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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    39 Greenville Ave Johnston, RI 02919-4223

    • Investment properties
    • 10,638 SF
    • 0.50 lot acres
    OFF-MARKET
    Last Sale
    Nov 02, 2021
    $1,200,000
    Value Estimations
    $1,850,000
    Show details
    Cap Rate Potential
    6.6%
    Investment properties
    Location Intelligence
    Property ID
    US76-0331590
    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

    • Investment properties

    Property Details for 39 Greenville Ave

    Year built
    1940
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.50 lot acres
    Property size
    10,638 SF
    Zone code
    B2
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    JOHN M:0017 L:010
    APU
    JOHNM0017L010

    Description

    This exceptional investment opportunity presents a thriving strip center strategically located at a bustling intersection in Johnston, Rhode Island, offering convenient highway access. The property boasts a substantial 14,023 square feet of space distributed across two buildings situated on a half-acre lot. The diverse tenant mix includes four residential units, four to five retail spaces, and three commercial/warehouse units, all currently generating rental income with many tenants holding multi-year leases. The potential for further development is significant, with ample room to subdivide existing units and create additional rental spaces to increase revenue streams. The property's high occupancy rate and established tenant base provide immediate cash flow and a strong foundation for future growth. The expansive parking lot comfortably accommodates over 20 vehicles, ensuring convenient access for tenants and customers. This well-maintained property presents a rare opportunity to acquire a high-performing commercial asset in a prime Johnston location with excellent visibility and accessibility. The combination of residential, retail, and commercial/warehouse units creates a diversified income stream, mitigating risk and maximizing return on investment. This is an ideal opportunity for investors seeking a stable, high-yield property with significant upside potential. The property's location at a busy intersection and its proximity to major roadways guarantee high traffic counts and excellent visibility, attracting a wide range of potential tenants.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,900,000
      ML approach
      $1,785,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,095,000
      6.5%
      $1,935,000
      7%
      $1,795,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,785,000
      Market price range: $741k - $2.98M
      AI Estimate
      $1,121,000
      Market price range: $579k - $1.79M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,820,000
      Current use
      OFFICE BUILDING
      $2,035,000
      Change: +12% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Johnston
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.4734
    Latitude
    41.8335
    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
    2023
    $30,796
    $147,700
    $975,000
    $1,122,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      0.30 Acres

      2840 Hartford Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 0.30 Acres
      2840 Hartford Ave, Johnston, RI 02919-1653
      View Details
    • Value Estimation by Request
      2,192 SF

      986 Hartford Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 2,192 SF
      986 Hartford Ave, Johnston, RI 02919-5062
      View Details
    • Value Estimation by Request
      1,820 SF

      2697 Hartford Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 1,820 SF
      2697 Hartford Ave, Johnston, RI 02919-1615
      View Details
    • Value Estimation by Request
      1.03 Acres

      920 Hartford Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 1.03 Acres
      920 Hartford Ave, Johnston, RI 02919-5087
      View Details
    • Value Estimation by Request
      6,740 SF

      1359 Plainfield St

      OFFICE/RESIDENTIAL (MIXED USE) • 6,740 SF
      1359 Plainfield St, Johnston, RI 02919-6820
      View Details
    • Value Estimation by Request
      1,287 SF

      122 Putnam Pike

      OFFICE/RESIDENTIAL (MIXED USE) • 1,287 SF
      122 Putnam Pike, Johnston, RI 02919-1457
      View Details

    Similar Nearby for Sale

    • $2,750,000

      Prime Corner Lot on Plainfield

      1.16-acre corner lot with B-2 zoning on Plainfield Pike.
      1827 Plainfield Pike, Johnston, RI 02919
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    • $424,900
      2,186 SF

      Mixed-Use Property in Prime Location

      Mixed-use property with residential and commercial spaces in Johnston, RI.
      1304 Atwood Ave, Johnston, RI 02919
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    • $8,900,000
      15.00 Acres

      Johnston, RI: 15-Acre Commercial Land

      High-traffic, prime development opportunity.
      1987 Plainfield Pike, Johnston, RI 02919
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    • $599,000
      0.22 Acres

      Johnston Mixed-Use Investment Opportunity

      Prime Location, High Visibility, Three Units
      653 Killingly St, Johnston, RI 02919
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    • $1,250,000
      2.04 Acres

      Johnston Commercial Land - Route 6

      High-visibility, 2-acre commercial lot near I-295.
      2207 Hartford Ave, Johnston, RI 02919
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    • $289,000
      1,250 SF

      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
      View Details

    Similar Nearby for Lease

    • $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
    • $20 SF/Yr

      Former Restaurant Site with Drive-Thru

      Freestanding site suitable for fast food, retail, or medical use.
      1350 Hartford Ave, Johnston, RI 02919
      View Details
    • $25 SF/Yr
      84,860 SF

      Atwood Medical Office Space

      Prime Johnston, RI medical office building
      1526 Atwood Ave, Johnston, RI 02919
      View Details
    • Contact for pricing
      830,000 SF

      1386 Atwood Ave

      Retail properties • 830,000 SF
      1386 Atwood Ave, Johnston, RI 02919
      View Details
    • Contact for pricing
      1,400 SF

      Retail Space on Atwood Avenue

      Retail suites available in high-traffic Johnston location.
      1577 Atwood Ave, Johnston, RI 02919
      View Details
    • $1,300 /Mo
      1,100 SF

      Johnston Flex Space Available

      1,100 SF flex space for rent in Johnston.
      767 Hartford Ave, Johnston, RI 02919
      View Details
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    39 Greenville Ave
    Johnston, RI 02919-4223
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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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