Remodeled Downtown
For Sale
$1,400,000
151-153 Main Street, Bourne, MA 02532
Three rental units were updated with new electrical, plumbing, heating, and hot water systems.
Property Size2,034 SF
Price / SF$688.30
Days on Market158
Property Features for 151-153 Main Street
General Information
Standard status
Active
Size
2,034 SF
Total Parking Spaces
10
Property subtype
Multi-family / 3 Family
Zoning
Downtown
Net Operating Income
$66,000
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,930
Amenities
City/Town Sewer, Public, 220 Volts, for Electric Range
No
Tile, Vinyl, Carpet, Stone/Ceramic Tile
Range
3.0
Full, Partial
Storage, Stone/Granite/Solid Counters, Bathroom With Tub, Country Kitchen, Kitchen, Living RM/Dining RM Combo, Office/Den
3
3.00
Scenic View(s), Yes
Frame
Shingle
Flood Plain, Level
Porch, Patio
Bay, 1/10 to 3/10 To Beach
Building Details
Year Built
1900
Listing Agency:
Conway - Wareham
(508) 295-6560
Listed By:
Ralph J. Grassia · License #120010
(508) 295-6560
Source:
Compass
Added: Mar 27
Changed: Aug 29
Last Checked: Aug 29 at 3:46PM
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 Conway - Wareham
Investment Insights
Based on property information with market context.
This Downtown-zoned property at 151-153 Main Street includes three rental units and a fourth unit identified for future configuration. The units were remodeled to the studs in 2012 and 2013, with updated electrical, plumbing, wallboard, heating, and hot water systems. Most appliances will remain with the property. Interior features include kitchens, living and dining areas, storage, offices or dens, and bathrooms with tubs. Porches and a patio provide additional exterior space.
The property is in downtown Buzzards Bay within the town of Bourne, with views toward the railroad bridge and close proximity to the Cape Cod Canal. The surrounding area includes Massachusetts Maritime Academy, the National Marine Life Center, and visitor attractions. Scenic views, a level site, and Downtown zoning are also noted.
The property is in downtown Buzzards Bay within the town of Bourne, with views toward the railroad bridge and close proximity to the Cape Cod Canal. The surrounding area includes Massachusetts Maritime Academy, the National Marine Life Center, and visitor attractions. Scenic views, a level site, and Downtown zoning are also noted.
Key Highlights
- Three rental units plus a fourth unit identified for future configuration
- Remodeled to the studs in 2012 and 2013
- Updated electrical, plumbing, wallboard, heating, and hot water systems
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
$45,341
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
3.24%
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%
$906,820
$906.8K
Cap Rate 7%
$647,729
$647.7K
Cap Rate 9%
$503,789
$503.8K
Market Conditions
NOI Build-Up for 2,034 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
$67.1K $33.00/SF
− Vacancy
−$2.3K −$1.16/SF
EGI
$64.8K $31.85/SF
− OpEx
−$19.4K −$9.55/SF
NOI
$45.3K $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%
$906,820
Cap Rate 7%
$647,729
Cap Rate 9%
$503,789
Alternative Uses
Best Use
Multifamily LT 5
$647.7K
$566.8K – $755.7K
NOI $45,341 @ 7.0% cap · market cap 3.24%
Second Best
Apartment 5plus
$582.3K
$509.5K – $679.3K
NOI $40,758 @ 7.0% cap · market cap 2.91%
Theoretical Best
Office A
$828.9K
$725.3K – $967.0K
NOI $58,021 @ 7.0% cap · market cap 4.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
399
Businesses Nearby
Explore this area
Business Placement
Demographics for 02532, MA
13,411
Population
7,362
Households
1.8
Avg Household Size
49
Median Age
43%
College-Educated
96%
High-School Grad
13.8 sq mi
ZIP Area
972
Density / Sq Mi
$89,411
Median Household Income
$50,372
Median Earnings
$1,474
Median Rent
$477,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three rental units were updated with new electrical, plumbing, heating, and hot water systems.
Where is this triplex located?
The property is located at 151-153 Main Street Bourne, MA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Three rental units plus a fourth unit identified for future configuration; Remodeled to the studs in 2012 and 2013; Updated electrical, plumbing, wallboard, heating, and hot water systems
