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$ 2,879,000
Est. payment /mo
New
230 George Washington HWY Smithfield, RI 02917
2.53 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 1421920
HOA Y/N No
Annual Tax Amount $4,628
Tax Year 2023
Lot Size 2.530 Acres
Acres 2.53
Property Description
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. 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
Location
State RI
County Providence
Zoning PC
Exterior
Community Features Highway Access, Near Schools, Public Transportation, Restaurant, Street Lights
Utilities Available Cable Available, Electricity Available, Natural Gas Available, Phone Available, Water Available, Water Connected
Topography Level
Building
Lot Description Level, Wooded, Wetlands
Water Connected, Public
Others
Senior Community Yes
Tax ID 230GEORGEWASHINGTONHWYSMTH
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Listed by Balletto Realty