230 George Washington Highway

Providence County RI 02917

110207 sq. ft.

Land

Currently for sale - view listing

Overview

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. 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

Features

110207 sq. ft. lot size

Land

Property history for 230 George Washington Highway

2022

Sold

$500,000

29 Dec 2022 by Gary Balletto, of Balletto Realty

2020

Rented

Undisclosed

24 Dec 2020 by RI Real Estate Services

Happy sellers in Providence County

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