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    167 George St Pawtucket, RI 02860

    Sponsored
    For Sale
    $8,000,000

    122-Unit Multifamily Development, Prime Location

    Property size:
    30,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity presents the Clocktower Residences, a 122-unit multifamily development in Pawtucket, Rhode Island. Priced at $8,000,000, this property comprises a renovated three-story, 30,000-40,000 square foot building situated on an 81,569 square foot lot (APN 897-54A). The existing building, formerly St. Mary's school, features 22 units with versatile floor plans, offering potential 16-foot ceilings. A fully approved expansion plan adds 100 more units, including an underground garage, on a contiguous site. This development benefits from its location in an Opportunity Zone and its inclusion in the National Register's Multiple Resource Area, opening doors to potential historical tax credits. The property enjoys a convenient location near I-95, the Pawtucket Central Falls Commuter Rail Station, the Tidewater Landing soccer stadium, and Providence's East Side. The site is environmentally clean and level, with easy access to city utilities. This is a rare chance to acquire a substantial multifamily property with significant upside potential in a rapidly growing area. The property was built in 1900 and consists of one building with three stories.

    Property Features for 167 George St

    General Information

    Property type
    Multifamily properties
    Square Feet
    30,000 SF

    Building Details

    Year Built
    1900
    Buildings
    1
    Stories
    3
    Units
    122

    HighLights

    • Exceptional investment opportunity: 122‑unit multifamily development in Pawtucket, RI, priced at $8,000,000.
    • Renovated three‑story building (30,000‑40,000 sq ft) on an 81,569 sq ft lot (APN 897‑54A).
    • Currently 22 units with versatile floor plans, potential 16‑foot ceilings; fully approved 100‑unit expansion including underground garage.
    • Located in an Opportunity Zone and National Register's Multiple Resource Area, eligible for historical tax credits.
    • Convenient location near I‑95, commuter rail, Tidewater Landing stadium, and Providence's East Side; level site with easy utility access.
    • Built in 1900.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Spa & Massage Law Firm Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Pawtucket
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.3882359
    Latitude
    41.8707545

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    FAQs

    What type of property is this?
    Multifamily property - 122-Unit Multifamily Development, Prime Location
    Where is this multifamily property located?
    The property is located at 167 George St Pawtucket, RI.
    What is the asking price?
    The asking price for this property is $8,000,000.
    What are key features of this property?
    This property features: Exceptional investment opportunity: 122-unit multifamily development in Pawtucket, RI, priced at $8,000,000.; Renovated three-story building (30,000-40,000 sq ft) on an 81,569 sq ft lot (APN 897-54A).; Currently 22 units with versatile floor plans, potential 16-foot ceilings; fully approved 100-unit expansion including underground garage.
    Request Owner's contact information
    167 George St Pawtucket, RI 02860
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    Pawtucket, RI 02860
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    Realmo Value Estimation

    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.

    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.

    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
    167 George St Pawtucket, RI 02860
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