Multi-Use Property with Two
For Sale
$1,650,000
231 Crowell Road Chatham, Chatham, MA 02633
Two-building commercial property with multi-use space and potential.
Property Size2,586 SF
Price / SF$638.05
Days on Market105
Property Features for 231 Crowell Road Chatham
General Information
Standard status
Active
Size
2,586 SF
Zoning
GB3
Taxes and HOA fees
Annual Taxes
$2,333
Building Details
Building Size
2,586 SF
Year Built
1995
Buildings
2
Stories
1
Listing Agency:
(508) 501-1443
Listed By:
Jadaiya Stanley
(508) 501-1443
Source:
Milestonerealtyinc
Added: May 16
Changed: Aug 25
Last Checked: Aug 28 at 7:02AM
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 Jadaiya Stanley
Investment Insights
Based on property information with market context.
This commercial, multi-use property features two buildings and is zoned GB3. The first building, constructed in 1995, offers 948 square feet of space, including a multi-use area, an office, and a full bath. It is equipped with a Viessman heating and hot water system, and it has a full basement that is ready to be finished. The second building, built in 2003, provides 1,638 square feet of space with 2 bays and a carport. One bay includes a gas heater, and the second floor is ready to be finished. The property offers various possibilities, as outlined in the attached documents, including the GB3 standard permitted uses section 3.4 and Appendix 1 'Schedule of Use Regulations', floor plans, and septic site plan. Previously used as a builder's workshop and warehouse for storing automobiles, boats, and vintage motorcycles, the property includes owned solar panels.
Key Highlights
- Two buildings on one property: 948 sf (built 1995) and 1,638 sf (built 2003).
- Zoned GB3, offering versatile commercial and multi‑use possibilities (see attached documents).
- First building features multi‑use space, office, full bath, and Viessman heating/hot water.
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
$54,368
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
3.30%
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%
$1,087,360
$1.1M
Cap Rate 7%
$776,686
$776.7K
Cap Rate 9%
$604,089
$604.1K
Market Conditions
NOI Build-Up for 2,586 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
$90.6K $35.04/SF
− Vacancy
−$18.1K −$7.01/SF
EGI
$72.5K $28.03/SF
− OpEx
−$18.1K −$7.01/SF
NOI
$54.4K $21.02/SF
Area
Barnstable County, MA
Vacancy
20.00%
Lease Rate
$35.04 /SF/Yr
Expense Ratio
25.00%
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%
$1,087,360
Cap Rate 7%
$776,686
Cap Rate 9%
$604,089
Alternative Uses
Best Use
Office B
$776.7K
$679.6K – $906.1K
NOI $54,368 @ 7.0% cap · market cap 3.30%
Second Best
Retail
$758.7K
$663.9K – $885.2K
NOI $53,111 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$1.05M
$922.1K – $1.23M
NOI $73,767 @ 7.0% cap · market cap 4.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
400
Businesses Nearby
Explore this area
Business Placement
Demographics for 02633, MA
4,664
Population
5,425
Households
0.9
Avg Household Size
62
Median Age
65%
College-Educated
99%
High-School Grad
8.6 sq mi
ZIP Area
542
Density / Sq Mi
$94,036
Median Household Income
$50,038
Median Earnings
$1,005
Median Rent
$881,400
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-building commercial property with multi-use space and potential.
Where is this mixed-use property located?
The property is located at 231 Crowell Road Chatham Chatham, MA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Two buildings on one property: **948 sf (built 1995) and 1,638 sf (built 2003)**.; Zoned GB3, offering versatile commercial and multi‑use possibilities (see attached documents).; First building features multi‑use space, office, full bath, and Viessman heating/hot water.
