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    689 Putnam Pke Pike Glocester, RI 02814
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    689 Putnam Pke Pike, Glocester, RI 02814

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    Property Details for 689 Putnam Pke Pike

    Year built
    2018
    Property type
    Mixed-use properties
    Property subtype
    Land

    Description

    This exceptional 14-acre property in Glocester, Rhode Island, presents a unique investment opportunity. Boasting 760 feet of frontage, the land is zoned for both commercial and residential use, offering significant flexibility. The property includes a meticulously maintained, three-story, 2300 sq ft Cape-style home, completely rebuilt from 2018-2020. This stunning residence features four bedrooms, three bathrooms, hardwood floors, a modern kitchen with granite countertops and an island, a vaulted living room with a fireplace and wood stove, a first-floor bedroom and bath, a second-floor laundry room, and a luxury master suite with a private balcony and ensuite bathroom. A large garage with a 12-foot ceiling is wired for a generator and welder. The home benefits from efficient propane heat and hot water, forced air, and central air conditioning. A walk-out basement adds further utility. The property also features a new conventional septic system and well (2021). Its convenient location near Smithfield (Route 295) and Chepachet village, coupled with the highly-rated Ponagansett school system, adds to its appeal. The substantial lot size (609,840 sq ft) and ample frontage offer potential for subdivision. The property's rear abuts 80 acres of conserved land, providing privacy and access to recreational opportunities. The asking price is $599,999. This property is ideal for a business owner needing storage or sales space, combined with a luxurious home. Schedule a showing to appreciate the full potential of this remarkable offering.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Glocester
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.6342
    Latitude
    41.9023

    Comparable in this City

    • Value Estimation by Request

      Putnam Pike

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      Money Hill Rd

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      1,764 SF

      22nd Chestnut Hl Rd

      OFFICE/RESIDENTIAL (MIXED USE)
      22nd Chestnut Hl Rd, Chepachet, RI 02814-1929
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    • Value Estimation
      $750,000
      1.81 Acres

      15 Money Hl Rd

      OFFICE/RESIDENTIAL (MIXED USE)
      15 Money Hl Rd, Chepachet, RI 02814-1368
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    • Value Estimation by Request
      2,860 SF

      895 Putnam Pike

      OFFICE/RESIDENTIAL (MIXED USE)
      895 Putnam Pike, Chepachet, RI 02814-1471
      View Details
    • Value Estimation
      $545,000
      3,303 SF

      1187 Putnam Pike

      OFFICE/RESIDENTIAL (MIXED USE)
      1187 Putnam Pike, Chepachet, RI 02814-1962
      View Details

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      Glocester Land with Business Potential

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    Glocester, RI 02814
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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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