Falmouth Commercial Condo Shell
For Sale
$380,000
100 Dillingham, Falmouth, MA 02540
New commercial condo shell in mixed-use development, customizable for office/retail.
Property Size1,200 SF
Price / SF$316.67
Days on Market476
Property Features for 100 Dillingham
General Information
Standard status
Active
Size
1,200 SF
Taxes and HOA fees
Annual Taxes
$1,142
Building Details
Year Built
2022
Listing Agency:
REALTY WORKS LLC
(508) 385-4680
Listed By:
CARMEL GILBERTI
Source:
Corcoran
Added: May 13, 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 condo shell presents a build-to-suit opportunity within a newly constructed mixed-use condominium development in Falmouth. The center unit benefits from high ceilings and an ADA-accessible public entry. The space offers flexibility for interior customization to suit specific business needs. Purchase options include the unit as-is (shell only), or the developer can collaborate on a custom build-out. Part of the historic Nimrod Restaurant development, the property comprises two custom-framed buildings with six ground-level commercial condo units and seven second-floor residential units. Potential exists for exclusive use of a basement storage unit, subject to buyer verification. The property includes landscaping, common area cleaning, rubbish/recycling, and snow removal. Units can be combined for additional space and are suitable for office or retail purposes. The property is located in a prime area and offers on-site parking.
Key Highlights
- Prime location in Falmouth within a newly constructed mixed‑use development.
- Build‑to‑suit opportunity with flexible space for customization.
- Option for developer collaboration on a custom build‑out.
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
$25,229
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
6.64%
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%
$504,580
$504.6K
Cap Rate 7%
$360,414
$360.4K
Cap Rate 9%
$280,322
$280.3K
Market Conditions
NOI Build-Up for 1,200 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
$42.0K $35.04/SF
− Vacancy
−$8.4K −$7.01/SF
EGI
$33.6K $28.03/SF
− OpEx
−$8.4K −$7.01/SF
NOI
$25.2K $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%
$504,580
Cap Rate 7%
$360,414
Cap Rate 9%
$280,322
Alternative Uses
Best Use
Office B
$360.4K
$315.4K – $420.5K
NOI $25,229 @ 7.0% cap · market cap 6.64%
Second Best
Retail
$352.1K
$308.1K – $410.8K
NOI $24,646 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$489.0K
$427.9K – $570.5K
NOI $34,231 @ 7.0% cap · market cap 9.01%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - New commercial condo shell in mixed-use development, customizable for office/retail.
Where is this retail space located?
The property is located at 100 Dillingham Falmouth, MA.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Prime location in Falmouth within a newly constructed mixed‑use development.; Build‑to‑suit opportunity with flexible space for customization.; Option for developer collaboration on a custom build‑out.
