hope and Burlington Streets, currently operating as a restaurant with a full bar and expansive layout. Complementing the main restaurant are three additional commercial spaces along Burlington Street, currently occupied by a tailor, pet groomer, and tattoo studio. Above the commercial spaces are four residential units, including 3 one-bedroom, one-bath units and 1 two-bedroom, two-bath unit. The property benefits from its location in a vibrant area with restaurants, cafes, boutiques, and everyday conveniences. It is also near Seven Stars Bakery, Blackstone Boulevard, College Hill, and the Pawtucket line. The total property size is 7820 square feet. This mixed-use property offers a blend of commercial and residential income streams in a dynamic neighborhood.
Key Highlights
- Prime corner location in the heart of Hope Village with exceptional exposure and high foot traffic.
- Ground‑level restaurant space currently leased to a highly anticipated culinary destination (Ciao Ciao).
- Four residential units (3 one‑bedroom, 1 two‑bedroom) providing a strong income stream.
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
$138,796
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
6.38%
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%
$2,775,920
$2.8M
Cap Rate 7%
$1,982,800
$2.0M
Cap Rate 9%
$1,542,178
$1.5M
Market Conditions
NOI Build-Up for 7,820 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
$192.4K $24.60/SF
− Vacancy
−$7.3K −$0.93/SF
EGI
$185.1K $23.67/SF
− OpEx
−$46.3K −$5.92/SF
NOI
$138.8K $17.75/SF
Area
Providence, 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%
$2,775,920
Cap Rate 7%
$1,982,800
Cap Rate 9%
$1,542,178
Alternative Uses
Best Use
Specialty Retail
$1.98M
$1.73M – $2.31M
NOI $138,796 @ 7.0% cap · market cap 6.38%
Second Best
Mixed Use
$1.58M
$1.38M – $1.84M
NOI $110,614 @ 7.0% cap · market cap 5.09%
Theoretical Best
Office A
$2.62M
$2.29M – $3.05M
NOI $183,135 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,592
Businesses Nearby
50k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 85%
Dining 15%
Cumberland Farms
Shops & Services
9,946 visits/mo
0.0 miles
Dunkin' Donuts
Dining
7,264 visits/mo
0.4 miles
Shell
Shops & Services
6,932 visits/mo
0.4 miles
Speedway
Shops & Services
6,561 visits/mo
0.5 miles
7-Eleven
Shops & Services
6,507 visits/mo
0.5 miles
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
Market
Vacancy Rate% for Retail in Providence, RI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Prime corner location with restaurant, retail, and residential income.
Where is this mixed-use property located?
The property is located at 771 Hope Street Providence, RI.
What is the asking price?
The asking price for this property is $2,175,000.
What are key features of this property?
This property features: Prime corner location in the heart of Hope Village with exceptional exposure and high foot traffic.; Ground‑level restaurant space currently leased to a highly anticipated culinary destination (Ciao Ciao).; Four residential units (3 one‑bedroom, 1 two‑bedroom) providing a strong income stream.
