Versatile Medical/Office Space For
For Sale
$340,000
501 Great Road #102-103, North Smithfield, RI 02896
2,970 SF medical/office space with flexible layout.
Property Size2,970 SF
Price / SF$114.48
Days on Market155
Property Features for 501 Great Road #102-103
General Information
Standard status
Active
Size
2,970 SF
Total Parking Spaces
50
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,624
Building Details
Building Size
2,970 SF
Year Built
1986
Buildings
2
Stories
1
Units
1
Listing Agency:
RE/MAX Properties
(401) 639-2906
Listed By:
Scott McGee · License #47250
(401) 639-2906
Source:
Liongatere
Added: Mar 23
Changed: Aug 23
Last Checked: Aug 3 at 12:45PM
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 RE/MAX Properties
Investment Insights
Based on property information with market context.
This nearly 3,000 square-foot space is suitable for healthcare professionals and various office uses. Owning this office allows for building equity instead of paying rent. A homeowner's association ensures property maintenance. Essential utilities, including sewer and water services, are connected. The layout includes designated examination rooms that can be adapted. Many existing medical equipment items are negotiable. The property offers a spacious and functional office environment.
Key Highlights
- Spacious 3,000 sq ft versatile space suitable for medical or general office use.
- Opportunity to own office space and build equity instead of renting.
- Existing examination rooms adaptable to various needs.
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
$28,779
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
8.46%
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%
$575,580
$575.6K
Cap Rate 7%
$411,129
$411.1K
Cap Rate 9%
$319,767
$319.8K
Market Conditions
NOI Build-Up for 2,970 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
$53.5K $18.00/SF
− Vacancy
−$5.5K −$1.85/SF
EGI
$48.0K $16.15/SF
− OpEx
−$19.2K −$6.46/SF
NOI
$28.8K $9.69/SF
Area
Providence County, RI
Vacancy
10.28%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
40.00%
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%
$575,580
Cap Rate 7%
$411,129
Cap Rate 9%
$319,767
Alternative Uses
Best Use
Office B
$548.4K
$479.9K – $639.8K
NOI $38,390 @ 7.0% cap · market cap 11.29%
Second Best
Healthcare Medical
$411.1K
$359.7K – $479.7K
NOI $28,779 @ 7.0% cap · market cap 8.46%
Theoretical Best
Multifamily LT 5
$706.5K
$618.2K – $824.2K
NOI $49,452 @ 7.0% cap · market cap 14.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
163
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02896, RI
11,154
Population
4,759
Households
2.3
Avg Household Size
48
Median Age
34%
College-Educated
94%
High-School Grad
23.0 sq mi
ZIP Area
485
Density / Sq Mi
$109,436
Median Household Income
$57,420
Median Earnings
$1,282
Median Rent
$423,500
Median Home Value
Market
Vacancy Rate% for Office 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?
Medical Office Space - 2,970 SF medical/office space with flexible layout.
Where is this medical office space located?
The property is located at 501 Great Road #102-103 North Smithfield, RI.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Spacious 3,000 sq ft versatile space suitable for medical or general office use.; Opportunity to own office space and build equity instead of renting.; Existing examination rooms adaptable to various needs.
