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.
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