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    Property profile & analytics

    594 Great Rd North Smithfield, RI 02896-6810

    • Showrooms
    • 16,420 SF
    • 1.09 lot acres
    OFF-MARKET
    Last Sale
    Aug 19, 2024
    $1,950,000
    Value Estimations
    $1,950,000
    Show details
    Cap Rate Potential
    9.9%
    Showrooms
    Location Intelligence
    Property ID
    US76-0346465
    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

    • Dr. Okosun Edoro, MD / Pediatrician / Physician
    • Physiotherapy Associates / Medical Clinic
    • John J. Solomon, Jr. DO / Pediatrician / Physician
    • North Smithfield Urgent Care / Medical Clinic
    • IV Me Hydration at MediSpa Suites / Alternative Medicine Practice / Spa & Massage Center

    Property Details for 594 Great Rd

    Year built
    1940
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.09 lot acres
    Property size
    16,420 SF
    Zone code
    BN
    Property type
    Showrooms
    APN
    NSMI M:0005 L:0297
    APU
    NSMIM0005L0297

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,950,000
      ML approach
      $1,950,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,877,000
      Market price range: $1.45M - $3.52M
      AI Estimate
      $1,460,000
      Market price range: $838k - $3.01M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,405,000
      Current use
      OFFICE BUILDING
      $3,145,000
      Change: +31% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    North Smithfield
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.5495
    Latitude
    41.9982
    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
    $42,911
    $160,000
    $1,940,400
    $2,100,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,710,000
      25,303 SF

      969 Eddie Dowling Hwy

      SHOW ROOM, WAREHOUSE • 25,303 SF
      969 Eddie Dowling Hwy, North Smithfield, RI 02896-8260
      View Details
    • Value Estimation by Request
      2,072 SF

      941 Victory Hwy

      SHOW ROOM, WAREHOUSE • 2,072 SF
      941 Victory Hwy, North Smithfield, RI 02896-7632
      View Details
    • Value Estimation by Request
      1,562 SF

      1274 Eddie Dowling Hwy

      SHOW ROOM, WAREHOUSE • 1,562 SF
      1274 Eddie Dowling Hwy, North Smithfield, RI 02896-8208
      View Details
    • Value Estimation
      $990,000
      5,225 SF

      6 Eddie Dowling Hwy

      SHOW ROOM, WAREHOUSE • 5,225 SF
      6 Eddie Dowling Hwy, North Smithfield, RI 02896-7306
      View Details
    • Value Estimation by Request
      2,599 SF

      1195 Eddie Dowling Hwy

      SHOW ROOM, WAREHOUSE • 2,599 SF
      1195 Eddie Dowling Hwy, North Smithfield, RI 02896
      View Details
    • Value Estimation
      $1,470,000
      16,075 SF

      1041 Eddie Dowling Hwy

      SHOW ROOM, WAREHOUSE • 16,075 SF
      1041 Eddie Dowling Hwy, North Smithfield, RI 02896-8260
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      11,379 SF

      Retail Space Near Major Routes

      Freestanding retail space shadow-anchored by Stop & Shop.
      1 Eddie Dowling Hwy, North Smithfield, RI 02896
      View Details
    • $125,000

      Established Dry-Cleaning Business For Sale

      Turnkey dry-cleaning business in high-traffic plaza, North Smithfield, RI.
      175 Eddie Dowling Hwy, North Smithfield, RI 02896
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    • $135,000

      Prime North Smithfield Storefront

      Established Dry Cleaner, High Traffic
      175 Eddie Dowling Hwy, North Smithfield, RI 02896
      View Details
    • Contact for pricing
      1.22 Acres

      North Smithfield Retail/Office Opportunity

      Versatile retail/office space in a high-visibility North Smithfield location.
      1435 Victory Hwy, North Smithfield, RI 02896
      View Details
    • $349,900

      Eddie Dowling Hwy Commercial Land

      Prime RI Commercial Lot, High Traffic
      373 Eddie Dowling Hwy, North Smithfield, RI 02896
      View Details
    • $299,900

      Versatile Medical/Office Space For Sale

      Nearly 3,000 sq ft space suitable for medical/office use.
      501 Great Rd, North Smithfield, RI 02896
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Power Center

      Retail opportunity in Northern Rhode Island's premier power center.
      North Smithfield, RI 02896
      View Details
    • Contact for pricing

      North Smithfield Retail Space Available

      Retail spaces available in North Smithfield's premier power center.
      19 Dowling Village Blvd, North Smithfield, RI 02896
      View Details
    • Contact for pricing
      21,780 SF

      Stop & Shop Plaza Pad Site

      High-Visibility Retail Pad in RI
      595 Smithfield Rd, North Smithfield, RI 02896
      View Details
    • $178 SF/Yr
      1,120 SF

      Park Square Medical Office For Sale

      1,120 SF Medical Office in RI
      63 Eddie Dowling Hwy, North Smithfield, RI 02896
      View Details
    • Contact for pricing
      1,050 SF

      Professional Office Space For Rent

      First-floor office suite suitable for various professional uses.
      117 Eddie Dowling Hwy, North Smithfield, RI 02896
      View Details
    • Contact for pricing
      30,000 SF

      North Smithfield Office Space Available

      Office space for rent with ample parking and highway access.
      582 Great Rd, North Smithfield, RI 02896
      View Details
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    594 Great Rd
    North Smithfield, RI 02896-6810
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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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