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    1987 Plainfield Pike Johnston, RI 02919
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    1987 Plainfield Pike Johnston, RI 02919

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    • Commercial land
    For Sale
    $8,900,000
    View Listing →
    Prime Location Development Opportunity For Sale
    $8,900,000
    15.00 Acres

    Prime Location Development Opportunity

    15+/- acres of B2 zoned land with high visibility.

    1987 Plainfield Pike, Johnston, RI 2919
    View Listing
    Property ID
    US76-0312733
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial land

    Property Details for 1987 Plainfield Pike

    Year built
    1972
    Property type
    Commercial land
    Property subtype
    Commercial real estate

    Description

    SELLER SAYS, "MAKE ME AN OFFER" LET'S TALK ABOUT THE OPPORTUNITIES FOR THIS PRIME LOCATION! BUILDERS & DEVELOPERS, bring your creative vision in developing this property located in a growing area and PROMINENTLY POSITIONED directly off I-295 N/S on state road Route 14, the major travel path to the ... Cranston, Scituate, North Scituate, Foster communities and into CT.....The property encompasses two SFM houses situated at 1987 & 1931 Plainfield and one vacant parcel totaling 15+/- acres. All three parcels are ZONED B2 General Business, approx. 850' of frontage, 100% visibility, and a high traffic volume with an average of *17,000 VPD, makes this suitable for a multitude of uses including: Hotel-Office-Medical-Restaurants-Retail-Entertainment-Service & many more. .. CALL FOR MORE DETAILS. Sold as package--See MLS #1374314.*Source RPR. Please do not enter the property without an appointment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Johnston
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.5148076
    Latitude
    41.7887687

    Comparable in this City

    • $1,250,000
      2.04 Acres

      Commercially Zoned Land on Route 6

      Highly visible 2+ acre commercial land near I-295.
      2207 Hartford Ave, Johnston, RI 02919
      View Details
    • $2,495,000
      1.76 Acres

      Johnston, RI Development Opportunity

      1.76-acre corner lot ideal for retail or office development.
      1835 Plainfield Pike, Johnston, RI 02919
      View Details
    • Contact for pricing

      3.1 Acres Cleared Land

      3.1 acres of cleared, level land with frontage.
      1801 Plainfield Pike, Johnston, RI 02919
      View Details
    • Contact for pricing

      Prime Land for Development

      15-acre development site with high visibility and traffic volume.
      1987 Plainfield Pike, Johnston, RI 02919
      View Details

    Similar Nearby for Sale

    • $1,250,000
      2.04 Acres

      Commercially Zoned Land on Route 6

      Highly visible 2+ acre commercial land near I-295.
      2207 Hartford Ave, Johnston, RI 02919
      View Details
    • $2,495,000
      1.76 Acres

      Johnston, RI Development Opportunity

      1.76-acre corner lot ideal for retail or office development.
      1835 Plainfield Pike, Johnston, RI 02919
      View Details
    • Contact for pricing

      3.1 Acres Cleared Land

      3.1 acres of cleared, level land with frontage.
      1801 Plainfield Pike, Johnston, RI 02919
      View Details
    • Contact for pricing

      Prime Land for Development

      15-acre development site with high visibility and traffic volume.
      1987 Plainfield Pike, Johnston, RI 02919
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      7,000 SF

      Retail Land Lease Opportunity

      Up to three acres of subdividable land for lease.
      1520 Hartford Ave, Johnston, RI 02919
      View Details
    • $3 SF/Yr

      Commercially Zoned Land on Route 6

      Highly visible 2+ acre commercially zoned land for rent.
      2207 Hartford Ave, Johnston, RI 02919
      View Details
    • Contact for pricing

      Prime Commercial Land For Rent

      Highly visible 2+ acre commercially zoned land for rent.
      2207 Hartford Ave, Johnston, RI 02919
      View Details
    • $2,400 /Mo
      1,735 SF

      Auto Repair Garage For Lease

      Auto repair garage with three bays available for lease.
      1225 Atwood Ave, Johnston, RI 02919
      View Details
    • $25 SF/Yr

      Renovated Flex Commercial Space

      1,600 SF renovated flex space with drive-in door.
      8 Dyerville Ave, Johnston, RI 02919
      View Details
    • $25 SF/Yr
      1,600 SF

      Renovated Flex Commercial Space Available

      1,600 SF renovated flex space for lease in Johnston.
      8 Dyerville Ave, Johnston, RI 02919
      View Details
    View Listing
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    Johnston, RI 02919
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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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