Mixed-Use Property with Retail
For Sale
$2,200,000
39 Greenville Avenue, Johnston, RI 02919
Commercial/Business,Commercial Sale, Johnston, RI
Property Size13,828 SF
Lot Size0.50 Acres
Price / SF$159.10
Days on Market82
Property Features for 39 Greenville Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
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
Subdivision
Killingly St & Greenville Ave
Lot features
Corner, Paved, Strip Store, Suburban
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
Forced Air, Baseboard, Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1940
Floors in Building
2
Number of units
11
Building materials
Masonry
Listing Agency:
Mott & Chace Sotheby's Intl. · Sotheby's International Realty
(401) 314-3000
Listed By:
Stephen Antoni · License #REB.0016316
(401) 741-9777
Added: Jun 4
Changed: Aug 19
Last Checked: Aug 24 at 6:06PM
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.
Investment Insights
Based on property information with market context.
This mixed-use holding contains two masonry buildings totaling 13,828 square feet on 0.5 acre. The configuration includes four residential units, five to six retail units, and three commercial/warehouse units. Retail space forms one component of the property alongside residential and commercial areas. Interior details include ceiling heights ranging from 7 to 12 feet and a basement. Heating systems include forced air, baseboard, and heat pump, complemented by central air conditioning.
Located at an intersection in Johnston, the property provides quick highway access and parking for 20+ vehicles. All units are currently rented, with many leases extending for multiple years. B2 zoning, public water, and a 1940 construction date further define the asset.
Located at an intersection in Johnston, the property provides quick highway access and parking for 20+ vehicles. All units are currently rented, with many leases extending for multiple years. B2 zoning, public water, and a 1940 construction date further define the asset.
Key Highlights
- 13,828 square feet across two buildings on 0.5 acre
- 4 residential units, 5‑6 retail units, and 3 commercial / warehouse units
- All units are rented; many leases are multi‑year
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
$163,343
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
7.42%
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%
$3,266,860
$3.3M
Cap Rate 7%
$2,333,471
$2.3M
Cap Rate 9%
$1,814,922
$1.8M
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
$290.4K $21.00/SF
− Vacancy
−$29.0K −$2.10/SF
EGI
$261.3K $18.90/SF
− OpEx
−$98.0K −$7.09/SF
NOI
$163.3K $11.81/SF
Area
Providence County, RI
Vacancy
10.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,266,860
Cap Rate 7%
$2,333,471
Cap Rate 9%
$1,814,922
Alternative Uses
Best Use
Mixed Use
$2.33M
$2.04M – $2.72M
NOI $163,343 @ 7.0% cap · market cap 7.42%
Second Best
Retail
$2.23M
$1.95M – $2.60M
NOI $156,113 @ 7.0% cap · market cap 7.10%
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
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two masonry buildings combine residential, retail, and warehouse uses with public water service.
Where is this mixed-use property located?
The property is located at 39 Greenville Avenue 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 feet across two buildings on 0.5 acre; 4 residential units, 5‑6 retail units, and 3 commercial / warehouse units; All units are rented; many leases are multi‑year
