Flex-Use Commercial Condominium
For Sale
$350,000
150 George Washington #10, Smithfield, RI 02917
Newly constructed flex condominium units with heated, air-conditioned space and a private half bath for multiple business uses.
Property Size1,250 SF
Price / SF$280
Days on Market69
Property Features for 150 George Washington #10
General Information
Standard status
Active
Size
1,250 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
Central air
Ductless Cooling
Heat Pump Heating
Wooded
Building Details
Year Built
2026
Listing Agency:
J. CHRISTOPHER REAL ESTATE GRP
(401) 830-6906
Listed By:
THE JARROD LEWIS GROUP
Source:
Corcoran
Added: Jun 4
Changed: Aug 8
Last Checked: Jun 16 at 2:10AM
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
Investment Insights
Based on property information with market context.
Mowry Hill Commons offers newly constructed commercial condominium units suited for a range of business uses. Each unit is planned with approximately 1,250 square feet of heated and air-conditioned interior space, along with a private half bath and a flexible, open-concept layout. The interior and exterior depictions provided are architectural renderings and are subject to change as construction progresses.
The development is located just off Routes 116 and 7 and is positioned to provide visibility and accessibility in the Smithfield area. The project site offers convenient proximity to restaurants, shopping, fuel stations, hotels, and major highway connections including I-295 and I-95, supporting access between Massachusetts and Connecticut.
With an adaptable floor plan and built-in HVAC, these units can work for tenants and operators seeking a single space that can be configured for retail, office, contractor services, showroom, and other trade or service uses. Construction is currently underway, with anticipated completion in October 2026. Tax assessments have not yet been established, and availability, pricing, and floor plans can be provided upon request.
The development is located just off Routes 116 and 7 and is positioned to provide visibility and accessibility in the Smithfield area. The project site offers convenient proximity to restaurants, shopping, fuel stations, hotels, and major highway connections including I-295 and I-95, supporting access between Massachusetts and Connecticut.
With an adaptable floor plan and built-in HVAC, these units can work for tenants and operators seeking a single space that can be configured for retail, office, contractor services, showroom, and other trade or service uses. Construction is currently underway, with anticipated completion in October 2026. Tax assessments have not yet been established, and availability, pricing, and floor plans can be provided upon request.
Key Highlights
- Newly constructed commercial condominium units (Year built: 2026) with heated, air‑conditioned space
- Each unit offers approx. 1,250 SF of flexible open‑concept layout plus a private half bath
- Designed for multiple business uses including retail, office, contractor, showroom, trade, and service‑based businesses
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,157
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.62%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Retail
$201.6K
$176.4K – $235.2K
NOI $14,112 @ 7.0% cap · market cap 4.03%
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.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
170
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Newly constructed flex condominium units with heated, air-conditioned space and a private half bath for multiple business uses.
Where is this flex space located?
The property is located at 150 George Washington #10 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 (Year built: 2026) with heated, air‑conditioned space; Each unit offers approx. 1,250 SF of flexible open‑concept layout plus a private half bath; Designed for multiple business uses including retail, office, contractor, showroom, trade, and service‑based businesses
