$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

Single Family Residence

Style

Cape Cod

Year built

1938

Living area (sq ft)

1,275

Above-grade finished (sq ft)

1,275

Below-grade finished (sq ft)

0

Lot size (acres)

2.53

Total rooms

4

Stories

2

Garage spaces

0

Total parking

4

Annual taxes

$4,628

Tax year

2023

County

Providence

Features

Heating

Oil, Forced Water

Cooling

Window Unit(s)

Basement

Full, Bulkhead, Unfinished

Appliances

Electric Water Heater

Fireplace

None

Parking

No Garage

Construction

Wood

Utilities

Water Available, Water Connected

Sewer

Cesspool

Community

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

Location