Description
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.
SITE 2 (Lot 411) 250 George Washington Highway
$2,982,000 Resident 42 units @ 71K per door
$2,518,764 Retail – 21,950 ft.² retail @ $45 per ft.² = $987,750 – 15% vacancy = $839,588 AOI
$2,518,763 Land Cost (3 years of income)
$4,179,940 Replacement Cost (5 years income)
$1,679,176 Developers Profit (2 years income)
$5,500,764 Land Value/Sale Price (Lot 411)
- Principal and Interest
- Property Tax
- HOA fee