Historic Gallery and Boutique
For Sale
$1,150,000
20 Bank Street, Wellfleet, MA 02667
Mixed commercial and residential zoning supports a boutique storefront, gallery, or small residence conversion.
Property Size3,119 SF
Price / SF$368.71
Days on Market519
Property Features for 20 Bank Street
General Information
Standard status
Active
Size
3,119 SF
Property subtype
Commercial
Zoning
commercial and residential
Building Details
Year Built
1945
Listing Agency:
Gibson Sotheby's International Realty
Listed By:
Dawn Lee
(508) 896-5000
Source:
Landvest
Added: Apr 17, 2025
Changed: Sep 15
Last Checked: Sep 16 at 8:06PM
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 Gibson Sotheby's International Realty
Investment Insights
Based on property information with market context.
This distinctive property is currently operated as the Blue Heron Gallery. The building combines older cottage elements with later gallery integration, reflecting roots dating to 1946 and relocation/connection to the existing gallery in the 1970s. Its layout and visibility are suited to creative and retail-style uses, with access to outdoor gardens that extend the experience beyond the interior. The property has been thoughtfully maintained, including a newer roof, updated windows, Azek trim, and refreshed landscaping.
Located just off Main Street in Wellfleet, the building is positioned moments from the village center and its established mix of restaurants, galleries, and shops. The surrounding area also includes well-known local dining options, including oysters.
With zoning that allows both commercial and residential use, the property offers flexibility for different operating concepts. A tenant or buyer could continue using the space as a gallery or adapt it as a boutique storefront, taking advantage of the existing configuration and street-facing visibility. For residential conversion considerations, the zoning supports the potential for up to two bedrooms, allowing the building to serve as a reimagined residence in addition to—or separate from—commercial use.
Located just off Main Street in Wellfleet, the building is positioned moments from the village center and its established mix of restaurants, galleries, and shops. The surrounding area also includes well-known local dining options, including oysters.
With zoning that allows both commercial and residential use, the property offers flexibility for different operating concepts. A tenant or buyer could continue using the space as a gallery or adapt it as a boutique storefront, taking advantage of the existing configuration and street-facing visibility. For residential conversion considerations, the zoning supports the potential for up to two bedrooms, allowing the building to serve as a reimagined residence in addition to—or separate from—commercial use.
Key Highlights
- Mixed commercial and residential zoning allows multiple use options, including boutique storefront, gallery, or a small residence conversion
- Currently operated exclusively as a gallery, with a layout and visibility suited for gallery or retail‑style space
- Recent improvements include a newer roof, updated windows, Azek trim, and refreshed landscaping
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
$64,058
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
5.57%
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%
$1,281,160
$1.3M
Cap Rate 7%
$915,114
$915.1K
Cap Rate 9%
$711,756
$711.8K
Market Conditions
NOI Build-Up for 3,119 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
$93.6K $30.00/SF
− Vacancy
−$2.1K −$0.66/SF
EGI
$91.5K $29.34/SF
− OpEx
−$27.5K −$8.80/SF
NOI
$64.1K $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%
$1,281,160
Cap Rate 7%
$915,114
Cap Rate 9%
$711,756
Alternative Uses
Best Use
Retail
$915.1K
$800.7K – $1.07M
NOI $64,058 @ 7.0% cap · market cap 5.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,971 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
286
Businesses Nearby
Explore this area
Business Placement
Demographics for 02667, MA
3,309
Population
4,139
Households
0.8
Avg Household Size
60
Median Age
56%
College-Educated
99%
High-School Grad
16.9 sq mi
ZIP Area
196
Density / Sq Mi
$115,469
Median Household Income
$48,186
Median Earnings
$1,200
Median Rent
$760,000
Median Home Value
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Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Retail space - Mixed commercial and residential zoning supports a boutique storefront, gallery, or small residence conversion.
Where is this retail space located?
The property is located at 20 Bank Street Wellfleet, MA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Mixed commercial and residential zoning allows multiple use options, including boutique storefront, gallery, or a small residence conversion; Currently operated exclusively as a gallery, with a layout and visibility suited for gallery or retail‑style space; Recent improvements include a newer roof, updated windows, Azek trim, and refreshed landscaping
