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    Strip Center with Multi-Unit Leasing Title is generated by Realmo AI

    39 Greenville Avenue, Johnston, RI 02919

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    For Sale
    $2,400,000

    COMMERCIAL - Johnston, RI

    Type:Apartment
    Property size:
    13,828 SF
    Lot size:
    0.50 Acres
    Price / SF:
    $173/SF
    Added:
    Jun 4, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 4 at 11:06 pm

    Property Features for 39 Greenville Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Apartment
    Zoning
    B2
    Rooms
    Basement
    Parking
    26
    Security features
    Security Lighting
    Interior features
    Ceiling Height (7 to 9 Ft), Ceiling Height (9 to 12 Ft)
    Basement
    Full
    Standard status
    Active
    Size
    13,828 SF
    Lot size
    0.50 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    17537

    Utilities

    Heating system
    Heat Pump (Heating), Baseboard, Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1940
    Floors in Building
    2
    Number of units
    11
    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

    • Two‑building strip center on 1/2‑acre lot with quick highway access at a busy Johnston intersection
    • Tenant mix includes 4 residential units, 5–6 retail units, and 3 commercial/warehouse units
    • All units are rented, with many units having multi‑year leases
    • Parking lot accommodates 20+ vehicles
    • Masonry construction with ceiling heights ranging from 7–9 ft and 9–12 ft
    • Public water; heating includes heat pump, baseboard, and forced air; central air cooling

    Overview

    This strip center comprises two buildings on approximately 0.5 acres and offers a diversified mix of space, including 4 residential units, 5 to 6 retail units, and 3 commercial or warehouse units. The configuration also allows for future flexibility, including room to subdivide and add additional rental spaces, subject to applicable approvals. The property is currently fully leased, and many of the units have multi-year lease terms. On-site parking is available, with a lot that can accommodate 20+ vehicles.

    The center is located at a busy intersection in Johnston, Rhode Island, with quick highway access. The property is described as having a long-established presence and benefits from high traffic conditions associated with the location.

    For buyers or investors seeking an income-producing commercial property with multiple unit types under one ownership, this mix may support a range of tenant requirements across retail, residential, and light commercial or warehouse uses. The zoning is listed as B2, and the site’s existing multi-building setup plus potential to subdivide may appeal to those looking to operate and grow a managed rental portfolio at the property level. Parking capacity and highway access can also be practical considerations for tenant and visitor convenience.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $353.4k $25.56
    − Vacancy −$21.2k −$1.53
    EGI $332.2k $24.03
    − OpEx −$149.5k −$10.81
    NOI $182.7k $13.21
    13,828 SF · lease $25.56/SF/yr · vacancy 6.00% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $2.61M
    $2.28M – $3.05M (±1% cap)
    NOI $182,730 @ 7.0% cap · market cap 7.61%
    Second Best
    Retail
    $2.23M
    $1.95M – $2.60M (±1% cap)
    NOI $156,113 @ 7.0% cap · market cap 6.50%
    Theoretical Best
    Multifamily LT 5
    $3.29M
    $2.88M – $3.84M (±1% cap)
    NOI $230,243 @ 7.0% cap · market cap 9.59%
    Zoning and permitted uses should be independently verified with local authorities.
    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

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    FAQs

    What type of property is this?
    Strip mall - Leased strip center with retail, residential, and warehouse space, plus a parking lot accommodating 20+ vehicles.
    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: Two‑building strip center on 1/2‑acre lot with quick highway access at a busy Johnston intersection; Tenant mix includes 4 residential units, 5–6 retail units, and 3 commercial/warehouse units; All units are rented, with many units having multi‑year leases
    (401) 789-8899
    We can help!
    Listing Contact
    Stephen Antoni
    Real Estate License ID: REB.0016316
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    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.

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