Six-Bedroom
For Sale
$729,000
Pending
355 Palmer Avenue, Falmouth, MA 02540
Multi-Family, Falmouth, MA
Property Size1,876 SF
Lot Size0.52 Acres
Days on Market85
Property Features for 355 Palmer Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
GR
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 6, Bathroom 2, Basement, Bedroom 5, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 1
Parking features
Driveway
Exterior features
Private Yard
Basement
Partial
Appliances
Water Heater
Elementary school district
Falmouth
Middle school district
Falmouth
High school district
Falmouth
Directions
Rte 28 to Palmer Ave
Subdivision
Falmouth
Standard status
Pending
APN
FALM M:0038 B:0004 L:0003
Size
1,876 SF
Lot size
0.52 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3534
Utilities
Sewer type
Septic Tank
Heating system
Oil
Water source
Public
Amenities
yard
storage
Building Details
Year built
1940
Floors in Building
2
Number of units
1
Flooring type
Carpet, Vinyl
Building materials
Shingle Siding
Roof type
Asphalt
Listing Agency:
Berkshire Hathaway HomeServices Robert Paul Properties
(508) 540-9800
Listed By:
O'Neill Group
(508) 524-7325
Added: Jul 13
Changed: Sep 15
Last Checked: Oct 5 at 6:06PM
MLS# 22603379
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 three-unit residential property contains 1,876 square feet with six bedrooms and three full bathrooms. The 0.52-acre parcel includes a private yard, driveway parking, a basement, and additional storage. Construction dates to 1940, with shingle siding, an asphalt roof, vinyl and carpet flooring, oil heat, and a water heater. Public water and a septic tank serve the property.
The Falmouth location places the property near Falmouth Hospital, the Shining Sea Bikeway, Steamship Authority parking, public transportation, downtown shopping, restaurants, beaches, and major commuter routes. The parcel provides off-street parking for 4-6 vehicles and outdoor space for residential occupants.
The Falmouth location places the property near Falmouth Hospital, the Shining Sea Bikeway, Steamship Authority parking, public transportation, downtown shopping, restaurants, beaches, and major commuter routes. The parcel provides off-street parking for 4-6 vehicles and outdoor space for residential occupants.
Key Highlights
- Three residential units with 6 bedrooms and 3 full bathrooms
- 1,876 square feet on a 0.52‑acre lot
- Off‑street driveway parking for 4‑6 vehicles
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,819
Cap Rate
5.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$836,380
$836.4K
Cap Rate 7%
$597,414
$597.4K
Cap Rate 9%
$464,656
$464.7K
Market Conditions
NOI Build-Up for 1,876 SF
Gross rent
$61.9K $33.00/SF
− Vacancy
−$2.2K −$1.16/SF
EGI
$59.7K $31.85/SF
− OpEx
−$17.9K −$9.55/SF
NOI
$41.8K $22.29/SF
Area
Barnstable County, MA
Vacancy
3.50%
Lease Rate
$33.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$836,380
Cap Rate 7%
$597,414
Cap Rate 9%
$464,656
Alternative Uses
Best Use
Multifamily LT 5
$597.4K
$522.7K – $697.0K
NOI $41,819 @ 7.0% cap · market cap 5.74%
Second Best
Apartment 5plus
$537.0K
$469.9K – $626.5K
NOI $37,592 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$764.5K
$668.9K – $891.9K
NOI $53,514 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
771
Businesses Nearby
Explore this area
Business Placement
Demographics for 02540, MA
8,450
Population
6,200
Households
1.4
Avg Household Size
61
Median Age
59%
College-Educated
94%
High-School Grad
11.0 sq mi
ZIP Area
768
Density / Sq Mi
$88,266
Median Household Income
$52,243
Median Earnings
$1,328
Median Rent
$756,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units with a private yard, driveway parking, basement storage, and public water service.
Where is this triplex located?
The property is located at 355 Palmer Avenue Falmouth, MA.
What is the asking price?
The asking price for this property is $729,000.
What are key features of this property?
This property features: Three residential units with 6 bedrooms and 3 full bathrooms; 1,876 square feet on a 0.52‑acre lot; Off‑street driveway parking for 4‑6 vehicles
