Mixed-Use Waterfront
For Sale
$11,995,000
Pending
337 Commercial Street, Provincetown, MA 02657
COMMERCIAL - Provincetown, MA
Property Size26,590 SF
Lot Size0.46 Acres
Days on Market900
Property Features for 337 Commercial Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
TCC
Parking features
Off Street, Parking Lot
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
Propane (Heating), Oil, Electric (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
Vinyl, Tile, Carpet, Wood
Building materials
Wood Frame, Clapboard, Shingle Siding
Roof type
Flat, Membrane, 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: Aug 4
Last Checked: Aug 20 at 5:06PM
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.
Historic waterfront mixed-use property available for purchase after 70 years of ownership. The building includes over 15,000+/- sq. ft. of retail space on the first floor and over 7,000+/- sq. ft. of combined office, retail, and residential space on the second and third floors. The residential portion consists of two units, each over 2,400 sq. ft. The first penthouse unit offers two bedrooms, 1 1/2 baths, two fireplaces, an office, and panoramic views of the bay and Commercial St. The second penthouse is a waterfront, deed-restricted two-bedroom, two-bath residence with an oversized deck and panoramic views. Basement storage extends throughout the entire footprint of the building.
The parcel includes 141.87+/- feet of frontage and offers 18+ parking spaces available. Construction features include wood frame with clapboard and shingle siding, and a roof system with membrane, flat, and asphalt components. Interior features include high-speed internet, and the property is served by public water and public sewer. Heating includes propane, oil, and electric (heating), with phone available utilities.
Built in 1900, the property is located within the TCC zoning district.
The parcel includes 141.87+/- feet of frontage and offers 18+ parking spaces available. Construction features include wood frame with clapboard and shingle siding, and a roof system with membrane, flat, and asphalt components. Interior features include high-speed internet, and the property is served by public water and public sewer. Heating includes propane, oil, and electric (heating), with phone available utilities.
Built in 1900, the property is located within the TCC zoning district.
Key Highlights
- 141.87+/- feet of frontage on the waterfront
- Over 15,000+/- sq. ft. of first‑floor retail space
- Over 7,000+/- sq. ft. of combined office, retail, and residential space on floors two and three
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
$546,105
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
4.55%
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%
$10,922,100
$10.9M
Cap Rate 7%
$7,801,500
$7.8M
Cap Rate 9%
$6,067,833
$6.1M
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
$797.7K $30.00/SF
− Vacancy
−$17.5K −$0.66/SF
EGI
$780.2K $29.34/SF
− OpEx
−$234.0K −$8.80/SF
NOI
$546.1K $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%
$10,922,100
Cap Rate 7%
$7,801,500
Cap Rate 9%
$6,067,833
Alternative Uses
Best Use
Retail
$7.80M
$6.83M – $9.10M
NOI $546,105 @ 7.0% cap · market cap 4.55%
Second Best
Mixed Use
$5.30M
$4.64M – $6.18M
NOI $370,931 @ 7.0% cap · market cap 3.09%
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
Property Profile
Current Use
Lease Details
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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic waterfront mixed-use building with retail on the first floor and office, retail, and residential space above.
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: 141.87+/- feet of frontage on the waterfront; Over 15,000+/- sq. ft. of first‑floor retail space; Over 7,000+/- sq. ft. of combined office, retail, and residential space on floors two and three
