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    16 Dowling Village Blvd N Smithfield, RI

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    Freestanding Planet Fitness in Dowling Village Shopping Center for sale.

    Type:RETAIL
    Property size:
    17,450 SF
    Lot size:
    17.73 Acres
    Added:
    Feb 7, 2025
    Days on Market:
    455
    Last Refresh:
    Apr 5 at 9:58 pm

    Property Features for 16 Dowling Village Blvd

    General Information

    Standard status
    Active
    Size
    17,450 SF
    Lot size
    17.73 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Eric Suffoletto
    Eric Suffoletto

    Listing agent Eric Suffoletto

    Listing office Atlantic Retail - Corporate

    Listing date Feb 7, 2025

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Atlantic Retail - Corporate

    HighLights

    • Top‑performing Planet Fitness location in Rhode Island, ranking in the 8th percentile nationally.
    • Freestanding 17,450 SF single‑tenant building leased to Planet Fitness on a 15‑year lease commenced 6/1/2019.
    • Located within Dowling Village Shopping Center, alongside national retailers like Walmart, Lowe’s, PetSmart, Kohl’s, and Aldi.
    • Lease includes two, five (5) year options with $1 PSF increases every five years.
    • Located on Route 146A (Eddie Dowling Highway) with high traffic volume of 23,439 VPD.
    • Located in the main retail node of North Smithfield, just 12 miles north of Providence.

    Overview

    Planet Fitness Freestanding Building

    This 17,450 square foot freestanding building is leased to Planet Fitness on a 15-year lease that commenced 6/1/2019. The property is a top-performing location in Rhode Island and is ranked in the 8th percentile of gyms across the country. The lease includes two, five-year options with $1 per square foot increases every five years. Currently, Planet Fitness is paying $226,850 annually. The property is located within the Dowling Village Shopping Center, which includes national retailers such as Walmart, Lowe’s, PetSmart, Kohl’s, and Aldi. Situated at 16 Dowling Village Boulevard, the property is positioned amongst the main retail node of North Smithfield, approximately 12 miles north of Providence. The property sits along Route 146A (Eddie Dowling Highway), which sees 23,439 vehicles per day and is the main highway connecting Providence with its northern suburbs.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Planet Fitness Gym & Fitness Center

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Haven & Harmony — 585 Smithfield Rd, North Smithfield, RI 02896
    • Burn With Kearns — 40 old louisquisset pike, north smithfield, ri 02896

    Location Insight

    • Map
    • Local Demand
    City
    N Smithfield
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.5095
    Latitude
    41.9792

    FAQs

    What type of property is this?
    Fitness center & gym - Freestanding Planet Fitness in Dowling Village Shopping Center for sale.
    Where is this fitness center & gym located?
    The property is located at 16 Dowling Village Blvd N Smithfield, RI.
    What are key features of this property?
    This property features: Top‑performing Planet Fitness location in Rhode Island, ranking in the 8th percentile nationally.; Freestanding 17,450 SF single‑tenant building leased to Planet Fitness on a 15‑year lease commenced 6/1/2019.; Located within Dowling Village Shopping Center, alongside national retailers like Walmart, Lowe’s, PetSmart, Kohl’s, and Aldi.
    (617) 239-3600 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Eric Suffoletto
    Eric Suffoletto
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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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