Mixed-Use Property with
For Sale
$2,175,000
Pending
771 Hope Street, Providence, RI 02906
Commercial/Business,Commercial Sale, Providence, RI
Property Size7,820 SF
Lot Size0.11 Acres
Days on Market131
Property Features for 771 Hope Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C2
Rooms
Basement
Basement
Full
Subdivision
Hope Village
Lot features
Corner, Urban
Standard status
Pending
Size
7,820 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
32885
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Building Details
Year built
1930
Number of units
2
Building materials
Brick, Frame
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Stephen Gaskin · License #RES.0048283
(508) 991-0151
Added: Apr 14
Changed: Aug 19
Last Checked: Aug 22 at 1:06PM
MLS# 1409700
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 brings together a ground-level restaurant with a full bar, three additional commercial spaces, and four residential apartments. The apartment mix includes three one-bedroom, one-bath units and one two-bedroom, two-bath unit. The improvements total 7,820 square feet on a 0.1145-acre parcel, with brick and frame construction, central air, public sewer, and basement space.
The properties are offered together on one parcel at the corner of Hope Street and Burlington Street in Providence. The Burlington Street spaces are occupied by a tailor, pet groomer, and tattoo studio, while the surrounding area includes restaurants, cafes, boutiques, and everyday conveniences. Nearby points of interest include Seven Stars Bakery, Blackstone Boulevard, College Hill, and the Pawtucket line. The property is zoned C2 and was built in 1930.
The properties are offered together on one parcel at the corner of Hope Street and Burlington Street in Providence. The Burlington Street spaces are occupied by a tailor, pet groomer, and tattoo studio, while the surrounding area includes restaurants, cafes, boutiques, and everyday conveniences. Nearby points of interest include Seven Stars Bakery, Blackstone Boulevard, College Hill, and the Pawtucket line. The property is zoned C2 and was built in 1930.
Key Highlights
- 7,820‑square‑foot mixed‑use property on a 0.1145‑acre parcel
- Ground‑level restaurant with full bar and adaptable interior layout
- Four apartments: three 1‑bedroom/1‑bath units and one 2‑bedroom/2‑bath unit
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
Multi-tenant
Tenancy
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 - Corner-positioned asset combines a restaurant, additional commercial suites, and residential apartments under C2 zoning.
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 a 0.1145‑acre parcel; Ground‑level restaurant with full bar and adaptable interior layout; Four apartments: three 1‑bedroom/1‑bath units and one 2‑bedroom/2‑bath unit
