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$ 5,758,000
Est. payment /mo
New
250 George Washington HWY Smithfield, RI 02917
3.69 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 1421921
HOA Y/N No
Annual Tax Amount $8,690
Tax Year 2023
Lot Size 3.688 Acres
Acres 3.6878
Property Description
Attention investors/developers: Be part of Rhode Island's next hottest area for development!! Pad ready - with Master plan approval for 42 residential units and 18,000 ft. retail. Prime location, high traffic visibility, on the corner of George Washington Highway and Douglas Pike - close to 146 and 295. Zoned Planned Corporate, there are many uses possible. Opportunity for a combined purchase w/abutting property 230 George Washington Highway, totaling 6+ acres. Call for details. 250 George Washington Highway Residential Land Value 52 residential units $75,000 per unit = $3,900,000 Retail Land Value 18,000 sq. ft. $45 per sq. ft. = $810,000 gross annual rent Less 15% vacancy = $688,500 effective gross income Less 10% operating expenses = $619,650 NOI Retail land value: 3 years of NOI = $1,858,950 Proposed Land Value/Sale Price $3,900,000 residential value $1,858,950 retail value = $5,758,950
Location
State RI
County Providence
Zoning PC
Exterior
Community Features Highway Access, Near Hospital, Near Schools, Public Transportation, Shopping, High Traffic Location, Street Lights
Utilities Available Cable Available, Electricity Available, Natural Gas Available, Municipal Utilities, Phone Available, Water Available, Water Connected
Topography Level
Street Surface Asphalt
Building
Lot Description Level, Wooded, Wetlands
Sewer Sanitary
Water Connected, Public
Others
Tax ID 250GEORGEWASHINGTONHWYSMTH
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Listed by Balletto Realty