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    230 George Washington Highway Smithfield, RI 02917

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    For Sale
    $2,750,000

    LAND - Smithfield, RI

    Lot size:
    2.53 Acres
    Added:
    Jul 21, 2025
    Days on Market:
    292
    Last Refresh:
    May 8 at 5:06 am

    Property Features for 230 George Washington Highway

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    PC
    Standard status
    Active
    Lot size
    2.53 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    4628

    Utilities

    Utilities
    Natural Gas Available
    Water source
    Public

    We can help!

    Listing Contact
    Gary Balletto

    Listing agent Gary Balletto License #REB.0017234

    Listing office Balletto Realty 786 Atwood Avenue, PROVIDENCE, RI

    Listing date Jul 21, 2025

    MLS# 1390554 Listing URL

    Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Master plan approval for 21 residential units and 9000 sq ft retail.
    • Prime location with high traffic visibility near 146 and 295.
    • Zoned Planned Corporate and part of the Overlay District, allowing for many uses.
    • Opportunity for combined purchase with abutting property at 250 George Washington Highway for 6+ acres.
    • Pad‑ready for development.
    • Natural gas available.

    Overview

    Smithfield Land Development Opportunity

    This 2.53-acre commercial land in Smithfield, Rhode Island, presents a development opportunity. The site has master plan approval for 21 residential units and 9,000 square feet of retail space. The property is pad-ready and zoned Planned Corporate (PC), with potential for various uses under the Overlay District regulations. Currently, a single-family home is situated on the site. The location offers high traffic visibility, adjacent to the corner lot of 250 George Washington Highway and Douglas Pike, with proximity to highways 146 and 295. There is a potential opportunity for a combined purchase with the abutting property at 250 George Washington Highway, totaling over 6 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Law Firm Building Supply Big Box & Wholesale Store Auto Repair Shop Dental Office Gym & Fitness Center Hotel & Motel Department Store Food Market

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Smithfield
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.522897
    Latitude
    41.917181

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    FAQs

    What type of property is this?
    Commercial land - 2.53 acres with master plan approval for mixed-use development.
    Where is this commercial land located?
    The property is located at 230 George Washington Highway Smithfield, RI.
    What is the asking price?
    The asking price for this property is $2,750,000.
    What are key features of this property?
    This property features: Master plan approval for **21 residential units and 9000 sq ft retail**.; **Prime location with high traffic visibility** near 146 and 295.; Zoned Planned Corporate and part of the Overlay District, allowing for many uses.
    (401) 432-7444
    We can help!
    Listing Contact
    Gary Balletto
    Real Estate License ID: REB.0017234
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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