Commercial Condo Shell in
For Sale
$285,000
100 Dillingham Ave #A104, Falmouth, MA 02540
Commercial condo shell with build-out opportunity in a mixed-use development.
Property Size840 SF
Price / SF$339.29
Days on Market475
Property Features for 100 Dillingham Ave #A104
General Information
Standard status
Active
Size
840 SF
Taxes and HOA fees
Annual Taxes
$1,492
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 a buyer to customize the space. The unit is centrally located within a newly constructed, mixed-use condominium development in Falmouth. The property features high ceilings and a public ADA accessible entry. The development is located on the site of the historic Nimrod Restaurant, and includes two custom framed buildings that house six ground-level commercial condominium units and seven second-floor residential units. The unit may be granted exclusive use of a basement storage unit, subject to buyer verification. The condominium fee includes landscaping, common area cleaning, rubbish/recycling, and snow removal.
Key Highlights
- Opportunity for custom build‑out of commercial space.
- Excellent location and parking.
- Newly constructed commercial condo unit (shell).
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
$17,252
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
6.05%
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%
$345,040
$345.0K
Cap Rate 7%
$246,457
$246.5K
Cap Rate 9%
$191,689
$191.7K
Market Conditions
NOI Build-Up for 840 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
$25.2K $30.00/SF
− Vacancy
−$554 −$0.66/SF
EGI
$24.6K $29.34/SF
− OpEx
−$7.4K −$8.80/SF
NOI
$17.3K $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%
$345,040
Cap Rate 7%
$246,457
Cap Rate 9%
$191,689
Alternative Uses
Best Use
Retail
$246.5K
$215.7K – $287.5K
NOI $17,252 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$342.3K
$299.5K – $399.4K
NOI $23,961 @ 7.0% cap · market cap 8.41%
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
10k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 81%
Apparel 19%
7-Eleven
Shops & Services
4,525 visits/mo
0.4 miles
Bank of America
Shops & Services
3,818 visits/mo
0.5 miles
West Marine
Apparel
1,992 visits/mo
0.4 miles
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 Retail 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?
Commercial land - Commercial condo shell with build-out opportunity in a mixed-use development.
Where is this commercial land located?
The property is located at 100 Dillingham Ave #A104 Falmouth, MA.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Opportunity for custom build‑out of commercial space.; Excellent location and parking.; Newly constructed commercial condo unit (shell).
