Six-Suite Waterfront Retail
For Sale
Contact for pricing
150 Water Street, Plymouth, MA 02360
Ground-floor commercial condominium beneath a boutique hotel, private residences, and a rooftop restaurant.
Property Size8,863 SF
Price / SF$451.20
Days on Market12
Property Features for 150 Water Street
General Information
Standard status
Active
Size
8,863 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Net Operating Income
$290,005
Additional Details
Floor
Ground
Building Details
Year Built
2021
Units
6
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Boston
(617) 896-7200
Listed By:
Adam Cohen · License #MA 9551336
Source:
Crexi
Added: Jul 29
Changed: Aug 8
Last Checked: Aug 8 at 2:10PM
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 Marcus & Millichap - Boston
Investment Insights
Based on property information with market context.
This 8,863-square-foot commercial condominium contains six ground-floor retail suites at 150 Water Street. Built in 2021, the property occupies the lower level of a mixed-use building with a boutique waterfront hotel, private residences, and a 300-seat rooftop restaurant on the upper floors.
The asset is positioned within Plymouth’s historic waterfront district, near Plymouth Rock, Mayflower II, Town Wharf, and a concentration of restaurants, boutiques, galleries, and hospitality venues. Water Street frontage places the retail component within downtown Plymouth, which attracts approximately 1.5 million visitors annually. The property also benefits from a surrounding population of approximately 55,000 residents within a five-mile radius, combining local and seasonal customer activity in a walkable waterfront setting.
The asset is positioned within Plymouth’s historic waterfront district, near Plymouth Rock, Mayflower II, Town Wharf, and a concentration of restaurants, boutiques, galleries, and hospitality venues. Water Street frontage places the retail component within downtown Plymouth, which attracts approximately 1.5 million visitors annually. The property also benefits from a surrounding population of approximately 55,000 residents within a five-mile radius, combining local and seasonal customer activity in a walkable waterfront setting.
Key Highlights
- Six ground‑floor retail suites in a commercial condominium
- 8,863 SF of retail space
- Built in 2021
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
$145,623
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
3.64%
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%
$2,912,460
$2.9M
Cap Rate 7%
$2,080,329
$2.1M
Cap Rate 9%
$1,618,033
$1.6M
Market Conditions
NOI Build-Up for 8,863 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
$212.7K $24.00/SF
− Vacancy
−$4.7K −$0.53/SF
EGI
$208.0K $23.47/SF
− OpEx
−$62.4K −$7.04/SF
NOI
$145.6K $16.43/SF
Area
Plymouth County, MA
Vacancy
2.20%
Lease Rate
$24.00 /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%
$2,912,460
Cap Rate 7%
$2,080,329
Cap Rate 9%
$1,618,033
Alternative Uses
Best Use
Retail
$2.08M
$1.82M – $2.43M
NOI $145,623 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.25M
$4.59M – $6.12M
NOI $367,280 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
141
Businesses Nearby
Explore this area
Business Placement
Demographics for 02360, MA
61,134
Population
28,598
Households
2.1
Avg Household Size
47
Median Age
45%
College-Educated
96%
High-School Grad
96.4 sq mi
ZIP Area
634
Density / Sq Mi
$111,975
Median Household Income
$55,595
Median Earnings
$1,831
Median Rent
$494,700
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Ground-floor commercial condominium beneath a boutique hotel, private residences, and a rooftop restaurant.
Where is this retail space located?
The property is located at 150 Water Street Plymouth, MA.
What is the asking price?
The asking price for this property is $3,999,000.
What are key features of this property?
This property features: Six ground‑floor retail suites in a commercial condominium; 8,863 SF of retail space; Built in 2021
