230 George Washington Highway Smithfield, RI 02917
Other
MLS #: 1421917
Courtesy Of BALLETTO REALTY
Property InformationDescription
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
Features
- Age: 1-5 Years Old
- Building Units: 2
- Exterior Type: Frame
- Exterior Type: Steel
- MLSID: 1421917
MAP & DIRECTIONS
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