Mixed-Use Retail and Apartment
For Sale
$1,150,000
21 S Orleans Road, Orleans, MA 02653
Stately mixed-use building with street-level retail, offices, and upstairs apartments with water views.
Property Size4,416 SF
Price / SF$260.42
Days on Market81
Property Features for 21 S Orleans Road
General Information
Standard status
Active
Size
4,416 SF
Zoning
LB
Taxes and HOA fees
Annual Taxes
$7,994
Building Details
Building Size
4,416 SF
Year Built
1840
Stories
3
Listing Agency:
Kinlin Grover Compass
Listed By:
Tracey E Oringer · License #9554775
(508) 292-9775
Source:
Laerrealty
Added: Jul 7
Changed: Sep 24
Last Checked: Sep 24 at 7:47AM
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 Kinlin Grover Compass
Investment Insights
Based on property information with market context.
This stately mixed-use building combines street-level retail space with office and break room areas, along with two upstairs apartments. The retail entry is at street level and the property includes ample parking with 15 spaces. A walk-out lower level adds approximately 600 square feet that can be used for office space or storage. The upstairs apartments consist of one 2-bedroom unit and one 1-bedroom unit, and both are described as having water views.
The building is positioned for visibility along busy Route 28 at the front, with Town Cove referenced at the rear. Retail is oriented toward Route 28, while the apartments are described as looking out toward the water.
Designed for owner-occupants and investors seeking flexible income and use, the property supports multiple operational scenarios: retail and associated office use at the front and street level, residential leasing from the upper units, and additional space for office or storage in the walk-out lower level. The sale is for the land and building only, with no business included.
The building is positioned for visibility along busy Route 28 at the front, with Town Cove referenced at the rear. Retail is oriented toward Route 28, while the apartments are described as looking out toward the water.
Designed for owner-occupants and investors seeking flexible income and use, the property supports multiple operational scenarios: retail and associated office use at the front and street level, residential leasing from the upper units, and additional space for office or storage in the walk-out lower level. The sale is for the land and building only, with no business included.
Key Highlights
- 1840‑built stately mixed‑use building in town with street‑level retail and upstairs apartments
- Front retail overlooks busy Route 28; includes street‑level entry and parking for 15 vehicles
- Upstairs apartments include one 2‑bedroom and one 1‑bedroom unit, both with water views
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
$98,439
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
8.56%
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%
$1,968,780
$2.0M
Cap Rate 7%
$1,406,271
$1.4M
Cap Rate 9%
$1,093,767
$1.1M
Market Conditions
NOI Build-Up for 4,416 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
$145.7K $33.00/SF
− Vacancy
−$5.1K −$1.16/SF
EGI
$140.6K $31.85/SF
− OpEx
−$42.2K −$9.55/SF
NOI
$98.4K $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%
$1,968,780
Cap Rate 7%
$1,406,271
Cap Rate 9%
$1,093,767
Alternative Uses
Best Use
Multifamily LT 5
$1.41M
$1.23M – $1.64M
NOI $98,439 @ 7.0% cap · market cap 8.56%
Second Best
Office B
$1.33M
$1.16M – $1.55M
NOI $92,842 @ 7.0% cap · market cap 8.07%
Theoretical Best
Office A
$1.80M
$1.57M – $2.10M
NOI $125,968 @ 7.0% cap · market cap 10.95%
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
743
Businesses Nearby
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Business Placement
Demographics for 02653, MA
6,307
Population
5,685
Households
1.1
Avg Household Size
63
Median Age
59%
College-Educated
99%
High-School Grad
12.1 sq mi
ZIP Area
521
Density / Sq Mi
$98,798
Median Household Income
$45,853
Median Earnings
$1,181
Median Rent
$816,700
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Stately mixed-use building with street-level retail, offices, and upstairs apartments with water views.
Where is this duplex located?
The property is located at 21 S Orleans Road Orleans, 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: 1840‑built stately mixed‑use building in town with street‑level retail and upstairs apartments; Front retail overlooks busy Route 28; includes street‑level entry and parking for 15 vehicles; Upstairs apartments include one 2‑bedroom and one 1‑bedroom unit, both with water views
