270 Post RdWarwick, RI 02888

Property Details for 270 Post Rd

Year built

1967

Construction

STEEL FRAME

Lot size

5.78 AC

Property size (Sq ft)

33,439 SF

Zone code

A7

Property type

Showrooms

APN

WARW M:293 B:0940 L:0000

APU

WARWM293B0940L0000

Description

This exceptional investment opportunity presents a fully approved 48-unit condominium complex situated on a generous 5.78-acre lot at 270 Post Road in Warwick, Rhode Island. Priced at $2,599,000, this solid brick building offers significant potential for a savvy developer. While requiring a complete interior build-out, the foundation is strong, with a recently installed roof (2020). The unit mix is well-diversified, including five studio units, five two-bedroom units, and thirty-eight one-bedroom units, catering to a broad range of potential residents. Detailed parking plans and layouts are readily available for review, providing a clear vision for the project's completion. This property represents a unique chance to capitalize on the strong demand for residential units in Warwick, transforming a solid structure into a thriving community. The substantial lot size offers ample space for future expansion or amenity additions, further enhancing the property's value and appeal. The approved plans streamline the development process, minimizing delays and maximizing return on investment. This is an exceptional opportunity for an investor seeking a high-yield project with significant upside potential. Don't miss this chance to acquire a prime piece of Warwick real estate.

• CAP approach

  CAP return

  Valuation

  6%

  $8,126,844

  6.5%

  $7,501,702

  7%

  $6,965,866

• Comparable approach

  Method

  Valuation

  Relative Method

  $11,010,232

  Geo Method

  $11,010,232

• Alternative Use

  Use

  Valuation

  Residential

  $6,327,966

  Hospitality

  $5,796,384

  Educational

  $4,822,523

  Medical

  $4,988,377

  Retail

  $7,501,702

Location Insight

City

Warwick

County

Kent

State

Rhode Island

Latitude

41.7617

Longitude

-71.3988

CBSA code

39300

CBSA name

PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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