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    Versatile Medical/Office Space For Sale Title is generated by Realmo AI

    501 Great Road, North Smithfield, RI 02896

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    Claim this Listing
    Pending
    $299,900

    COMMERCIAL - North Smithfield, RI

    Type:Office
    Property size:
    2,970 SF
    Added:
    May 15, 2025
    Days on Market:
    365
    Last Refresh:
    May 14 at 7:06 pm

    Property Features for 501 Great Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Parking
    50
    Security features
    Security System
    Interior features
    Ceiling Height (9 to 12 Ft)
    Standard status
    Pending
    Size
    2,970 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    8624

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1986
    Floors in Building
    1
    Number of units
    1
    Building materials
    Frame

    We can help!

    Listing Contact
    Scott McGee

    Listing agent Scott McGee License #232155

    Listing office Re/Max Properties 696 Douglas Pike, SMITHFIELD, RI

    Listing date May 15, 2025

    MLS# 1385107

    Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Spacious 3,000 sq ft versatile office space suitable for medical or general office use.
    • Opportunity to own office space and build equity instead of paying rent.
    • Existing examination rooms adaptable to various needs.
    • Essential utilities (sewer and water) already connected.
    • Negotiable medical equipment available for immediate use.
    • Strong homeowner's association ensures property maintenance.

    Overview

    This commercial property in North Smithfield, Rhode Island, offers approximately 2,970 square feet of space suitable for medical or general office use. The property features a versatile layout with designated examination rooms that can be adapted to various needs. Essential utilities, including sewer and water services, are connected. The property benefits from a homeowner's association that ensures property maintenance. Select existing medical equipment items are negotiable. Owning this office space allows for building equity instead of paying rent. The property is located in Providence County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mary Ann Panarello Medical Clinic Dr. Jean A. Marcellot, ... Physician Stepka Family Dental: ... Dental Office Stepka Family Dental Dental Office Dumas Nicole Dental Office

    Suggested Use

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

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

    Similar Places Nearby

    • Northern Rhode Island Animal Hospital - A Thrive Pet Healthcare Partner — 152 School St, Forestdale, RI 02824
    • Dr. Jeffrey Logan — 152 School St, Forestdale, RI 02824

    Location Insight

    • Map
    • Local Demand
    City
    North Smithfield
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.546491
    Latitude
    41.998357

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    FAQs

    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 North Smithfield, RI.
    What is the asking price?
    The asking price for this property is $299,900.
    What are key features of this property?
    This property features: Spacious 3,000 sq ft versatile office space suitable for medical or general office use.; Opportunity to own office space and build equity instead of paying rent.; Existing examination rooms adaptable to various needs.
    (401) 232-3900
    We can help!
    Listing Contact
    Scott McGee
    Real Estate License ID: 232155
    Learn More
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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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