Mixed-Use Retail and Apartments
For Sale
$1,350,000
21 S Orleans Rd Orleans, Orleans, MA 02653
Landmark mixed-use building combines storefront retail frontage with upstairs apartments and flexible lower-level office or storage.
Property Size4,416 SF
Price / SF$305.71
Days on Market81
Property Features for 21 S Orleans Rd Orleans
General Information
Standard status
Active
Size
4,416 SF
Total Parking Spaces
15
Zoning
LB
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,994
Building Details
Building Size
4,416 SF
Year Built
1840
Listing Agency:
Kinlin Grover Compass
(508) 501-1443
Listed By:
Derek DaRosa
(508) 501-1443
Source:
Milestonerealtyinc
Added: Jun 3
Changed: Aug 18
Last Checked: Aug 21 at 4:01AM
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 is offered for sale as land and building only, not as a business. The property includes prime retail space entered at street level with office and break room areas, plus two upstairs apartments consisting of one 2-bedroom unit and one 1-bedroom unit, both described as having water views. A walk-out lower level adds approximately 600 square feet that can serve as office or storage, giving the property multiple operating options within the same footprint.
The retail portion overlooks Route 28 at the front, and the rear is described as Pretty Town Cove. The front includes ample parking for approximately 15 spaces, supporting convenient customer and tenant access.
For tenants, buyers, or operators seeking a combined residential and commercial setup, the configuration supports running a ground-floor retail use alongside rental housing above, while the walk-out lower level can be used for additional workspace or storage. The existing layout provides separate functional areas for retail, office/break space, apartment living, and lower-level flexibility.
The retail portion overlooks Route 28 at the front, and the rear is described as Pretty Town Cove. The front includes ample parking for approximately 15 spaces, supporting convenient customer and tenant access.
For tenants, buyers, or operators seeking a combined residential and commercial setup, the configuration supports running a ground-floor retail use alongside rental housing above, while the walk-out lower level can be used for additional workspace or storage. The existing layout provides separate functional areas for retail, office/break space, apartment living, and lower-level flexibility.
Key Highlights
- 1840 Orleans landmark mixed‑use building with storefront retail plus 2 upstairs apartments
- Retail overlooks busy Route 28 with street‑level entry and includes office and break room areas
- 15‑space parking lot for the retail storefront
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
7.29%
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 7.29%
Second Best
Retail
$1.30M
$1.13M – $1.51M
NOI $90,696 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$1.80M
$1.57M – $2.10M
NOI $125,968 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
743
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Landmark mixed-use building combines storefront retail frontage with upstairs apartments and flexible lower-level office or storage.
Where is this mixed-use property located?
The property is located at 21 S Orleans Rd Orleans Orleans, MA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 1840 Orleans landmark mixed‑use building with storefront retail plus 2 upstairs apartments; Retail overlooks busy Route 28 with street‑level entry and includes office and break room areas; 15‑space parking lot for the retail storefront
