Renovated Cape Cod
New
For Sale
$2,100,000
156 Teaticket Highway, East Falmouth, MA 02536
Multi-Family, East Falmouth, MA
Property Size5,760 SF
Lot Size0.32 Acres
Price / SF$364.58
Days on Market4
Property Features for 156 Teaticket Highway
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
B2
Bedrooms
8
Bathrooms
6
Full bathrooms
5
Half bathrooms
1
Rooms
Bedroom 8, Basement, Bathroom 4, Bedroom 3, Bathroom 2, Bedroom 4, Bedroom 6, Bedroom 7, Bathroom 6, Bathroom 5, Bathroom 3, Bedroom 1, Bathroom 1, Bedroom 5, Bedroom 2
Parking
10
Security features
Security System
Patio and Porch features
Porch
Interior features
Recessed Lighting
Exterior features
Underground Sprinkler System, Private Yard, Outdoor Shower, Garden
Fencing
Fenced
Appliances
Tankless Water Heater, Electric Range, Countertop Range, Dishwasher, Disposal, Microwave, Refrigerator, Washer
Lot features
Fenced/ Enclosed
Elementary school district
Falmouth
Middle school district
Falmouth
High school district
Falmouth
Directions
Route 28 to 156 Teaticket Highway.
Subdivision
Falmouth
Standard status
Active
APN
FALM 39 S:23 P:011 L:000
Size
5,760 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
7700
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
2003
Floors in Building
2
Number of units
2
Flooring type
Wood
Building materials
Shingle Siding
Roof type
Asphalt
Listing Agency:
www.HomeZu.com
(877) 249-5478
Listed By:
Jason P Saphire · License #0818954
(781) 492-7575
Added: Sep 22
Last Checked: Sep 25 at 7:06PM
MLS# 22604803
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.
This duplex is a post-and-beam, farmhouse-style property renovated in 2022. The layout includes a substantial rental area, a one-bedroom apartment on the upper level, and an 800-square-foot loft configured as office space. The finished basement provides two full bathrooms. Interior details include wood flooring and recessed lighting, while central air and forced-air natural-gas heat support year-round operation.
Set on 0.32 acres in East Falmouth, the property features a private fenced yard, garden, porch, outdoor shower, and underground sprinkler system. Public water and public sewer serve the building. The 2003 construction also includes shingle siding, an asphalt roof, a tankless water heater, and a range of household appliances. Short-term rental activity is documented, including 120 nights of bookings expected in 2024.
Set on 0.32 acres in East Falmouth, the property features a private fenced yard, garden, porch, outdoor shower, and underground sprinkler system. Public water and public sewer serve the building. The 2003 construction also includes shingle siding, an asphalt roof, a tankless water heater, and a range of household appliances. Short-term rental activity is documented, including 120 nights of bookings expected in 2024.
Key Highlights
- Renovated in 2022
- 800 square foot lofted office area
- One‑bedroom apartment upstairs
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
$128,399
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
6.11%
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%
$2,567,980
$2.6M
Cap Rate 7%
$1,834,271
$1.8M
Cap Rate 9%
$1,426,656
$1.4M
Market Conditions
NOI Build-Up for 5,760 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
$190.1K $33.00/SF
− Vacancy
−$6.7K −$1.16/SF
EGI
$183.4K $31.85/SF
− OpEx
−$55.0K −$9.55/SF
NOI
$128.4K $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%
$2,567,980
Cap Rate 7%
$1,834,271
Cap Rate 9%
$1,426,656
Alternative Uses
Best Use
Multifamily LT 5
$1.83M
$1.60M – $2.14M
NOI $128,399 @ 7.0% cap · market cap 6.11%
Second Best
Apartment 5plus
$1.65M
$1.44M – $1.92M
NOI $115,420 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$2.35M
$2.05M – $2.74M
NOI $164,307 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
Explore this area
Business Placement
Demographics for 02536, MA
19,993
Population
12,151
Households
1.6
Avg Household Size
53
Median Age
45%
College-Educated
95%
High-School Grad
27.4 sq mi
ZIP Area
730
Density / Sq Mi
$95,295
Median Household Income
$52,868
Median Earnings
$1,473
Median Rent
$496,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Flexible property with an upstairs apartment, finished lower level, office loft, and short-term rental history.
Where is this duplex located?
The property is located at 156 Teaticket Highway East Falmouth, MA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Renovated in 2022; 800 square foot lofted office area; One‑bedroom apartment upstairs
