Two Commercial Spaces in
For Sale
Contact for pricing
193 Commercial Street, Provincetown, MA 02657
Adjoined commercial units with harbor views and natural light.
Property Size2,998 SF
Price / SF$550.03
Days on Market983
Property Features for 193 Commercial Street
General Information
Standard status
Active
Size
2,998 SF
Property subtype
Special Purpose
Zoning
TCC
Building Details
Year Built
1899
Listing Agency:
Berkshire Hathaway HomeServices Robert Paul Properties
(774) 538-9445
Listed By:
Max Cliggott-Perlt
Source:
Crexi
Added: Dec 11, 2023
Changed: Aug 14
Last Checked: Aug 14 at 5:57AM
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 Berkshire Hathaway HomeServices Robert Paul Properties
Investment Insights
Based on property information with market context.
These adjoined commercial spaces are located in the heart of town. Currently used as additional exhibit space for a local gallery, the open layout benefits from natural light, fostering creativity and offering versatility for retail or other businesses. Modern aesthetics, an open space, white walls, and track lighting create an inviting atmosphere. Unit A, measuring 955 square feet, faces Commercial Street and features two sets of French doors. Unit B, measuring 495 square feet, is located at the rear of the building and includes a water-facing deck with views of Provincetown Harbor. These units offer a blend of functionality.
Key Highlights
- Spectacular views of Provincetown Harbor from Unit B's water‑facing deck.
- Prime location in the heart of town.
- Two adjoined commercial spaces (955 sq ft & 495 sq ft) offering versatility for retail or other businesses.
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
$61,573
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
3.73%
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%
$1,231,460
$1.2M
Cap Rate 7%
$879,614
$879.6K
Cap Rate 9%
$684,144
$684.1K
Market Conditions
NOI Build-Up for 2,998 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
$89.9K $30.00/SF
− Vacancy
−$2.0K −$0.66/SF
EGI
$88.0K $29.34/SF
− OpEx
−$26.4K −$8.80/SF
NOI
$61.6K $20.54/SF
Area
Barnstable County, MA
Vacancy
2.20%
Lease Rate
$30.00 /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%
$1,231,460
Cap Rate 7%
$879,614
Cap Rate 9%
$684,144
Alternative Uses
Best Use
Retail
$879.6K
$769.7K – $1.03M
NOI $61,573 @ 7.0% cap · market cap 3.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,519 @ 7.0% cap · market cap 5.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,243
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Adjoined commercial units with harbor views and natural light.
Where is this retail space located?
The property is located at 193 Commercial Street Provincetown, MA.
What is the asking price?
The asking price for this property is $1,649,000.
What are key features of this property?
This property features: Spectacular views of Provincetown Harbor from Unit B's water‑facing deck.; Prime location in the heart of town.; Two adjoined commercial spaces (955 sq ft & 495 sq ft) offering versatility for retail or other businesses.
