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    Property profile & analytics

    199 Putnam Pike Chepachet, RI 02814

    • Investment properties
    • 2,615 SF
    • 0.70 lot acres
    OFF-MARKET
    Last Sale
    Oct 10, 2024
    $255,000
    Value Estimations
    $255,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US76-0369012
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Investment properties

    Property Details for 199 Putnam Pike

    Year built
    1900
    Lot size
    0.70 lot acres
    Property size
    2,615 SF
    Zone code
    20
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    GLOC M:017 B:081
    APU
    GLOCM017B081

    Description

    This exceptional redevelopment opportunity presents a unique chance to acquire a substantial mixed-use property situated at 199 Putnam Pike in Glocester, Rhode Island, zip code 02814. The property boasts a 21,385 square foot lot and features a three-story building constructed in 1900. The building, currently vacant, previously operated as an antique shop with a sizable two-level apartment above. Its strategic location on Route 44 in the Harmony area offers high visibility and convenient access. The property's proximity to the Harmony Library and Cooper Hill Office Complex, and its diagonal positioning across from the Harmony Fire Station, ensures a high-traffic location. A recent survey, soil report, and test hole location documentation are readily available for review. This property is being offered at $379,000 and is ideal for a variety of redevelopment projects. The sale is strictly cash or private financing only. Prospective buyers are responsible for conducting their own due diligence. The property is sold "as is." This is a rare opportunity to acquire a significant piece of real estate in a desirable location with considerable potential for future development.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $255,000
      ML approach
      $255,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $186,000
      Market price range: $186k - $300k
      AI Estimate
      $206,000
      Market price range: $156k - $429k

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

    Location Insight

    • Map
    • Local Demand
    City
    Chepachet
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.5961
    Latitude
    41.888
    CBSA code
    39300
    CBSA name
    PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $0.00
    $104,300
    $116,600
    $220,900
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $315,000
      1,560 SF

      1390 Putnam Pike

      OFFICE/RESIDENTIAL (MIXED USE) • 1,560 SF
      1390 Putnam Pike, Chepachet, RI 02814-1129
      View Details
    • Value Estimation
      $310,000
      2,272 SF

      22 Money Hl Rd, Unit 24

      OFFICE/RESIDENTIAL (MIXED USE) • 2,272 SF
      22 Money Hl Rd, Chepachet, RI 02814-1369
      View Details
    • Value Estimation
      $205,000
      2,669 SF

      1191 Putnam Pike

      OFFICE/RESIDENTIAL (MIXED USE) • 2,669 SF
      1191 Putnam Pike, Chepachet, RI 02814-1979
      View Details
    • Value Estimation
      $250,000
      4,092 SF

      2469 Putnam Pike

      OFFICE/RESIDENTIAL (MIXED USE) • 4,092 SF
      2469 Putnam Pike, Chepachet, RI 02814-1032
      View Details
    • Value Estimation
      $350,000
      1.69 Acres

      66 Putnam Pike

      OFFICE/RESIDENTIAL (MIXED USE) • 1.69 Acres
      66 Putnam Pike, Chepachet, RI 02814-2217
      View Details
    • Value Estimation
      $855,000
      0.51 Acres

      1155 Putnam Pike, Unit 1159

      OFFICE/RESIDENTIAL (MIXED USE) • 0.51 Acres
      1155 Putnam Pike, Chepachet, RI 02814-1977
      View Details

    Similar Nearby for Sale

    • $1,590,000

      Prime Smithfield Development Land

      63+ Acres, Business Zoning Potential
      0 Putnam Pike, Smithfield, RI 02814
      View Details
    • Contact for pricing
      1.60 Acres

      Glocester, RI Commercial Land

      High-visibility commercial land, RI
      0 Money Hill Rd, Glocester, RI 02814
      View Details
    • Contact for pricing

      Glocester Auto Shop Opportunity

      Two Shops, 34,412 SF Lot
      1943 Putnam Pike, Glocester, RI 02814
      View Details
    • $950,000

      3.2 Acre Corner Lot

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

      Cleared Land in Glocester, RI

      Cleared lot with approvals in Glocester, near recreation areas.
      Beach Rd, Glocester, RI 02814
      View Details
    • $1,590,000
      63.07 Acres

      Glocester Land with Business Potential

      63+ acres in Glocester, RI, with business zoning potential.
      Putnam Pike, Glocester, RI 02814
      View Details
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    199 Putnam Pike
    Chepachet, 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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