Four-Suite Office
For Sale
$1,800,000
2957 Falmouth Road/Rte 28 Road, Osterville, MA 02655
Commercial Sale, Osterville, MA
Property Size4,200 SF
Lot Size0.94 Acres
Price / SF$428.57
Days on Market13
Property Features for 2957 Falmouth Road/Rte 28 Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
RF
Parking features
Off Street, Parking Lot, Guest
Interior features
High Speed Internet
Basement
Walk-Out Access, Full
Elementary school district
Barnstable
Middle school district
Barnstable
High school district
Barnstable
Directions
From Route 6 Take exit toward Route 149. Head S on Osterville-West Barnstable Rd. Continue at traffic light at Falmouth Rd/Rte 28. Turn onto Rte 28. The property (2957) is nearby on Falmouth Rd.
Subdivision
Barnstable
Standard status
Active
APN
OSTE M:0121 B:0009 L:0000
Lot size
0.94 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6035
Utilities
Utilities
Phone Available
Sewer type
Cesspool
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1940
Floors in Building
2
Number of units
4
Flooring type
Laminate, Hardwood, Carpet
Building materials
Concrete, Wood Siding, Shingle Siding
Roof type
Asphalt
Listing Agency:
LPT Realty
(401) 757-0845
Listed By:
Tiffany McCarthy
(508) 514-0451
Added: Sep 16
Changed: Sep 28
Last Checked: Sep 28 at 8:06PM
MLS# 22604656
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.
The two-story office property contains four distinct office areas and four bathrooms, with two on each floor. Interior finishes include laminate, hardwood, and carpet flooring. The building has forced-air natural gas heat, central air conditioning, and high-speed internet; public water serves the property, and wastewater is handled by a cesspool. Built in 1940, it has concrete, wood siding, and shingle siding construction.
The building sits on a 0.94-acre lot along Falmouth Road, also identified as Route 28, in Osterville. Plans are available for a contractor-use zoning application, which a buyer may choose to pursue; the information does not establish that this zoning change has been approved.
The building sits on a 0.94-acre lot along Falmouth Road, also identified as Route 28, in Osterville. Plans are available for a contractor-use zoning application, which a buyer may choose to pursue; the information does not establish that this zoning change has been approved.
Key Highlights
- Four separate office spaces in a two‑story building
- 4,200 square feet on a 0.94‑acre lot
- Four bathrooms, with two on each floor
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
$88,301
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
4.91%
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%
$1,766,020
$1.8M
Cap Rate 7%
$1,261,443
$1.3M
Cap Rate 9%
$981,122
$981.1K
Market Conditions
NOI Build-Up for 4,200 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
$147.2K $35.04/SF
− Vacancy
−$29.4K −$7.01/SF
EGI
$117.7K $28.03/SF
− OpEx
−$29.4K −$7.01/SF
NOI
$88.3K $21.02/SF
Area
Barnstable County, MA
Vacancy
20.00%
Lease Rate
$35.04 /SF/Yr
Expense Ratio
25.00%
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%
$1,766,020
Cap Rate 7%
$1,261,443
Cap Rate 9%
$981,122
Alternative Uses
Best Use
Office B
$1.26M
$1.10M – $1.47M
NOI $88,301 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $119,807 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
75
Businesses Nearby
Explore this area
Business Placement
Demographics for 02655, MA
3,591
Population
3,014
Households
1.2
Avg Household Size
57
Median Age
58%
College-Educated
98%
High-School Grad
6.5 sq mi
ZIP Area
552
Density / Sq Mi
$100,927
Median Household Income
$52,368
Median Earnings
$1,781
Median Rent
$746,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Two floors offer separate office areas, with bathrooms on each level.
Where is this office building located?
The property is located at 2957 Falmouth Road/Rte 28 Road Osterville, MA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Four separate office spaces in a two‑story building; 4,200 square feet on a 0.94‑acre lot; Four bathrooms, with two on each floor
