Commercial Condominium Flex
For Sale
$399,000
Pending
150 George Washington #6, Smithfield, RI 02917
New construction flex condominium with heated, air-conditioned open space and a private half bath for service and retail use.
Property Size1,250 SF
Days on Market70
Property Features for 150 George Washington #6
General Information
Standard status
Pending
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 13 at 2:11AM
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 presents newly constructed commercial condominium units built for flexible business use. Each unit includes approximately 1,250 square feet of heated and air-conditioned space with a private half bath and an open-concept layout designed to support a range of operations, including retail, office, contractor, showroom, trade, and service-based businesses. Construction is currently underway, with anticipated completion in October 2026, and all interior and exterior visuals are architectural renderings subject to change.
The development is located just off Routes 116 and 7, offering strong visibility and convenient access to surrounding commercial amenities. The area includes nearby restaurants, shopping, fuel stations, and hotels, and the site provides proximity to major highways including I-295 and I-95, supporting regional connectivity and access between Massachusetts and Connecticut.
For tenants and buyers seeking a modern, adaptable footprint for day-to-day business operations, these units offer a straightforward, open-plan environment with basic private restroom convenience. Availability is being offered for condominium ownership, with pricing, floor plans, and project details available upon request while tax assessments have not yet been established.
The development is located just off Routes 116 and 7, offering strong visibility and convenient access to surrounding commercial amenities. The area includes nearby restaurants, shopping, fuel stations, and hotels, and the site provides proximity to major highways including I-295 and I-95, supporting regional connectivity and access between Massachusetts and Connecticut.
For tenants and buyers seeking a modern, adaptable footprint for day-to-day business operations, these units offer a straightforward, open-plan environment with basic private restroom convenience. Availability is being offered for condominium ownership, with pricing, floor plans, and project details available upon request while tax assessments have not yet been established.
Key Highlights
- New construction commercial condominium units (Year Built 2026) with heated, air‑conditioned space and a private half bath
- Each unit offers approximately 1,250 SF of flexible open‑concept layout suitable for retail, office, contractor, showroom, trade, and service uses
- Construction underway with anticipated completion in October 2026
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
4.05%
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 4.05%
Second Best
Warehouse
$113.2K
$99.0K – $132.0K
NOI $7,921 @ 7.0% cap · market cap 1.99%
Theoretical Best
Multifamily LT 5
$297.3K
$260.2K – $346.9K
NOI $20,813 @ 7.0% cap · market cap 5.22%
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 - New construction flex condominium with heated, air-conditioned open space and a private half bath for service and retail use.
Where is this flex space located?
The property is located at 150 George Washington #6 Smithfield, RI.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: New construction commercial condominium units (Year Built 2026) with heated, air‑conditioned space and a private half bath; Each unit offers approximately 1,250 SF of flexible open‑concept layout suitable for retail, office, contractor, showroom, trade, and service uses; Construction underway with anticipated completion in October 2026
