$2,879,000 USD
Single Family Home for Sale, 230 George Washington Highway, Smithfield, Rhode Island 02917
- MLS#1421919
- 2
- 2
118 m² (1,275 ft²)
Listed By Balletto Realty
The Single Family Home for Sale located at 230 George Washington Highway, Smithfield, Rhode Island 02917 is currently for sale. 230 George Washington Highway, Smithfield, Rhode Island 02917 is listed for $2,879,000. This property has 2 bedrooms, 2 bathrooms.
Property features
Property
- Property size:
118 m² (1,275 ft²) - Features: Basement
Lot/Land
- Land/Lot size:
10,239 m² (110,207 ft²)
Construction
- Year built: 1938
- Style: Cape Cod
- Construction: Wood
- Basement and foundation: UnfinishedFull Basement
Bedrooms
- Bedrooms: 2
Bathrooms
- Total bathrooms: 2
- Full bathrooms: 1
- Half baths: 1
Heating and Cooling
- Heating System: Oil
- Cooling System: Window Unit(s)
Utilities
- Other utilities: WaterCesspool/Septic Tank
Community
- Features: Restaurant
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.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
Location
230 George Washington Highway, Smithfield, Rhode Island 02917