Mixed-Use Property with Restaurant
For Sale
$2,175,000
Pending
771 Hope Street, Providence, RI 02906
Residential Income, Providence, RI
Property Size7,820 SF
Lot Size0.11 Acres
Days on Market199
Property Features for 771 Hope Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
C2
Bedrooms
5
Bathrooms
7
Full bathrooms
5
Half bathrooms
4
Rooms
Bedroom 3, Bedroom 1, Bathroom 8, Basement, Bathroom 1, Bathroom 4, Bathroom 3, Bathroom 9, Bathroom 2, Bathroom 6, Bathroom 5, Bedroom 4, Bedroom 2, Bathroom 7, Bedroom 5
Parking features
None
Basement
Full, Unfinished
Appliances
Gas Water Heater
Subdivision
Hope Village
Standard status
Pending
Size
7,820 SF
Lot size
0.11 Acres
Tenancy & Operations
Currently Operating
Yes
Tenant in Place
Yes
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
32885
Utilities
Heating system
Natural Gas, Baseboard, Forced Air
Cooling system
Central Air
Building Details
Year built
1930
Floors in Building
4
Number of units
3
Flooring type
Laminate, Hardwood, Tile - Ceramic
Building materials
Brick, Wood
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Stephen Gaskin
(508) 991-0151
Added: Apr 14
Changed: Oct 27
Last Checked: Oct 29 at 8:06AM
MLS# 1409701
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 comprises two buildings conveyed together on a single parcel, totaling 7,820 square feet on 0.1145 acres. The corner commercial component is a ground-level restaurant with a full bar and adaptable interior layout. Three additional commercial spaces face Burlington Street, while the upper levels contain four residential units: three one-bedroom, one-bath apartments and one two-bedroom, two-bath apartment. The property is zoned C2.
Located at the Hope Street and Burlington Street corner in Providence, the site has exposure to pedestrian activity and sits near restaurants, cafes, boutiques, and everyday conveniences. Seven Stars Bakery, Blackstone Boulevard, College Hill, and the Pawtucket line are identified nearby. The 1930 construction uses brick and wood, with hardwood, ceramic tile, and laminate flooring, natural-gas heating, and central air conditioning.
Located at the Hope Street and Burlington Street corner in Providence, the site has exposure to pedestrian activity and sits near restaurants, cafes, boutiques, and everyday conveniences. Seven Stars Bakery, Blackstone Boulevard, College Hill, and the Pawtucket line are identified nearby. The 1930 construction uses brick and wood, with hardwood, ceramic tile, and laminate flooring, natural-gas heating, and central air conditioning.
Key Highlights
- 7,820‑square‑foot mixed‑use property on 0.1145 acres
- Ground‑level restaurant space includes a full bar
- Three additional commercial spaces front Burlington Street
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$138,796
Cap Rate
6.38%
Suggested Prices Based on Cap Rates
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
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 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
Apartment 5plus
$1.69M
$1.48M – $1.98M
NOI $118,610 @ 7.0% cap · market cap 5.45%
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.
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,592
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two adjoining buildings combine restaurant and neighborhood retail space with four residential apartments above.
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: 7,820‑square‑foot mixed‑use property on 0.1145 acres; Ground‑level restaurant space includes a full bar; Three additional commercial spaces front Burlington Street
