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    Putnam Pike Smithfield, RI 02814

    • Retail properties
    For Sale
    View listing
    $1,590,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 0 Putnam Pike

    Year built
    2024
    Property type
    Retail properties
    Property subtype
    Office Properties & Spaces

    Description

    This exceptional 63+ acre property, located at 0 Putnam Pike in Glocester, Rhode Island (zip code 02814), presents a unique investment opportunity. Currently zoned partially residential and partially business, an application is pending to reclassify the entire parcel to 100% business zoning, unlocking the potential for over 30 individual business lots. The property boasts a substantial 2,747,329 square foot lot size, ideal for large-scale development. A completed survey and preliminary engineering/subdivision plan are already in hand, streamlining the development process. The property is currently undergoing active development, with heavy machinery in use. For directional purposes, please use 2380 Putnam Pike, Glocester, RI 02814. This offering includes the possibility of partial owner financing for qualified buyers. Please note: Unauthorized entry onto the property is strictly prohibited. The property is listed at $1,590,000 and was built in 2024. This is a rare opportunity to acquire a significant land parcel with substantial development potential in a growing Rhode Island market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Smithfield
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.5798
    Latitude
    41.8821

    Comparable in this City

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      689 Putnam Pke Pike

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      1.60 Acres

      Money Hill Rd

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      7,855 SF

      15 Money Hl Rd

      SHOW ROOM, WAREHOUSE • 7,855 SF
      15 Money Hl Rd, Chepachet, RI 02814-1368
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      2,509 SF

      21 Money Hl Rd

      SHOW ROOM, WAREHOUSE • 2,509 SF
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    • Value Estimation by Request
      4,660 SF

      660 Putnam Pike

      SHOW ROOM, WAREHOUSE • 4,660 SF
      660 Putnam Pike, Chepachet, RI 02814-1458
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    • Value Estimation by Request
      4,200 SF

      239 Putnam Pike

      SHOW ROOM, WAREHOUSE • 4,200 SF
      239 Putnam Pike, Chepachet, RI 02814
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    Similar Nearby for Sale

    • $1,590,000

      Prime Smithfield Development Land

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      Glocester Auto Shop Opportunity

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    • $1,590,000

      63 Acres Zoned Residential/Business

      Large parcel zoned for residential and business use with potential.
      Putnam Pike, Chepachet, RI 02814
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      3.2 Acre Corner Lot

      Flat corner lot ideal for commercial or residential development.
      33 Money Hill Rd, Chepachet, RI 02814
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    • $99,900
      Pending

      Cleared Land in Glocester, RI

      Cleared lot with approvals in Glocester, near recreation areas.
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    Putnam Pike
    Smithfield, 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.

    More about this property
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