$5,758,000

About this home

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

Property facts

Property type

Unimproved Land

Lot size (acres)

3.688

Annual taxes

$8,690

Tax year

2023

County

Providence

Features

Utilities

Cable Connected, Electricity Connected, Gas, Gas Available, Municipal Water, Sanitary Sewers, Phone Connected, Water Available, Electricity Available, Natural Gas Available, Muncipal Water, Sewer Available

Water

Municipal, Public

Community

Bus, Highway Access, Hospital, Interstate, Private School, Public School, Shopping, Street Lights

Lot

Rural, Suburban

Location