Retail Building with Apartment
For Sale
$5,250,000
Pending
199 Main Street, Falmouth, MA 02540
COMMERCIAL - Falmouth, MA
Property Size11,114 SF
Lot Size0.28 Acres
Days on Market101
Property Features for 199 Main Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
B1
Basement
Full
Appliances
Water Heater
Elementary school district
Falmouth
Middle school district
Falmouth
High school district
Falmouth
Directions
Main Street Falmouth downtown; Route 28 to Main Street, property in center of shopping district.
Subdivision
Falmouth
Standard status
Pending
APN
FALM 47A S:08 P:012 L:001
Size
11,114 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
11005
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
full basements
Building Details
Year built
1980
Floors in Building
2
Flooring type
Hardwood
Building materials
Shingle Siding
Roof type
Asphalt, Flat
Listing Agency:
Premier Commercial
(508) 815-5700
Listed By:
Mike Valentine
(508) 958-6927
Added: May 13
Changed: Aug 4
Last Checked: Aug 21 at 12:06AM
MLS# 22602383
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 mixed-use retail building includes approximately 9,600 sq. ft. of retail and commercial space with a renovated 1,500 sq. ft. 3BR/2BA apartment above. The building is comprised of three commercial spaces totaling approximately 1,600 sq. ft., 4,500 sq. ft., and 3,500 sq. ft., and each unit includes a full basement for additional storage and utility space not included in the stated square footage.
The property sits directly on Main Street and is designed for straightforward customer and tenant access, with five to six dedicated parking spaces plus abundant street parking. A municipal parking lot is located one block away. Built in 1980 with shingle siding, flat and asphalt roofing, hardwood flooring, and central air, the building is served by public water and public sewer. Heating is natural gas forced air.
On-site systems and layout support multiple tenant configurations in the retail portion while retaining a separate apartment above.
The property sits directly on Main Street and is designed for straightforward customer and tenant access, with five to six dedicated parking spaces plus abundant street parking. A municipal parking lot is located one block away. Built in 1980 with shingle siding, flat and asphalt roofing, hardwood flooring, and central air, the building is served by public water and public sewer. Heating is natural gas forced air.
On-site systems and layout support multiple tenant configurations in the retail portion while retaining a separate apartment above.
Key Highlights
- Approximately 9,600 sq. ft. of retail/commercial space with a renovated 1,500 sq. ft. 3BR/2BA apartment above
- Three commercial spaces: approximately 1,600 sq. ft., 4,500 sq. ft., and 3,500 sq. ft.
- Full basements in each commercial space for storage and utility space not included in SF
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
$228,259
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
4.35%
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%
$4,565,180
$4.6M
Cap Rate 7%
$3,260,843
$3.3M
Cap Rate 9%
$2,536,211
$2.5M
Market Conditions
NOI Build-Up for 11,114 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
$333.4K $30.00/SF
− Vacancy
−$7.3K −$0.66/SF
EGI
$326.1K $29.34/SF
− OpEx
−$97.8K −$8.80/SF
NOI
$228.3K $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%
$4,565,180
Cap Rate 7%
$3,260,843
Cap Rate 9%
$2,536,211
Alternative Uses
Best Use
Retail
$3.26M
$2.85M – $3.80M
NOI $228,259 @ 7.0% cap · market cap 4.35%
Second Best
Mixed Use
$2.21M
$1.94M – $2.58M
NOI $155,040 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$4.53M
$3.96M – $5.28M
NOI $317,032 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
827
Businesses Nearby
Explore this area
Business Placement
Demographics for 02540, MA
8,450
Population
6,200
Households
1.4
Avg Household Size
61
Median Age
59%
College-Educated
94%
High-School Grad
11.0 sq mi
ZIP Area
768
Density / Sq Mi
$88,266
Median Household Income
$52,243
Median Earnings
$1,328
Median Rent
$756,300
Median Home Value
Market
Vacancy Rate% for Retail 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?
Retail space - Downtown Main Street retail plus a renovated 3BR/2BA apartment above, with central air, natural gas heat, and dedicated parking.
Where is this retail space located?
The property is located at 199 Main Street Falmouth, MA.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: Approximately 9,600 sq. ft. of retail/commercial space with a renovated 1,500 sq. ft. 3BR/2BA apartment above; Three commercial spaces: approximately 1,600 sq. ft., 4,500 sq. ft., and 3,500 sq. ft.; Full basements in each commercial space for storage and utility space not included in SF
