Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Mixed-Use Strip Center with Parking Title is generated by Realmo AI

    39 Greenville Avenue, Johnston, RI 02919

    View on Map
    Claim this Listing
    New
    For Sale
    $2,400,000

    COMMERCIAL - Johnston, RI

    Type:Apartment
    Property size:
    14,023 SF
    Lot size:
    0.50 Acres
    Price / SF:
    $171/SF
    Added:
    Jun 4, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 4 at 5:06 pm

    Property Features for 39 Greenville Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Apartment
    Zoning
    B2
    Rooms
    Basement
    Parking
    26
    Interior features
    Ceiling Height (7 to 9 Ft), Ceiling Height (9 to 12 Ft)
    Basement
    Full
    Standard status
    Active
    Size
    14,023 SF
    Lot size
    0.50 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    30796

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1940
    Floors in Building
    2
    Number of units
    4
    Building materials
    Masonry

    We can help!

    Listing Contact
    Stephen Antoni

    Listing agent Stephen Antoni License #REB.0016316

    Listing office Mott & Chace Sotheby's Intl. 100 Exchange Street, Narragansett, RI

    Listing date Jun 4, 2026

    MLS# 1414417

    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.

    HighLights

    • Strip center with two buildings on 1/2 acre, with room to subdivide and add rental spaces
    • Income‑producing property with 4 residential units, 4–5 retail units, and 3 commercial/warehouse units
    • All units are rented, with many multi‑year leases
    • Parking lot for 20+ vehicles
    • Central air cooling; masonry construction; ceiling heights listed from 7–9 ft and 9–12 ft
    • Built in 1940

    Overview

    This two-building strip center includes 4 residential units, 4–5 retail units, and 3 commercial/warehouse units. The property is offered with all units currently rented, and many leases are reported to be multi-year. With room to subdivide, the commercial and warehouse component can potentially be reconfigured to support additional rental space, depending on approvals. The site includes a parking lot that holds 20+ vehicles.

    Located at a busy intersection in Johnston, the property benefits from quick highway access and a high traffic count, supporting visibility for the retail component. The listing notes long-established tenancy and a total land footprint of about half an acre, with both buildings occupying the site.

    For buyers seeking an income-producing mixed-use platform, the current combination of residential, retail, and commercial/warehouse units provides multiple income streams in a single ownership. For operators and tenants evaluating space, the presence of separately leased retail and warehouse-style units can support a range of business needs while keeping day-to-day access consolidated through the on-site parking arrangement. Zoning is designated as B2, which should be reviewed for specific uses prior to any buildout or subdivision planning.
    Property Profile Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Johnston
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.473388
    Latitude
    41.833476

    Nearby Similar for Sale

    • $459,900
      3,708 SF

      Four-Ranch Quadplex for Rehab

      Investor quadplex on one lot, comprising four separate ranch units with an 8-bedroom septic approval.
      8 Buona Vista Avenue, Johnston, RI 02919
      View Details
    • $769,900
      2,736 SF

      Updated Multi-Family Property in Johnston

      Meticulously maintained 3-unit property with updates and income potential.
      129 Simmonsville Avenue, Johnston, RI 02919
      View Details
    • $439,999
      3,740 SF

      Spacious Duplex with Rental Potential

      Side-by-side duplex with strong rental potential in Johnston, RI.
      5 Mill Street, Johnston, RI 02919
      View Details
    • $575,000
      5,292 SF

      Johnston, RI Commercial Building

      Well-maintained 5,292 SF manufacturing/industrial space near major highways.
      10 Alcazar Avenue, Johnston, RI 02919
      View Details
    • $25
      1,600 SF

      Renovated Flex Space Available

      1,600 SF renovated flex space with drive-in door.
      8 Dyerville Avenue, Johnston, RI 02919
      View Details
    • $575,000
      5,292 SF

      Versatile Manufacturing/Industrial Building For Sale

      5,292 SF manufacturing/industrial space near major highways.
      10 Alcazar Avenue, Johnston, RI 02919
      View Details
    • $25
      1,900 SF

      Furnished Professional Offices For Sale

      Ready-to-operate, fully furnished offices with shared amenities in Johnston, RI.
      1312 Atwood Avenue, Johnston, RI 02919
      View Details
    • $1,000
      800 SF

      Well-Maintained Office Space For Sale

      800 sq. ft. office space in Johnston, Rhode Island.
      968 Plainfield Street, Johnston, RI 02919
      View Details
    • $949,000
      4,617 SF

      Remodeled Office Building on 1.43 Acres

      Spacious, remodeled office building with expansion potential on 1.43 acres.
      225 Putnam Pike, Johnston, RI 02919
      View Details
    • $2,000,000
      13,927 SF

      Johnston Warehouse For Sale

      13,927 sqft warehouse/industrial property in Johnston, RI.
      74 Railroad, Johnston, RI 02919
      View Details
    • $1,584,000
      5,920 SF

      NN Leased Advance Auto Parts

      NN leased Advance Auto Parts investment property in Johnston, Rhode Island.
      10 Putnam Pike, Johnston, RI 02919
      View Details
    • $999,000
      1,080 SF

      Commercial Property Near Amazon Facility

      Prime location near new Amazon and medical facilities.
      2128 Hartford Avenue, Johnston, RI 02919
      View Details

    FAQs

    What type of property is this?
    Strip mall - Two-building strip center with multi-year resident and retail occupancy plus commercial/warehouse space on-site parking.
    Where is this strip mall located?
    The property is located at 39 Greenville Avenue Johnston, RI.
    What is the asking price?
    The asking price for this property is $2,400,000.
    What are key features of this property?
    This property features: Strip center with two buildings on 1/2 acre, with room to subdivide and add rental spaces; Income‑producing property with 4 residential units, 4–5 retail units, and 3 commercial/warehouse units; All units are rented, with many multi‑year leases
    (401) 789-8899
    We can help!
    Listing Contact
    Stephen Antoni
    Real Estate License ID: REB.0016316
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    39 Greenville Avenue, Johnston, RI 02919
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!