Triplex with Private
For Sale
$2,300,000
14 Nelson Avenue, Provincetown, MA 02657
Multi-Family, Provincetown, MA
Property Size3,604 SF
Lot Size0.18 Acres
Price / SF$638.18
Days on Market548
Property Features for 14 Nelson Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
R3
Bedrooms
5
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 4, Bedroom 5, Basement, Bathroom 2, Bathroom 4, Bedroom 2, Bedroom 1, Bathroom 5, Bathroom 1, Bedroom 3, Bathroom 3
Parking
3
Parking features
Assigned
Patio and Porch features
Deck, Patio
Exterior features
Underground Sprinkler System, Private Yard
Fencing
Fenced
Fireplace
1
Basement
Finished, Walk-Out Access
Appliances
Water Heater, Gas Range, Dishwasher, Microwave, Refrigerator, Washer
Directions
RT 6, turn north on Race Point, turn right on Nelson Ave. Half way down on your left.
Subdivision
Provincetown
Standard status
Active
APN
9-2-10-0
Size
3,604 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8034
Utilities
Sewer type
Cesspool
Heating system
Electric (Heating), Propane (Heating)
Cooling system
Central Air
Water source
Well
Amenities
landscaped yard
storage shed
recording security devices
Building Details
Year built
1997
Floors in Building
2
Number of units
3
Flooring type
Carpet, Vinyl, Laminate, Hardwood
Building materials
Shingle Siding
Roof type
Shingle
Listing Agency:
The Greene Realty Group
(888) 278-5840
Listed By:
Derek J Greene · License #10371200613
(888) 278-5840
Added: Feb 22, 2025
Changed: Aug 24
Last Checked: Aug 24 at 8:06PM
MLS# 22500631
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.
Built in 1997, this triplex contains 3,604 square feet across three residential units. The layout includes two 2-bedroom, 2-bathroom residences measuring 1,882 square feet and 1,320 square feet, along with a 400-square-foot studio. Unit features include a fireplace, wood-burning stove, private deck, laundry facilities, patio access, generator, and water filtration system. The property also offers central air, electric and propane heating, a shingle roof, fenced grounds, and a storage shed. It is being sold as-is.
The 0.18-acre parcel includes a landscaped private yard, underground sprinkler system, deck, patio, and parking for three cars. The property is located near downtown Provincetown, the National Seashore, bike trails, Race Point Beach, and the dunes. Additional systems and features include a gas range, dishwasher, microwave, refrigerator, washer, and cesspool sewer service.
The 0.18-acre parcel includes a landscaped private yard, underground sprinkler system, deck, patio, and parking for three cars. The property is located near downtown Provincetown, the National Seashore, bike trails, Race Point Beach, and the dunes. Additional systems and features include a gas range, dishwasher, microwave, refrigerator, washer, and cesspool sewer service.
Key Highlights
- Three‑unit property totaling 3,604 square feet
- Unit mix includes two 2‑bedroom, 2‑bathroom residences and one 400‑square‑foot studio
- 0.18‑acre parcel with fenced private yard, deck, patio, and underground sprinkler system
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
$80,339
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
3.49%
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%
$1,606,780
$1.6M
Cap Rate 7%
$1,147,700
$1.1M
Cap Rate 9%
$892,656
$892.7K
Market Conditions
NOI Build-Up for 3,604 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
$118.9K $33.00/SF
− Vacancy
−$4.2K −$1.16/SF
EGI
$114.8K $31.85/SF
− OpEx
−$34.4K −$9.55/SF
NOI
$80.3K $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 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%
$1,606,780
Cap Rate 7%
$1,147,700
Cap Rate 9%
$892,656
Alternative Uses
Best Use
Multifamily LT 5
$1.15M
$1.00M – $1.34M
NOI $80,339 @ 7.0% cap · market cap 3.49%
Second Best
Apartment 5plus
$1.03M
$902.7K – $1.20M
NOI $72,218 @ 7.0% cap · market cap 3.14%
Theoretical Best
Office A
$1.47M
$1.29M – $1.71M
NOI $102,806 @ 7.0% cap · market cap 4.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
388
Businesses Nearby
Explore this area
Business Placement
Demographics for 02657, MA
3,664
Population
4,778
Households
0.8
Avg Household Size
58
Median Age
61%
College-Educated
96%
High-School Grad
9.7 sq mi
ZIP Area
378
Density / Sq Mi
$104,500
Median Household Income
$54,784
Median Earnings
$1,306
Median Rent
$769,500
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Triplex - Residential income property with three distinct units, outdoor space, and assigned parking near downtown and coastal recreation.
Where is this triplex located?
The property is located at 14 Nelson Avenue Provincetown, MA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Three‑unit property totaling 3,604 square feet; Unit mix includes two 2‑bedroom, 2‑bathroom residences and one 400‑square‑foot studio; 0.18‑acre parcel with fenced private yard, deck, patio, and underground sprinkler system
