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87 Hope Street, Providence, RI, 02906 | $899,000
Positioned in one of the East Side's most desirable and consistently high-demand rental corridors, 87 Hope Street presents a compelling opportunity for investors seeking stable income and long-term appreciation. This legal two-family property with an additional in-law apartment on the third floor offers excellent flexibility and income potential. Close proximity to Brown University, RISD, Miriam Hospital, and downtown Providence, drives strong, year-round tenant demand. The building features a versatile layout ideal for rental optimization, whether configured for multi-family income, student housing, or premium long-term tenants. Classic architectural details, including high ceilings, original moldings, and hardwood floors combine with bright interiors and replacement windows to create an appealing living environment. Additional highlights include a fenced-in yard and off-street parking, further enhancing tenant desirability. Existing updates provide a solid foundation for immediate occupancy, with opportunities for value-add improvements to maximize returns. Situated along the vibrant Hope Street corridor, tenants will enjoy walkable access to caf s, restaurants, and neighborhood retail supporting strong rent potential and retention. This property offers both immediate cash flow potential and long-term upside in a blue-chip East Side location.
Features
- Amenities: Golf,Highway Access,Marina,Near Hospital,Near Schools,Pool,Public Transportation,Recreation Area,Restaurant,Shopping,Tennis Court(s),Sidewalks
- Rooms: 16
- Bedrooms: 7
- Baths: 3 full
- Units: 3
- Laundry: Common Area
- Style: Stacked
- Year Built: 1875
- Garage: No Garage
- Heating: Gas,Steam
- Cooling: 1 Unit
- Basement: Exterior Entry,Full,Interior Entry,Unfinished
- Acreage: 0.07
- Est. Taxes: $7,152
- Appliances: Gas Water Heater
- MLS#: 1406750
- Website: https://www.raveis.com
/prop/1406750/87hopestreet_providence_ri?source=qrflyer
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William Raveis Family of Services
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Customer Service
888.699.8876
Contact@raveis.com
Our family of companies offer our clients a new level of full-service real estate. We shall:
- Market your home to realize a quick sale at the best possible price
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To learn more about our credentials, visit raveis.com today.
Brianna TurgeonVP, Mortgage Banker, William Raveis Mortgage, LLC
NMLS Mortgage Loan Originator ID 2104486
860.625.5780
Brianna.Turgeon@raveis.com
Our Executive Mortgage Banker:
- Is available to meet with you in our office, your home or office, evenings or weekends
- Offers you pre-approval in minutes!
- Provides a guaranteed closing date that meets your needs
- Has access to hundreds of loan programs, all at competitive rates
- Is in constant contact with a full processing, underwriting, and closing staff to ensure an efficient transaction
Allen GellermanInsurance Sales Director, William Raveis Insurance
617.686.2668
Allen.Gellerman@raveis.com
Our Insurance Division:
- Will Provide a home insurance quote within 24 hours
- Offers full-service coverage such as Homeowner's, Auto, Life, Renter's, Flood and Valuable Items
- Partners with major insurance companies including Chubb, Kemper Unitrin, The Hartford, Progressive,
Encompass, Travelers, Fireman's Fund, Middleoak Mutual, One Beacon and American Reliable
87 Hope Street, Providence, RI, 02906
$899,000
Customer Service
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
Brianna Turgeon
VP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 860.625.5780
Brianna.Turgeon@raveis.com
NMLS Mortgage Loan Originator ID 2104486
|
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
|---|---|---|---|
| Loan Amount | $719,200 | $719,200 | $719,200 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 5.375% | 6.125% | 5.875% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 6.117% | 6.235% | 6.058% |
| Monthly Tax Payment | $596 | $596 | $596 |
| H/O Insurance Payment | $92 | $92 | $92 |
| Initial Principal & Interest Pmt | $4,027 | $4,370 | $6,021 |
| Total Monthly Payment | $4,715 | $5,058 | $6,709 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.
William Raveis Mortgage, LLC, NMLS ID 2630, 7 Trap Falls Road, Shelton, CT 06484
RI Mortgage Lender & Mortgage Broker #20051918LL & #20051919LB