$5,758,000 USD
Land for Sale, 250 George Washington Highway, Smithfield, Rhode Island 02917
- MLS#1421921
14,924 m² (160,639 ft²)
Listed By Balletto Realty
The Land for Sale located at 250 George Washington Highway, Smithfield, Rhode Island 02917 is currently for sale. 250 George Washington Highway, Smithfield, Rhode Island 02917 is listed for $5,758,000.
Property features
Property
- Location: Suburban
Lot/Land
- Land/Lot size:
14,924 m² (160,639 ft²) - Local zoning: Multi-family HousingResidentialRural ResidenceCondo
- Topography: LevelTidal Wetland
Utilities
- Other utilities: Natural GasPublicGasSewer Available Off SiteMunicipal WaterSanitary Sewer
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.² 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
250 George Washington Highway, Smithfield, Rhode Island 02917