Mixed-Use Property with Multiple
For Sale
$2,200,000
39 Greenville Ave, Johnston, RI 02919
Income-producing property combines residential, retail, and commercial space with all units currently leased.
Property Size13,828 SF
Price / SF$159.10
Days on Market37
Property Features for 39 Greenville Ave
General Information
Standard status
Active
Size
13,828 SF
Building Details
Year Built
1940
Listing Agency:
Mott & Chace Sotheby's Intl.
(401) 789-8899
Listed By:
Stephen Antoni · License #REB.0016316
Source:
Alpernandmesenbourg
Added: Jul 25
Changed: Aug 30
Last Checked: Aug 30 at 3:57AM
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 Mott & Chace Sotheby's Intl.
Investment Insights
Based on property information with market context.
This mixed-use property comprises two buildings totaling 13,828 square feet on approximately 1/2 acre. The configuration includes 4 residential units, 5-6 retail units, and 3 commercial or warehouse units, creating a varied combination of rental spaces. The property was built in 1940, and all units are currently rented, with many leases extending across multiple years.
The site is positioned at the intersection of Greenville Avenue and benefits from highway access. On-site parking accommodates 20+ vehicles. Additional rental configurations may be possible through subdivision of the existing spaces, subject to applicable approvals and site conditions.
The site is positioned at the intersection of Greenville Avenue and benefits from highway access. On-site parking accommodates 20+ vehicles. Additional rental configurations may be possible through subdivision of the existing spaces, subject to applicable approvals and site conditions.
Key Highlights
- 13,828‑square‑foot mixed‑use property on approximately 1/2 acre
- 4 residential units, 5‑6 retail units, and 3 commercial or warehouse units
- Two‑building configuration constructed in 1940
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
$182,730
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
8.31%
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%
$3,654,600
$3.7M
Cap Rate 7%
$2,610,429
$2.6M
Cap Rate 9%
$2,030,333
$2.0M
Market Conditions
NOI Build-Up for 13,828 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
$353.4K $25.56/SF
− Vacancy
−$21.2K −$1.53/SF
EGI
$332.2K $24.03/SF
− OpEx
−$149.5K −$10.81/SF
NOI
$182.7K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
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%
$3,654,600
Cap Rate 7%
$2,610,429
Cap Rate 9%
$2,030,333
Alternative Uses
Best Use
Apartment 5plus
$2.61M
$2.28M – $3.05M
NOI $182,730 @ 7.0% cap · market cap 8.31%
Second Best
Mixed Use
$2.33M
$2.04M – $2.72M
NOI $163,343 @ 7.0% cap · market cap 7.42%
Theoretical Best
Multifamily LT 5
$3.29M
$2.88M – $3.84M
NOI $230,243 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
508
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Income-producing property combines residential, retail, and commercial space with all units currently leased.
Where is this mixed-use property located?
The property is located at 39 Greenville Ave Johnston, RI.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 13,828‑square‑foot mixed‑use property on approximately 1/2 acre; 4 residential units, 5‑6 retail units, and 3 commercial or warehouse units; Two‑building configuration constructed in 1940
