Customizable Commercial Condo
For Sale
$325,000
100 Dillingham Ave #A102, Falmouth, MA 02540
Shell unit with customization potential in a mixed-use development.
Property Size974 SF
Price / SF$333.68
Days on Market475
Property Features for 100 Dillingham Ave #A102
General Information
Standard status
Active
Size
974 SF
Taxes and HOA fees
Annual Taxes
$1,622
Building Details
Year Built
2023
Listing Agency:
Realty Works, LLC
Listed By:
Carmel Gilberti
Source:
Corcoran
Added: May 14, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realty Works, LLC
Investment Insights
Based on property information with market context.
This commercial condominium unit, offered as a shell, presents an opportunity for customization. The unit benefits from good street visibility, three sides of windows, high ceilings, public ADA accessibility, and a private entry. Situated in a newly constructed mixed-use condominium development in Falmouth, the property is located on the site of the historic Nimrod Restaurant, featuring two custom-framed buildings that house 6 first-floor commercial units and 7 second-floor residential units. The condominium fee includes landscaping, common area cleaning, rubbish/recycling, and snow removal. The unit has a size of 974 square feet. Additional space is available as this unit can be combined with Unit A103 (1145 square feet) and A104 (800 square feet).
Key Highlights
- Opportunity to customize the commercial space with a build‑out option by the developer.
- Excellent location with good street visibility and ample parking.
- Newly constructed in 2023 within a mixed‑use condominium development.
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
$20,477
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
6.30%
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%
$409,540
$409.5K
Cap Rate 7%
$292,529
$292.5K
Cap Rate 9%
$227,522
$227.5K
Market Conditions
NOI Build-Up for 974 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
$34.1K $35.04/SF
− Vacancy
−$6.8K −$7.01/SF
EGI
$27.3K $28.03/SF
− OpEx
−$6.8K −$7.01/SF
NOI
$20.5K $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%
$409,540
Cap Rate 7%
$292,529
Cap Rate 9%
$227,522
Alternative Uses
Best Use
Office B
$292.5K
$256.0K – $341.3K
NOI $20,477 @ 7.0% cap · market cap 6.30%
Second Best
Retail
$285.8K
$250.1K – $333.4K
NOI $20,004 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$396.9K
$347.3K – $463.1K
NOI $27,784 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,195
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Shell unit with customization potential in a mixed-use development.
Where is this office units located?
The property is located at 100 Dillingham Ave #A102 Falmouth, MA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Opportunity to customize the commercial space with a build‑out option by the developer.; Excellent location with good street visibility and ample parking.; Newly constructed in 2023 within a mixed‑use condominium development.
