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    Property profile & analytics

    2 Cherry Hl Rd Johnston, RI 02919-2687

    • Showrooms
    • 72,731 SF
    • 2.70 lot acres
    OFF-MARKET
    Value Estimations
    $11,455,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US76-0334588
    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.

    Current Use by Public Records

    • Showrooms

    Property Details for 2 Cherry Hl Rd

    Year built
    1977
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.70 lot acres
    Property size
    72,731 SF
    Zone code
    R15
    Property type
    Showrooms
    APN
    JOHN M:0018 L:247
    APU
    JOHNM0018L247

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $17,145,000
      6.5%
      $15,825,000
      7%
      $14,695,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $11,390,000
      Market price range: $5.06M - $20.4M
      AI Estimate
      $7,154,000
      Market price range: $3.96M - $12.2M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $12,445,000
      Current use
      OFFICE BUILDING
      $15,580,000
      Change: +25% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Johnston
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.482
    Latitude
    41.8364
    CBSA code
    39300
    CBSA name
    PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $196,402
    $1,485,500
    $5,674,600
    $7,160,100
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      0.12 Acres

      Spruce St

      SHOW ROOM, WAREHOUSE • 0.12 Acres
      Spruce St, Johnston, RI 02919
      View Details
    • Value Estimation
      $1,040,000
      4,680 SF

      1491 Atwood Ave

      SHOW ROOM, WAREHOUSE • 4,680 SF
      1491 Atwood Ave, Johnston, RI 02919-7704
      View Details
    • Value Estimation
      $860,000
      4,504 SF

      663 Killingly St

      SHOW ROOM, WAREHOUSE • 4,504 SF
      663 Killingly St, Johnston, RI 02919-3914
      View Details
    • Value Estimation
      $5,640,000
      45,809 SF

      49 Old Pocasset Rd

      SHOW ROOM, WAREHOUSE • 45,809 SF
      49 Old Pocasset Rd, Johnston, RI 02919-3111
      View Details
    • Value Estimation
      $2,995,000
      13,491 SF

      25 Putnam Pike

      SHOW ROOM, WAREHOUSE • 13,491 SF
      25 Putnam Pike, Johnston, RI 02919-2029
      View Details
    • Value Estimation
      $1,285,000
      5,920 SF

      10 Putnam Pike

      SHOW ROOM, WAREHOUSE • 5,920 SF
      10 Putnam Pike, Johnston, RI 02919-2030
      View Details

    Similar Nearby for Sale

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      1.76 Acres

      Johnston, RI Development Opportunity

      1.76-acre corner lot ideal for retail or office development.
      1835 Plainfield Pike, Johnston, RI 02919
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    • $2,495,000
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      Prime Johnston Commercial Corner Lot

      1.16-acre corner lot with high visibility and B-2 zoning.
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    • $289,000
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      providing plenty of room for your business or storage needs. The 12 foot overhead doors grant easy access for loading and unloading

      while the generous 16 foot ceilings allow for maximum storage capacity. With gas heat
      2631 Hartford Ave, Johnston, RI 02919
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    • $1,250,000
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      Johnston Commercial Land - Route 6

      High-visibility, 2-acre commercial lot near I-295.
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    • $8,900,000
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      Johnston, RI: 15-Acre Commercial Land

      High-traffic, prime development opportunity.
      1987 Plainfield Pike, Johnston, RI 02919
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    • $599,000
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      Johnston Mixed-Use Investment Opportunity

      Prime Location, High Visibility, Three Units
      653 Killingly St, Johnston, RI 02919
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    Similar Nearby for Lease

    • Contact for pricing
      2,150 SF

      Renovated Retail Space with Drive-Thru

      Newly renovated retail strip center with ample parking and visibility.
      1501 Atwood Ave, Johnston, RI 02919
      View Details
    • Contact for pricing
      2,400 SF

      Retail Space on Atwood Avenue

      Retail suites available in high-traffic Johnston location.
      1577 Atwood Ave, Johnston, RI 02919
      View Details
    • Contact for pricing
      1,000 SF

      Retail Units in Johnston Center

      Three 1,000 SF retail units available for lease.
      1031 Plainfield St, Johnston, RI 02919
      View Details
    • Contact for pricing
      6,400 SF

      Retail Pad Building For Rent

      6,400 SF retail building with frontage on Atwood Avenue.
      1463 Atwood Ave, Johnston, RI 02919
      View Details
    • Contact for pricing
      2,520 SF

      Retail Space Near Federal Hill

      Retail space in a plaza with 19th-century-style mill buildings.
      85 Eagle St, Providence, RI 02919
      View Details
    • Contact for pricing
      15,855 SF

      Retail Space in Johnston Plaza

      Retail property with high-traffic location and easy highway access.
      11 Commerce Way, Johnston, RI 02919
      View Details
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    Johnston, RI 02919-2687
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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.

    More about this property
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