Street-Level Retail
For Sale
$2,995,000
251 Commercial Street, Provincetown, MA 02657
Commercial Sale, Provincetown, MA
Property Size4,598 SF
Lot Size0.08 Acres
Price / SF$651.37
Days on Market223
Property Features for 251 Commercial Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
TCC
Appliances
Water Heater
Directions
Bradford to Ryder to right on Commercial. Property on LHS; SE corner opposite Gosnold Street.
Subdivision
Provincetown
Standard status
Active
APN
PROV M:11-3 P:29
Size
4,598 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
16410
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Amenities
water views
Building Details
Year built
1900
Floors in Building
2
Flooring type
Wood, Vinyl
Building materials
Wood Frame, Clapboard
Roof type
Asphalt
Listing Agency:
SeasCape Realty, Inc.
(508) 487-6111
Listed By:
Timothy Brown · License #9570723
(508) 468-9338
Added: Jan 24
Changed: Sep 3
Last Checked: Sep 4 at 2:06AM
MLS# 22600233
Copyright © 2026 Cape Cod & Islands Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This wood-frame, clapboard building contains 4,598 square feet and dates to 1900. The street-level retail component measures approximately 1,940 square feet, with an additional 570 square feet of storage. The second floor includes eight bedrooms, common areas, and water views; these rooms were historically used for staff housing. Wood and vinyl flooring, electric heat, a public water connection, public sewer, and an asphalt roof are among the existing improvements.
The property is located at 251 Commercial Street and opens toward Gosnold Street, where the locally recognized “ART” sign marks the route toward the beach. The offering includes real estate only, with the business excluded, and is being conveyed as-is. The same family has owned the building for more than 60 years.
The property is located at 251 Commercial Street and opens toward Gosnold Street, where the locally recognized “ART” sign marks the route toward the beach. The offering includes real estate only, with the business excluded, and is being conveyed as-is. The same family has owned the building for more than 60 years.
Key Highlights
- 4,598 square feet total building area on 0.08 acres
- Approximately 1,940 square feet of street‑level retail space
- Approximately 570 square feet of dedicated storage
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
$94,434
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
3.15%
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%
$1,888,680
$1.9M
Cap Rate 7%
$1,349,057
$1.3M
Cap Rate 9%
$1,049,267
$1.0M
Market Conditions
NOI Build-Up for 4,598 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
$137.9K $30.00/SF
− Vacancy
−$3.0K −$0.66/SF
EGI
$134.9K $29.34/SF
− OpEx
−$40.5K −$8.80/SF
NOI
$94.4K $20.54/SF
Area
Barnstable County, MA
Vacancy
2.20%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,888,680
Cap Rate 7%
$1,349,057
Cap Rate 9%
$1,049,267
Alternative Uses
Best Use
Retail
$1.35M
$1.18M – $1.57M
NOI $94,434 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.64M – $2.19M
NOI $131,160 @ 7.0% cap · market cap 4.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,262
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 02657, MA
3,664
Population
4,778
Households
0.8
Avg Household Size
58
Median Age
61%
College-Educated
96%
High-School Grad
9.7 sq mi
ZIP Area
378
Density / Sq Mi
$104,500
Median Household Income
$54,784
Median Earnings
$1,306
Median Rent
$769,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Storefront property - Two-level building combines street-facing retail, upper-floor rooms, storage, and water views.
Where is this storefront property located?
The property is located at 251 Commercial Street Provincetown, MA.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: 4,598 square feet total building area on 0.08 acres; Approximately 1,940 square feet of street‑level retail space; Approximately 570 square feet of dedicated storage
