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    29 Smith Ave Greenville, RI 02828-1726
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    Property profile & analytics

    29 Smith Ave, Greenville, RI 02828-1726

    View on Map
    • Showrooms
    • 4,356 SF
    • 0.30 lot acres
    Off-Market
    Last Sale Jul 28, 2021
    $500,000
    Property ID
    US76-0160238
    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.
    Value Estimations
    $530,000
    Show details
    Cap Rate Potential
    8.8%
    Showrooms
    Location Intelligence

    Current Use by Public Records

    • Capital Architectural Design / Architect
    • Hope Counseling Services / Family Counselor
    • Lenore Heaney / Counselor
    • Lash Me Out & Beauty Bar / Bar & Pub

    Property Details for 29 Smith Ave

    Year built
    1989
    Construction
    FRAME
    Lot size
    0.30 lot acres
    Zone code
    V
    Property type
    Showrooms
    APN
    SMIT M:06 B:000 L:162 U:
    APU
    SMITM06B000L162U

    Description

    This 725-square-foot office suite, located at 29 Smith Ave in Smithfield, RI 02828, is available for lease. Situated in a Class C building constructed in 1989 and renovated in 2020, this single-tenant space offers a versatile layout ideal for various professional uses. The suite boasts two large offices, a private bathroom, a dedicated waiting area, and a private entrance, ensuring privacy and convenience. Ample parking is available with 16 total spaces. The property features gas heating and central air conditioning for year-round comfort. Its convenient location off Route 44 provides easy access to nearby shopping centers. The suite is perfect for businesses such as accounting, real estate, insurance, or creative professionals. The space is in a two-story building and does not include elevators. The monthly rent is $1,000 plus utilities. The property is categorized as a Traditional Office, Creative Office, and Coworking space within the Providence, Providence County submarket, specifically the Smithfield, Providence, Route 44 cluster.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $585,000
      ML approach
      $655,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $412,000
      Market price range: $349k - $829k
      AI Estimate
      $321,000
      Market price range: $217k - $586k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $555,000
      Current use
      OFFICE BUILDING
      $835,000
      Change: +50% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Greenville
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.5556
    Latitude
    41.8691
    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
    $8,865
    $157,500
    $304,200
    $461,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $7,925,000
      96,723 SF

      445 Putnam Pikea

      SHOW ROOM, WAREHOUSE
      445 Putnam Pikea, Greenville, RI 02828-2430
      View Details
    • Value Estimation
      $2,125,000
      14,856 SF

      452 Putnam Pike

      SHOW ROOM, WAREHOUSE
      452 Putnam Pike, Greenville, RI 02828-3008
      View Details
    • Value Estimation
      $515,000
      3,433 SF

      445 Putnam Piked

      SHOW ROOM, WAREHOUSE
      445 Putnam Piked, Greenville, RI 02828-2430
      View Details
    • Value Estimation by Request
      1,114 SF

      460 Putnam Pike

      SHOW ROOM, WAREHOUSE
      460 Putnam Pike, Greenville, RI 02828-3007
      View Details
    • Value Estimation by Request
      2,883 SF

      532 Putnam Pike

      SHOW ROOM, WAREHOUSE
      532 Putnam Pike, Greenville, RI 02828-3015
      View Details
    • Value Estimation by Request
      1,680 SF

      651 Putnam Pike

      SHOW ROOM, WAREHOUSE
      651 Putnam Pike, Greenville, RI 02828-3402
      View Details

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    • Contact for pricing
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      6,200 SF

      Industrial Flex Space For Lease

      6200 sq ft flex space near Route 295.
      37 Lark Industrial Pkwy, Smithfield, RI 02828
      View Details
    • $7,500 /Mo
      6,200 SF

      Industrial Space Near Route 295

      6,200 sq ft industrial space with offices and warehouse.
      37 Lark Industrial Pkwy, Smithfield, RI 02828
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    • Contact for pricing

      Smithfield Warehouse with Office Space

      3500 sq ft warehouse with office near Route 295.
      34 Lark Industrial Pkwy, Smithfield, RI 02828
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    • $1.00 SF/Yr
      3,500 SF

      Smithfield Warehouse with Office Space

      3500 sq ft warehouse with office near Route 295.
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      View Details
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    29 Smith Ave
    Greenville, RI 02828-1726
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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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    29 Smith Ave, Greenville, RI, 02828
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