Multi-Family Property with Seven
For Sale
$1,900,000
Pending
212 Main Street, Orleans, MA 02653
COMMERCIAL - Orleans, MA
Property Size4,887 SF
Lot Size1.79 Acres
Days on Market578
Property Features for 212 Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
RB
Parking features
Driveway, Parking Lot, Paved or Surfaced
Basement
Full
Lot features
Level
Elementary school district
Nauset
Middle school district
Nauset
High school district
Nauset
Directions
Main Street, Orleans towards Nauset Beach, all three properties are on the left, just prior to the Beach Road/Barley Neck Road split. Sold as a lease to own, closing is in 2028.
Subdivision
Orleans
Standard status
Pending
APN
35-70-0
Size
4,887 SF
Lot size
1.79 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2783
Utilities
Heating system
Electric (Heating)
Water source
Public
Building Details
Year built
1974
Floors in Building
1
Flooring type
Tile, Wood
Listing Agency:
Gibson Sotheby's International Realty
(508) 255-6000
Listed By:
Whitaker Group Cape Cod
(508) 237-8038
Added: Jan 11, 2025
Changed: Aug 4
Last Checked: Aug 12 at 8:06AM
MLS# 22500108
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 for-sale multi-family property includes a main building currently divided into seven apartments. The site comprises three parcels at 212, 214, and 216 Main Street, and any plans to maintain or change the apartments will require town approval.
The property has previously been operated in connection with Kadee’s Lobster & Clam Bar, a fish market, a gift shop, and the Apple Grove Mini Golf. Town sewer is at the street and is expected to be ready for tie-in by January 2026. On-site parking is available.
Seller is open to buyer concessions. Please reference residential listing MLS#22500109 that complements this listing.
The property has previously been operated in connection with Kadee’s Lobster & Clam Bar, a fish market, a gift shop, and the Apple Grove Mini Golf. Town sewer is at the street and is expected to be ready for tie-in by January 2026. On-site parking is available.
Seller is open to buyer concessions. Please reference residential listing MLS#22500109 that complements this listing.
Key Highlights
- 1.79‑acre property across three parcels: 212, 214, and 216 Main Street (East Orleans)
- Main building divided into seven apartments
- Town sewer is at the street and is expected to be ready for tie‑in by January 2026
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
$97,927
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
5.15%
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%
$1,958,540
$2.0M
Cap Rate 7%
$1,398,957
$1.4M
Cap Rate 9%
$1,088,078
$1.1M
Market Conditions
NOI Build-Up for 4,887 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
$183.6K $37.56/SF
− Vacancy
−$5.5K −$1.13/SF
EGI
$178.0K $36.43/SF
− OpEx
−$80.1K −$16.39/SF
NOI
$97.9K $20.04/SF
Area
Barnstable County, MA
Vacancy
3.00%
Lease Rate
$37.56 /SF/Yr
Expense Ratio
45.00%
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%
$1,958,540
Cap Rate 7%
$1,398,957
Cap Rate 9%
$1,088,078
Alternative Uses
Best Use
Apartment 5plus
$1.40M
$1.22M – $1.63M
NOI $97,927 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $139,404 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
106
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?
Apartment building - Main building has seven apartments across three parcels; town sewer at the street expected to be ready for tie-in by Jan 2026.
Where is this apartment building located?
The property is located at 212 Main Street Orleans, MA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 1.79‑acre property across three parcels: 212, 214, and 216 Main Street (East Orleans); Main building divided into seven apartments; Town sewer is at the street and is expected to be ready for tie‑in by January 2026
