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    Property profile & analytics

    256 Putnam Pike Smithfield, RI 02917-2702

    • Showrooms
    • 9,992 SF
    • 0.21 lot acres
    OFF-MARKET
    Last Sale
    Jun 05, 2023
    $245,000
    Value Estimations
    $270,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US76-0103411
    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

    • Advanced Laser Clinic And MedSpa / Laser Hair Removal Service

    Property Details for 256 Putnam Pike

    Year built
    1945
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.21 lot acres
    Property size
    9,992 SF
    Zone code
    HC
    Property type
    Showrooms
    APN
    SMIT M:29 B:000 L:056 U:
    APU
    SMITM29B000L056U

    Description

    This exceptional commercial property, located at 256 Putnam Pike in Smithfield, Rhode Island, presents a unique investment opportunity. Situated on a sizable 9,147 square foot lot, this property boasts a versatile 4,000 square foot building constructed in 1945. The building is a two-story structure, currently offering an open layout adaptable to a wide range of commercial uses. Its zoning allows for diverse applications, including but not limited to: auto shop, storefront retail, traditional office space, distribution center, shopping center component, warehouse, manufacturing, automotive repair, automotive dealership, automotive parts sales, and construction/contractor businesses. The property's location on the Smithfield/Johnston town line ensures high visibility and traffic exposure, making it an ideal location for businesses seeking strong foot traffic and convenient access. The asking price is $12 million. The property consists of one building and one unit, offering significant potential for development and customization to meet the specific needs of a variety of businesses. This is a rare opportunity to acquire a substantial commercial property in a thriving Rhode Island location. The property's versatility and prime location make it an attractive investment for both established businesses and entrepreneurs seeking to establish a presence in a high-traffic area. The property's zip code is 02917.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $260,000
      ML approach
      $300,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $417,000
      Market price range: $418k - $1.42M

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

    Location Insight

    • Map
    • Local Demand
    City
    Smithfield
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.5061
    Latitude
    41.8678
    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
    2023
    $5,831
    $88,800
    $214,900
    $303,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $930,000
      29,840 SF

      400 Putnam Pike Ste A

      SHOW ROOM, WAREHOUSE • 29,840 SF
      400 Putnam Pike Ste A, Smithfield, RI 02917-2408
      View Details
    • Value Estimation
      $960,000
      41,536 SF

      900 Douglas Pike

      SHOW ROOM, WAREHOUSE • 41,536 SF
      900 Douglas Pike, Smithfield, RI 02917-1879
      View Details
    • Value Estimation
      $365,000
      1,912 SF

      385 Putnam Pike

      SHOW ROOM, WAREHOUSE • 1,912 SF
      385 Putnam Pike, Smithfield, RI 02917-2401
      View Details
    • Value Estimation
      $365,000
      2,570 SF

      350 Washington Hwy

      SHOW ROOM, WAREHOUSE • 2,570 SF
      350 Washington Hwy, Smithfield, RI 02917-1921
      View Details
    • Value Estimation
      $455,000
      6,000 SF

      285 Washington Hwy

      SHOW ROOM, WAREHOUSE • 6,000 SF
      285 Washington Hwy, Smithfield, RI 02917-1907
      View Details
    • Value Estimation
      $355,000
      1,728 SF

      405 Douglas Pike

      SHOW ROOM, WAREHOUSE • 1,728 SF
      405 Douglas Pike, Smithfield, RI 02917-2352
      View Details

    Similar Nearby for Sale

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    • Contact for pricing
      0.57 Acres

      Smithfield Storefront on Pleasant View

      High-visibility storefront ideal for retail or office use.
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      Prime Smithfield Restaurant & Land

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      35.00 Acres

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    Similar Nearby for Lease

    • Contact for pricing
      2,217 SF

      Retail Space in Smithfield Commons

      Retail space available in Smithfield Commons shopping center.
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      View Details
    • $16 SF/Yr
      3,309 SF

      Smithfield Retail/Restaurant Opportunity

      High-visibility space suitable for restaurant, retail, or professional use.
      1114 Douglas Pike, Smithfield, RI 02917
      View Details
    • $15 SF/Yr
      9,000 SF

      Retail Space on Route 7

      Retail space available on Route 7 near corporate campuses.
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      View Details
    • $11 SF/Yr
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      Smithfield Flex Space Available

      Multi-tenant flex building with office and warehouse space.
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    • $0.20 SF/Yr

      North Central State Airport Land

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      View Details
    • $0.30 SF/Yr

      Land Parcels For Lease

      Six land parcels available for lease at North Central Airport.
      380 Jenckes Hill Rd, Smithfield, RI 02917
      View Details
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    256 Putnam Pike
    Smithfield, RI 02917-2702
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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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