Street-Level Retail with Storage and
For Sale
$2,995,000
251 Commercial Street, Provincetown, MA 02657
Street-level retail with dedicated storage, plus second-floor staff housing with common areas and water views.
Property Size4,598 SF
Price / SF$651.37
Days on Market257
Property Features for 251 Commercial Street
General Information
Standard status
Active
Size
4,598 SF
Property subtype
Commercial
Lease Term
[]
Building Details
Year Built
1900
Listing Agency:
SeasCape Realty,Inc.
Listed By:
Timothy Brown
(508) 221-5053
Source:
Beachrealtycapecod
Added: Dec 18, 2025
Changed: Aug 31
Last Checked: Aug 30 at 5:32PM
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 SeasCape Realty,Inc.
Investment Insights
Based on property information with market context.
The building features street-level retail space of 1,940± square feet with an additional 570± square feet of storage. The second floor contains eight bedrooms that have historically been used for staff housing, along with common areas and water views. The property totals 4,598± square feet and is offered as real estate only, business not included, and as-is.
The property is located at 251 Commercial Street in Provincetown and opens onto Gosnold Street, which is described as home to an “ART” sign that leads to the beach.
With its combination of retail frontage and in-building storage, along with residential-style space on the second floor, the layout supports continuing retail use while also offering redevelopment flexibility for buyers who are evaluating the building’s next chapter.
The property is located at 251 Commercial Street in Provincetown and opens onto Gosnold Street, which is described as home to an “ART” sign that leads to the beach.
With its combination of retail frontage and in-building storage, along with residential-style space on the second floor, the layout supports continuing retail use while also offering redevelopment flexibility for buyers who are evaluating the building’s next chapter.
Key Highlights
- Prominent Commercial Street retail location with 1,940± SF of high‑visibility, street‑level space
- Includes 570± SF dedicated storage space—an uncommon pairing for the area
- Second floor features eight bedrooms, historically used for staff housing, plus common areas
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 staff housing with common areas and water views.
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: Prominent Commercial Street retail location with 1,940± SF of high‑visibility, street‑level space; Includes 570± SF dedicated storage space—an uncommon pairing for the area; Second floor features eight bedrooms, historically used for staff housing, plus common areas
