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
- Principal and Interest
- Property Tax
- HOA fee
- Private Mortgage Insurance