Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Development Opportunity in Smithfield, RI Title is generated by Realmo AI

    230 George Washington, Smithfield, RI 02917

    View on Map
    Claim this Listing
    For Sale
    $2,750,000

    Pad-ready land with master plan approval for residential and retail.

    Property size:
    9,000 SF
    Lot size:
    2.53 Acres
    Price / SF:
    $305/SF
    Added:
    Sep 30, 2025
    Days on Market:
    240
    Last Refresh:
    Mar 16 at 11:10 am

    Property Features for 230 George Washington

    General Information

    Standard status
    Active
    Size
    9,000 SF
    Lot size
    2.53 Acres

    We can help!

    Listing Contact
    GARY BALLETTO

    Listing agent GARY BALLETTO License #REB.0017234

    Listing office BALLETTO REALTY

    Listing date Sep 30, 2025

    Source Corcoran

    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 BALLETTO REALTY

    HighLights

    • Pad‑ready with Master plan approval for 21 residential units and 9000 sq ft retail space.
    • Prime location with high traffic visibility, next to the corner of 250 George Washington Highway and Douglas Pike.
    • Close proximity to highways 146 and 295.
    • Zoned Planned Corporate and part of the Overlay District, allowing for many potential uses.
    • Opportunity for combined purchase with abutting property at 250 George Washington Highway, totaling 6+ acres.
    • Existing single‑family home on site.

    Overview

    This property presents an opportunity for investors and developers in Rhode Island. The site is pad-ready with master plan approval for 21 residential units and 9,000 square feet of retail space. The property benefits from a prime location with high traffic visibility, situated next to the corner lot of 250 George Washington Highway and Douglas Pike, with proximity to highways 146 and 295. Zoned Planned Corporate and located within the Overlay District, the site allows for various potential uses. Currently, a single-family home is situated on the premises. There is a potential opportunity for a combined purchase with the abutting property at 250 George Washington Highway, totaling over 6 acres.
    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
    -71.5230672
    Latitude
    41.9168011

    Nearby Similar for Sale

    • $649,900
      3,580 SF

      Smithfield Mixed-Use Investment Opportunity

      Mixed-use building in Smithfield with versatile floor plan.
      2 Douglas Pike, Smithfield, RI 02917
      View Details
    • $4,350
      3,250 SF

      Versatile Commercial Condo in Smithfield

      Office and warehouse space with highway access and parking.
      47 Cedar Swamp Road, Smithfield, RI 02917
      View Details
    • $19
      550 SF

      Commercial Space on High-Traffic Road

      Well-maintained commercial space with high visibility and recent updates.
      373 Farnum Pike, Smithfield, RI 02917
      View Details
    • $1,200
      1,000 SF

      Smithfield Commercial Property For Sale

      Industrial space with warehouse and office near highways.
      3 Industrial Drive, Smithfield, RI 02917
      View Details
    • $399,999
      1,879 SF

      Smithfield Two-Family Home on Double Lot

      Two-family home with additional lot, great rental income potential.
      253 Waterman Avenue, Smithfield, RI 02917
      View Details
    • $699,000
      3,608 SF

      Smithfield Restaurant and Bar Opportunity

      Well-established, newly renovated restaurant and bar in Smithfield, Rhode Island.
      294 Waterman Avenue, Smithfield, RI 02917
      View Details
    • $300,000

      Waterfront Land in Smithfield, RI

      Rare opportunity to build a custom waterfront home.
      210 Log Road, Smithfield, RI 02917
      View Details
    • $899,900
      5,880 SF

      Restaurant Ready Commercial Space

      Turn-key restaurant opportunity in a sought-after dining district.
      332 Farnum Pike, Smithfield, RI 02917
      View Details
    • $2,750,000
      41,775 SF

      Smithfield Commercial Land For Sale

      2.53 acre commercial land with development potential in Smithfield, RI.
      230 George Washington Highway, Smithfield, RI 02917
      View Details
    • $799,000

      Smithfield Commercial Land Opportunity

      2.14-acre commercial corner with development potential near I-295.
      61 Harris Road, Smithfield, RI 02917
      View Details
    • $899,900
      5,880 SF

      Restaurant Opportunity in Smithfield, RI

      Turn-key restaurant space with high capacity and outdoor dining.
      332 Farnum, Smithfield, RI 02917
      View Details
    • $799,000

      Smithfield Commercial Corner Lot

      2.14-acre commercial corner lot with development potential.
      61 Harris Road, Smithfield, RI 02917
      View Details

    FAQs

    What type of property is this?
    Commercial land - Pad-ready land with master plan approval for residential and retail.
    Where is this commercial land located?
    The property is located at 230 George Washington 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: Pad‑ready with Master plan approval for 21 residential units and **9000 sq ft retail space**.; Prime location with **high traffic visibility**, next to the corner of 250 George Washington Highway and Douglas Pike.; Close proximity to highways 146 and 295.
    (401) 432-7444
    We can help!
    Listing Contact
    GARY BALLETTO
    Real Estate License ID: REB.0017234
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    230 George Washington, Smithfield, RI 02917
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!