$2,879,000
230 George Washington Highway
Smithfield, RI 02917
About This Home
Attention investors/developers: Buy this single-family home now and develop the property later. Be part of Rhode Island’s next hottest area for development!! Pad-ready with Master plan approval for 21 residential units and 9000 ft.² retail.” Prime location, high traffic visibility, next to corner lot of 250 George Washington Highway and Douglas Pike - close to 146 and 295. Zoned Planned Corporate and being part of the Overlay District there are many uses possible. Currently on site exists a single-family home. Opportunity for a combined purchase w/abutting property 250 George Washington Highway, totaling 6+ acres. Call for details. 230 George Washington Highway Residential Land Value 26 residential units × $75,000 per unit = $1,950,000 Retail Land Value 9,000 sq. ft. × $45 per sq. ft. = $405,000 gross annual rent Less 15% vacancy = $344,250 effective gross income Less 10% operating expenses = $309,825 NOI Retail land value: 3 years of NOI = $929,475 Proposed Land Value/Sale Price $1,950,000 residential value $929,475 retail value = $2,879,475
Property Details
Location
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The data relating to real estate for sale on this website comes from the Internet Data Exchange (IDX) program of the State-Wide Multiple Listing Service. Real estate listings held by brokerage firms other than Fab Living Realty are marked with the MLS logo and detailed information about them includes the name of the listing broker.
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MLS # 1421917