Multi-Use Commercial Property For
For Sale
$1,650,000
231 Crowell Road, Chatham, MA 02633
Two-building commercial property with flexible space and multiple possibilities.
Property Size2,586 SF
Lot Size0.50 Acres
Price / SF$638.05
Days on Market780
Property Features for 231 Crowell Road
General Information
Standard status
Active
Size
2,586 SF
Lot size
0.50 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$2,333
Building Details
Year Built
1995
Listing Agency:
John C Ricotta & Assoc.
(508) 274-4100
Listed By:
Judith L Smith · License #131788
(508) 274-4100
Source:
Exitrealty
Added: Jun 21, 2024
Changed: Aug 8
Last Checked: Aug 8 at 2:30PM
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 John C Ricotta & Assoc.
Investment Insights
Based on property information with market context.
This multi-use commercial property features two buildings and is zoned GB3. The first building, constructed in 1995, offers 948 square feet of multi-use space, an office, and a full bath. It includes a Viessman heating and hot water system, and an unfinished full basement. The second building, built in 2003, provides 1,638 square feet with two bays and a carport. One bay is equipped with a gas heater, and the second floor is ready to be finished. The property offers various opportunities and previously served as a builder's workshop and warehouse for storing automobiles, boats, and vintage motorcycles. Permitted uses under the GB3 zoning are detailed in the attached documents, including Section 3.4 and Appendix 1 'Schedule of Use Regulations', floor plans, and septic site plan. The solar panels are owned.
Key Highlights
- Zoned GB3: Offers versatile commercial and multi‑use possibilities.
- Two Buildings: Includes a 948 sq ft building with office, bath, and unfinished basement, plus a 1,638 sq ft building with 2 bays and a carport.
- Owned Solar Panels: Provides potential energy savings.
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
$54,368
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
3.30%
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%
$1,087,360
$1.1M
Cap Rate 7%
$776,686
$776.7K
Cap Rate 9%
$604,089
$604.1K
Market Conditions
NOI Build-Up for 2,586 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
$90.6K $35.04/SF
− Vacancy
−$18.1K −$7.01/SF
EGI
$72.5K $28.03/SF
− OpEx
−$18.1K −$7.01/SF
NOI
$54.4K $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%
$1,087,360
Cap Rate 7%
$776,686
Cap Rate 9%
$604,089
Alternative Uses
Best Use
Office B
$776.7K
$679.6K – $906.1K
NOI $54,368 @ 7.0% cap · market cap 3.30%
Second Best
Warehouse
$647.7K
$566.8K – $755.7K
NOI $45,342 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$1.05M
$922.1K – $1.23M
NOI $73,767 @ 7.0% cap · market cap 4.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
400
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02633, MA
4,664
Population
5,425
Households
0.9
Avg Household Size
62
Median Age
65%
College-Educated
99%
High-School Grad
8.6 sq mi
ZIP Area
542
Density / Sq Mi
$94,036
Median Household Income
$50,038
Median Earnings
$1,005
Median Rent
$881,400
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.
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Frequently Asked Questions
What type of property is this?
Flex space - Two-building commercial property with flexible space and multiple possibilities.
Where is this flex space located?
The property is located at 231 Crowell Road Chatham, MA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Zoned GB3: Offers versatile commercial and multi‑use possibilities.; Two Buildings: Includes a 948 sq ft building with office, bath, and unfinished basement, plus a 1,638 sq ft building with 2 bays and a carport.; Owned Solar Panels: Provides potential energy savings.
