Waterfront Mixed-Use
For Sale
$11,995,000
Pending
337 Commercial Street, Provincetown, MA 02657
Commercial Sale, Provincetown, MA
Property Size26,590 SF
Lot Size0.46 Acres
Days on Market928
Property Features for 337 Commercial Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
TCC
Parking features
Parking Lot, Off Street
Security features
Security System
Interior features
High Speed Internet
Basement
Full
Lot features
Cleared, Level
View
Harbor
Elementary school district
Provincetown
Middle school district
Provincetown
High school district
Provincetown
Directions
Travel E Rt 6 let Conwell, rat Bradford, let Johnson, rat Commercial. Building is on your left just before Freeman St.
Subdivision
Provincetown
Standard status
Pending
APN
12-1-12-0
Size
26,590 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
35172
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Oil, Electric (Heating), Propane (Heating)
Water source
Public
Water front
1
Amenities
fireplaces
panoramic views
oversized deck
basement storage
Building Details
Year built
1900
Floors in Building
2
Flooring type
Carpet, Vinyl, Wood, Tile
Building materials
Wood Frame, Clapboard, Shingle Siding
Roof type
Membrane, Flat, Asphalt
Listing Agency:
Gibson Sotheby's International Realty
(508) 487-2430
Listed By:
David M Nicolau · License #137203
(508) 237-9535
Added: Mar 3, 2024
Changed: Sep 14
Last Checked: Sep 17 at 3:06AM
MLS# 22400772
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 26,590-square-foot mixed-use property occupies a 0.46-acre waterfront parcel at 337 Commercial Street in Provincetown. The building includes more than 15,000 square feet of first-floor retail space, along with more than 7,000 square feet of combined office, retail, and residential space across the second and third floors. Basement storage extends across the building footprint.
Two residential units are included, each measuring more than 2,400 square feet. One penthouse has two bedrooms, one and one-half baths, two fireplaces, an office, and views toward the bay and Commercial Street. The second is a deed-restricted waterfront two-bedroom, two-bath unit with an oversized deck and panoramic views. The property also provides 141.87 +/- feet of frontage, 18+ parking spaces, public water, public sewer, and phone availability. Built in 1900, the structure features wood-frame construction with clapboard and shingle siding.
Two residential units are included, each measuring more than 2,400 square feet. One penthouse has two bedrooms, one and one-half baths, two fireplaces, an office, and views toward the bay and Commercial Street. The second is a deed-restricted waterfront two-bedroom, two-bath unit with an oversized deck and panoramic views. The property also provides 141.87 +/- feet of frontage, 18+ parking spaces, public water, public sewer, and phone availability. Built in 1900, the structure features wood-frame construction with clapboard and shingle siding.
Key Highlights
- 26,590‑square‑foot mixed‑use property on a 0.46‑acre waterfront parcel
- 141.87 +/- feet of frontage in the TCC Zoning District
- More than 15,000 square feet of first‑floor retail space
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
$559,028
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
4.66%
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%
$11,180,560
$11.2M
Cap Rate 7%
$7,986,114
$8.0M
Cap Rate 9%
$6,211,422
$6.2M
Market Conditions
NOI Build-Up for 26,590 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
$931.7K $35.04/SF
− Vacancy
−$186.3K −$7.01/SF
EGI
$745.4K $28.03/SF
− OpEx
−$186.3K −$7.01/SF
NOI
$559.0K $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%
$11,180,560
Cap Rate 7%
$7,986,114
Cap Rate 9%
$6,211,422
Alternative Uses
Best Use
Office B
$7.99M
$6.99M – $9.32M
NOI $559,028 @ 7.0% cap · market cap 4.66%
Second Best
Retail
$7.80M
$6.83M – $9.10M
NOI $546,105 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$10.84M
$9.48M – $12.64M
NOI $758,491 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,249
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Multi-level commercial building with retail, office, residential, storage, parking, and direct waterfront frontage.
Where is this mixed-use property located?
The property is located at 337 Commercial Street Provincetown, MA.
What is the asking price?
The asking price for this property is $11,995,000.
What are key features of this property?
This property features: 26,590‑square‑foot mixed‑use property on a 0.46‑acre waterfront parcel; 141.87 +/- feet of frontage in the TCC Zoning District; More than 15,000 square feet of first‑floor retail space
