Flex Space Condominium
For Sale
$350,000
12-150 Washington Hwy, Smithfield, RI 02917
Newly constructed commercial condominium units offer flexible open layouts with heated and air-conditioned space.
Property Size1,250 SF
Price / SF$280
Days on Market139
Property Features for 12-150 Washington Hwy
General Information
Standard status
Active
Size
1,250 SF
Additional Details
Highway Access
Yes
Listing Agency:
J. Christopher Real Estate Grp
Listed By:
The Jarrod Lewis Group
(401) 830-6906
Source:
Exprealty
Added: Jun 4
Changed: Oct 7
Last Checked: Oct 19 at 7:33AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of J. Christopher Real Estate Grp
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Investment Insights
Based on property information with market context.
Mowry Hill Commons offers newly constructed commercial condominium units designed for a range of business uses. Each unit includes approximately 1,250 square feet of heated and air-conditioned space, a private half bath, and a flexible open-concept layout that can support retail, office, contractor, showroom, trade, and service-based operations.
The development is located just off Routes 116 and 7 and is intended to provide visibility and accessibility, with proximity to restaurants, shopping, fuel stations, hotels, and major highways including I-295 and I-95, supporting convenient access between Massachusetts and Connecticut.
Construction is currently underway with anticipated completion in October 2026. Tax assessments have not yet been established, and interior and exterior images shown are architectural renderings that are subject to change.
The development is located just off Routes 116 and 7 and is intended to provide visibility and accessibility, with proximity to restaurants, shopping, fuel stations, hotels, and major highways including I-295 and I-95, supporting convenient access between Massachusetts and Connecticut.
Construction is currently underway with anticipated completion in October 2026. Tax assessments have not yet been established, and interior and exterior images shown are architectural renderings that are subject to change.
Key Highlights
- Newly constructed commercial condominium units with approximately 1,250 SF of heated and air‑conditioned space per unit
- Each unit includes a private half bath and a flexible open‑concept layout for a variety of business uses
- Construction is underway with anticipated completion in October 2026
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,157
Cap Rate
4.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$323,140
$323.1K
Cap Rate 7%
$230,814
$230.8K
Cap Rate 9%
$179,522
$179.5K
Market Conditions
NOI Build-Up for 1,250 SF
Gross rent
$25.1K $20.04/SF
− Vacancy
−$3.5K −$2.81/SF
EGI
$21.5K $17.23/SF
− OpEx
−$5.4K −$4.31/SF
NOI
$16.2K $12.93/SF
Area
Providence County, RI
Vacancy
14.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$323,140
Cap Rate 7%
$230,814
Cap Rate 9%
$179,522
Alternative Uses
Best Use
Office B
$230.8K
$202.0K – $269.3K
NOI $16,157 @ 7.0% cap · market cap 4.62%
Second Best
Flex RnD
$110.4K
$96.6K – $128.8K
NOI $7,728 @ 7.0% cap · market cap 2.21%
Theoretical Best
Multifamily LT 5
$297.3K
$260.2K – $346.9K
NOI $20,813 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
112
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02917, RI
14,738
Population
5,119
Households
2.9
Avg Household Size
38
Median Age
38%
College-Educated
92%
High-School Grad
21.4 sq mi
ZIP Area
689
Density / Sq Mi
$106,772
Median Household Income
$44,229
Median Earnings
$988
Median Rent
$416,100
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Flex space - Newly constructed commercial condominium units offer flexible open layouts with heated and air-conditioned space.
Where is this flex space located?
The property is located at 12-150 Washington Hwy Smithfield, RI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Newly constructed commercial condominium units with approximately 1,250 SF of heated and air‑conditioned space per unit; Each unit includes a private half bath and a flexible open‑concept layout for a variety of business uses; Construction is underway with anticipated completion in October 2026
