Newly Constructed Flex Condo
For Sale
$399,000
5-150 Washington Hwy, Smithfield, RI 02917
Heated, air-conditioned flex units with open layouts and private half baths, scheduled for completion in 2026.
Property Size1,250 SF
Price / SF$319.20
Days on Market156
Property Features for 5-150 Washington Hwy
General Information
Standard status
Active
Size
1,250 SF
Listing Agency:
J. Christopher Real Estate Grp
Listed By:
The Jarrod Lewis Group
(401) 830-6906
Source:
Exprealty
Added: Jun 4
Changed: Nov 4
Last Checked: Nov 4 at 6:03PM
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 to serve a range of business types. Each unit is planned with heated, air-conditioned space and a flexible open-concept layout, along with a private half bath. The development is currently under construction, and completion is anticipated in October 2026. Interior and exterior images available to date are architectural renderings of the proposed improvements and may change as construction progresses.
The site is located just off Routes 116 and 7, providing access and visibility to passing traffic. The project is positioned near everyday conveniences including restaurants, shopping, fuel stations, and hotels, with straightforward connectivity to major highways including I-295 and I-95. The location also supports travel between Massachusetts and Connecticut.
These units are well suited for owner-operators and tenants seeking adaptable space for retail, office, contractor, showroom, trade, or service-based uses. As a condominium format, the offering can also appeal to buyers looking to purchase a defined commercial unit in a new development. Tax assessments have not yet been established, and prospective buyers should request current pricing, availability, and floor plans for the planned units.
The site is located just off Routes 116 and 7, providing access and visibility to passing traffic. The project is positioned near everyday conveniences including restaurants, shopping, fuel stations, and hotels, with straightforward connectivity to major highways including I-295 and I-95. The location also supports travel between Massachusetts and Connecticut.
These units are well suited for owner-operators and tenants seeking adaptable space for retail, office, contractor, showroom, trade, or service-based uses. As a condominium format, the offering can also appeal to buyers looking to purchase a defined commercial unit in a new development. Tax assessments have not yet been established, and prospective buyers should request current pricing, availability, and floor plans for the planned units.
Key Highlights
- Newly constructed commercial condominium units at Mowry Hill Commons, designed for business use.
- Each unit includes approximately 1,250 SF of heated and air‑conditioned space.
- Units feature a private half bath and a flexible open‑concept layout for a range of uses.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,157
Cap Rate
4.05%
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 4.05%
Second Best
Flex RnD
$110.4K
$96.6K – $128.8K
NOI $7,728 @ 7.0% cap · market cap 1.94%
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.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Well-served
Demand for This Use
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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
$416,100
Median Home Value
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Market
Average Price Trend$/SF for Flex space in Smithfield, RI
Properties on Market for Flex space in Smithfield
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Flex space - Heated, air-conditioned flex units with open layouts and private half baths, scheduled for completion in 2026.
Where is this flex space located?
The property is located at 5-150 Washington Hwy 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: Newly constructed commercial condominium units at Mowry Hill Commons, designed for business use.; Each unit includes approximately 1,250 SF of heated and air‑conditioned space.; Units feature a private half bath and a flexible open‑concept layout for a range of uses.
