$2,879,000

About this home

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

Property facts

Property type

Unimproved Land

Lot size (acres)

2.53

Annual taxes

$4,628

Tax year

2023

County

Providence

Features

Utilities

Cable Connected, Electricity Connected, Gas Available, Phone Connected, Water Available, Water Connected, Electricity Available, Natural Gas Available, Muncipal Water, Sewer Available

Water

Public

Community

Bus, Commuter Bus, Highway Access, Private School, Restaurants, Schools, Street Lights

Lot

Rural

Location