Masonry Flex
For Sale
$575,000
10 Alcazar Avenue, Johnston, RI 02919
Commercial/Business,Commercial Sale, Johnston, RI
Property Size5,292 SF
Lot Size0.19 Acres
Price / SF$108.65
Days on Market67
Property Features for 10 Alcazar Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
20
Interior features
Ceiling Height (9 to 12 Ft)
Basement
Full
Lot features
Free Standing
Standard status
Active
Size
5,292 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7185
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1975
Floors in Building
1
Number of units
1
Building materials
Masonry
Listing Agency:
Re/Max Properties · RE/MAX International
(401) 232-3900
Listed By:
Paul Harrison · License #RES.0042365
(401) 473-7059
Added: Jun 16
Changed: Aug 21
Last Checked: Aug 21 at 9:06PM
MLS# 1415567
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 5,292-square-foot masonry flex building, constructed in 1975, provides a practical setting for light manufacturing, fabrication, warehouse, or contractor operations. The interior includes a basement and ceiling heights ranging from 9 to 12 feet. Forced-air heating and central air conditioning serve the building, while the updated roof addresses a key building component.
The property occupies 0.19 acres in Johnston, Rhode Island, with access to major highways for regional movement and logistics. Its flexible industrial configuration can accommodate an owner-user or investor seeking a versatile commercial asset.
The property occupies 0.19 acres in Johnston, Rhode Island, with access to major highways for regional movement and logistics. Its flexible industrial configuration can accommodate an owner-user or investor seeking a versatile commercial asset.
Key Highlights
- 5,292 square feet of manufacturing and industrial space
- 0.19‑acre parcel in Johnston, RI
- Updated roof
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
$33,534
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
5.83%
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%
$670,680
$670.7K
Cap Rate 7%
$479,057
$479.1K
Cap Rate 9%
$372,600
$372.6K
Market Conditions
NOI Build-Up for 5,292 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
$39.7K $7.50/SF
− Vacancy
−$238 −$0.05/SF
EGI
$39.5K $7.46/SF
− OpEx
−$5.9K −$1.12/SF
NOI
$33.5K $6.34/SF
Area
Providence County, RI
Vacancy
0.60%
Lease Rate
$7.50 /SF/Yr
Expense Ratio
15.00%
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%
$670,680
Cap Rate 7%
$479,057
Cap Rate 9%
$372,600
Alternative Uses
Best Use
Warehouse
$479.1K
$419.2K – $558.9K
NOI $33,534 @ 7.0% cap · market cap 5.83%
Second Best
Flex RnD
$467.4K
$409.0K – $545.3K
NOI $32,719 @ 7.0% cap · market cap 5.69%
Theoretical Best
Multifamily LT 5
$1.26M
$1.10M – $1.47M
NOI $88,114 @ 7.0% cap · market cap 15.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02919, RI
29,473
Population
11,993
Households
2.5
Avg Household Size
45
Median Age
29%
College-Educated
91%
High-School Grad
23.5 sq mi
ZIP Area
1,254
Density / Sq Mi
$87,811
Median Household Income
$56,068
Median Earnings
$1,259
Median Rent
$326,100
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Little Rhody Brand Frankfurts — 5 Day St, Johnston, RI 02919
Frequently Asked Questions
What type of property is this?
Flex space - Updated roof and adaptable interior support light industrial, fabrication, warehouse, and contractor operations.
Where is this flex space located?
The property is located at 10 Alcazar Avenue Johnston, RI.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 5,292 square feet of manufacturing and industrial space; 0.19‑acre parcel in Johnston, RI; Updated roof
