Hope Village Mixed-Use
771 Hope Street Providence Providence, RI 02906
771 Hope Street Providence, Providence, RI, 02906
$2,175,000
For Sale
$2,175,000
Prime corner location with restaurant, retail, and residential income.
Property Size7,820 SF
Price / SF$278.13
Days on Market62
Property Features for 771 Hope Street Providence
General Information
- Standard status
- Active
- Size
- 7,820 SF
Building Details
- Year Built
- 1930
Listing Agency
(508) 501-1443
Listed by
Leanne McCormick
(508) 501-1443
Source
Milestonerealtyinc
Added: May 16 Checked: Jul 16 at 2:55 am
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 Leanne McCormick
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.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $192.4k | $24.60 |
| − Vacancy | −$7.3k | −$0.93 |
| EGI | $185.1k | $23.67 |
| − OpEx | −$46.3k | −$5.92 |
| NOI | $138.8k | $17.75 |
7,820 SF · lease $24.60/SF/yr · vacancy 3.80% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.98M
$1.73M – $2.31M
NOI $138,796 @ 7.0% cap · market cap 6.38%
Second Best
Retail
$1.66M
$1.46M – $1.94M
NOI $116,419 @ 7.0% cap · market cap 5.35%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
KG Kitchen
Restaurant
Similar For Sale Nearby
FAQs
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 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.
