Street-Level Retail and Storage
For Sale
$2,995,000
251 Commercial Street, Provincetown, MA 02657
COMMERCIAL - Provincetown, MA
Property Size4,598 SF
Lot Size0.08 Acres
Price / SF$651.37
Days on Market220
Property Features for 251 Commercial Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
TCC
Appliances
Water Heater
Directions
Bradford to Ryder to right on Commercial. Property on LHS; SE corner opposite Gosnold Street.
Subdivision
Provincetown
Standard status
Active
APN
PROV M:11-3 P:29
Size
4,598 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
16410
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Flooring type
Vinyl, Wood
Building materials
Wood Frame, Clapboard
Roof type
Asphalt
Listing Agency:
SeasCape Realty, Inc.
(508) 487-6111
Listed By:
Timothy Brown · License #9570723
(508) 468-9338
Added: Jan 24
Changed: Aug 4
Last Checked: Sep 1 at 4:06AM
MLS# 22600233
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 storefront property on Commercial Street offers street-level retail space and a separate storage component designed to support day-to-day operations. The building includes approximately 1,940+/- square feet of high-visibility, street-level retail, paired with approximately 570+/- square feet of well-designed storage. The second floor features eight bedrooms, historically used for staff housing, along with common areas and water views.
The property totals approximately 4,598+/- square feet and opens onto Gosnold Street. It is described as a Provincetown commercial landmark that has been owned by the same family for more than 60 years. The sale is real estate only, with the business not included.
Built in 1900, the structure is wood frame with clapboard siding and an asphalt roof. Utilities include public water and public sewer, and the building has electric heating. A water heater is listed among the appliances.
The property totals approximately 4,598+/- square feet and opens onto Gosnold Street. It is described as a Provincetown commercial landmark that has been owned by the same family for more than 60 years. The sale is real estate only, with the business not included.
Built in 1900, the structure is wood frame with clapboard siding and an asphalt roof. Utilities include public water and public sewer, and the building has electric heating. A water heater is listed among the appliances.
Key Highlights
- Approximately 1,940+/- SF of high‑visibility, street‑level retail
- Approximately 570+/- SF of storage space
- Second floor with eight bedrooms plus common areas and 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
$94,434
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
3.15%
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%
$1,888,680
$1.9M
Cap Rate 7%
$1,349,057
$1.3M
Cap Rate 9%
$1,049,267
$1.0M
Market Conditions
NOI Build-Up for 4,598 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
$137.9K $30.00/SF
− Vacancy
−$3.0K −$0.66/SF
EGI
$134.9K $29.34/SF
− OpEx
−$40.5K −$8.80/SF
NOI
$94.4K $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%
$1,888,680
Cap Rate 7%
$1,349,057
Cap Rate 9%
$1,049,267
Alternative Uses
Best Use
Retail
$1.35M
$1.18M – $1.57M
NOI $94,434 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.64M – $2.19M
NOI $131,160 @ 7.0% cap · market cap 4.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,262
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 02657, MA
3,664
Population
4,778
Households
0.8
Avg Household Size
58
Median Age
61%
College-Educated
96%
High-School Grad
9.7 sq mi
ZIP Area
378
Density / Sq Mi
$104,500
Median Household Income
$54,784
Median Earnings
$1,306
Median Rent
$769,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Street-level retail with dedicated storage, plus second-floor living space with eight bedrooms and shared areas.
Where is this storefront property located?
The property is located at 251 Commercial Street Provincetown, MA.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: Approximately 1,940+/- SF of high‑visibility, street‑level retail; Approximately 570+/- SF of storage space; Second floor with eight bedrooms plus common areas and water views
