Multi-Tenant Warehouse
New
For Sale
$789,500
197 Putnam Pike, Johnston, RI 02919
Commercial/Business,Commercial Sale, Johnston, RI
Property Size8,500 SF
Lot Size0.27 Acres
Price / SF$92.88
Days on Market3
Property Features for 197 Putnam Pike
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
16
Basement
Full
Subdivision
Johnston/Smithfield Line
Lot features
Corner Lot, Free Standing
Standard status
Active
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
14272
Utilities
Heating system
Forced Air
Building Details
Year built
1940
Floors in Building
2
Building materials
Masonry
Listing Agency:
Re/Max Professionals · RE/MAX International
(401) 884-6050
Listed By:
Stacia Pietropaolo
(401) 286-5931
Added: Aug 27
Last Checked: Aug 29 at 7:06PM
MLS# 1421761
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 8,500 SF masonry warehouse building was constructed in 1940 and includes basement space, forced-air heating, and five overhead doors. The property is fully occupied by three tenants with leases in place, providing an established multi-tenant configuration.
Positioned on a 0.27-acre corner lot along Route 44, the building offers access to I-295 and is located in a B2-zoned area. Its combination of warehouse improvements, overhead-door access, and existing tenancy creates a functional commercial property for continued warehouse use.
Positioned on a 0.27-acre corner lot along Route 44, the building offers access to I-295 and is located in a B2-zoned area. Its combination of warehouse improvements, overhead-door access, and existing tenancy creates a functional commercial property for continued warehouse use.
Key Highlights
- 8,500 SF warehouse building on a 0.27‑acre lot
- Five overhead doors and basement space
- Fully occupied by 3 tenants with leases in place
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
$53,862
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
6.82%
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%
$1,077,240
$1.1M
Cap Rate 7%
$769,457
$769.5K
Cap Rate 9%
$598,467
$598.5K
Market Conditions
NOI Build-Up for 8,500 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
$63.8K $7.50/SF
− Vacancy
−$383 −$0.05/SF
EGI
$63.4K $7.46/SF
− OpEx
−$9.5K −$1.12/SF
NOI
$53.9K $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%
$1,077,240
Cap Rate 7%
$769,457
Cap Rate 9%
$598,467
Alternative Uses
Best Use
Warehouse
$769.5K
$673.3K – $897.7K
NOI $53,862 @ 7.0% cap · market cap 6.82%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.02M
$1.77M – $2.36M
NOI $141,529 @ 7.0% cap · market cap 17.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
325
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
- CubeSmart Self Storage — 61 Putnam Pike, Johnston, RI 02919
Frequently Asked Questions
What type of property is this?
Warehouse - Masonry construction, basement space, and overhead doors support warehouse operations.
Where is this warehouse located?
The property is located at 197 Putnam Pike Johnston, RI.
What is the asking price?
The asking price for this property is $789,500.
What are key features of this property?
This property features: 8,500 SF warehouse building on a 0.27‑acre lot; Five overhead doors and basement space; Fully occupied by 3 tenants with leases in place
