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 Market131
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
Bathroom 6, Bathroom 2, Basement, Bathroom 4, Bedroom 4, Bathroom 8, Bathroom 7, Bedroom 3, Bathroom 5, Bathroom 9, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 1, 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
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
Hardwood, Tile - Ceramic, Laminate
Building materials
Brick, Wood
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Stephen Gaskin · License #RES.0048283
(508) 991-0151
Added: Apr 14
Changed: Aug 20
Last Checked: Aug 22 at 4:06AM
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.
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 = 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
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.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,592
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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
