Two-Unit Mixed-Use
For Sale
Under Contract
$519,000
681 Putnam Pike, Smithfield, RI 02828
Residential Income, Smithfield, RI
Property Size2,496 SF
Lot Size0.38 Acres
Price / SF$207.93
Days on Market57
Property Features for 681 Putnam Pike
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 2, Bedroom 6, Bathroom 2, Bedroom 4, Bedroom 1, Basement, Bedroom 3, Bathroom 1
Parking
6
Parking features
None
Window features
Insulated Windows
Patio and Porch features
Patio, Porch, Deck
Interior features
Plumbing (Mixed), Insulation (Unknown)
Exterior features
Deck, Patio, Porch, Screened Pch/Patio/Dck/Brzwy
Basement
Unfinished, Full
Appliances
Gas Water Heater, Range Hood, Oven/Range, Refrigerator
Standard status
Active Under Contract
Size
2,496 SF
Lot size
0.38 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6055
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas
Building Details
Year built
1850
Floors in Building
3
Number of units
2
Flooring type
Laminate, Pine, Hardwood, Vinyl
Building materials
Vinyl Siding
Listing Agency:
Re/Max One · RE/MAX International
(401) 943-6111
Listed By:
Keith Antaya · License #1001259
(401) 663-4483
Added: Jul 1
Changed: Aug 24
Last Checked: Aug 26 at 8:06AM
MLS# 1416845
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 duplex contains 2496 square feet on a 0.38-acre lot. The first floor has a two-bedroom, one-bath apartment, while the second-floor residence extends through the third floor in a townhouse-style configuration. Deck, patio, and porch areas add outdoor space, and interior finishes include hardwood, pine, laminate, and vinyl flooring.
Mixed-use zoning supports the property's residential configuration and provides flexibility for the first-floor unit, which is described as suitable for conversion to a small business space. The property is located at 681 Putnam Pike in Smithfield, Rhode Island, with public sewer service. Two brand-new combination boilers provide natural-gas baseboard heating and hot water.
Mixed-use zoning supports the property's residential configuration and provides flexibility for the first-floor unit, which is described as suitable for conversion to a small business space. The property is located at 681 Putnam Pike in Smithfield, Rhode Island, with public sewer service. Two brand-new combination boilers provide natural-gas baseboard heating and hot water.
Key Highlights
- Two‑unit duplex with a first‑floor two‑bedroom, one‑bath apartment
- Second‑floor residence spans the second and third floors in a townhouse‑style layout
- Mixed‑use zoning
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
$41,560
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
8.01%
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%
$831,200
$831.2K
Cap Rate 7%
$593,714
$593.7K
Cap Rate 9%
$461,778
$461.8K
Market Conditions
NOI Build-Up for 2,496 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
$63.5K $25.44/SF
− Vacancy
−$4.1K −$1.65/SF
EGI
$59.4K $23.79/SF
− OpEx
−$17.8K −$7.14/SF
NOI
$41.6K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /SF/Yr
Expense Ratio
30.00%
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%
$831,200
Cap Rate 7%
$593,714
Cap Rate 9%
$461,778
Alternative Uses
Best Use
Multifamily LT 5
$593.7K
$519.5K – $692.7K
NOI $41,560 @ 7.0% cap · market cap 8.01%
Second Best
Apartment 5plus
$471.2K
$412.3K – $549.7K
NOI $32,983 @ 7.0% cap · market cap 6.36%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
390
Businesses Nearby
Explore this area
Business Placement
Demographics for 02828, RI
7,469
Population
3,012
Households
2.5
Avg Household Size
50
Median Age
41%
College-Educated
95%
High-School Grad
4.3 sq mi
ZIP Area
1,737
Density / Sq Mi
$94,746
Median Household Income
$61,278
Median Earnings
$999
Median Rent
$400,900
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Duplex - Mixed-use zoning accompanies a two-unit layout with a townhouse-style upper residence.
Where is this duplex located?
The property is located at 681 Putnam Pike Smithfield, RI.
What is the asking price?
The asking price for this property is $519,000.
What are key features of this property?
This property features: Two‑unit duplex with a first‑floor two‑bedroom, one‑bath apartment; Second‑floor residence spans the second and third floors in a townhouse‑style layout; Mixed‑use zoning
