Medical Office Space with Exam
For Sale
$340,000
501 Great Road, North Smithfield, RI 02896
Commercial/Business,Commercial Sale, North Smithfield, RI
Property Size2,970 SF
Price / SF$114.48
Days on Market94
Property Features for 501 Great Road
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
50
Security features
Security System
Interior features
Ceiling Height (9 to 12 Ft)
Subdivision
Branch Village
Lot features
Assoc. Fee, Wooded, Office Park
Standard status
Active
Size
2,970 SF
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
8624
HOA Fee
$2,300 Quarterly
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
Listing Agency:
Re/Max Properties · RE/MAX International
(401) 232-3900
Listed By:
Scott McGee · License #S32155
(401) 639-2906
Added: May 20
Changed: Aug 19
Last Checked: Aug 21 at 2:06PM
MLS# 1413091
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.
Investment Insights
Based on property information with market context.
This 2,970-square-foot medical office provides a functional layout with designated examination rooms that can be adapted for changing operational needs. The property was built in 1986 with frame construction and offers ceiling heights from 9 to 12 feet. Forced-air heating and central air conditioning are in place, while negotiable medical equipment may remain available for consideration.
The office is connected to sewer and water services and is maintained within a homeowners association. Its configuration is suited to healthcare occupancy and can also accommodate other office applications, subject to the user's requirements and applicable approvals.
The office is connected to sewer and water services and is maintained within a homeowners association. Its configuration is suited to healthcare occupancy and can also accommodate other office applications, subject to the user's requirements and applicable approvals.
Key Highlights
- 2,970‑square‑foot medical office
- Designated examination rooms within the existing layout
- Ceiling heights from 9 to 12 feet
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
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
149
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 - Existing examination rooms and connected sewer and water services support a range of office uses.
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 $340,000.
What are key features of this property?
This property features: 2,970‑square‑foot medical office; Designated examination rooms within the existing layout; Ceiling heights from 9 to 12 feet
