Waterfront Mixed-Use
For Sale
$11,995,000
Pending
337 Commercial Street Provincetown, Provincetown, MA 02657
Multi-story property with first-floor retail and upper-level offices, retail, and two residential units, plus basement storage and parking.
Property Size26,590 SF
Days on Market48
Property Features for 337 Commercial Street Provincetown
General Information
Standard status
Pending
Size
26,590 SF
Total Parking Spaces
18
Zoning
TCC
Additional Details
Road Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$35,172
Building Details
Building Size
26,590 SF
Year Built
1900
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
(508) 501-1443
Listed By:
Scott Nagy
(508) 501-1443
Source:
Milestonerealtyinc
Added: Jul 9
Changed: Aug 25
Last Checked: Aug 25 at 6:47AM
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 Scott Nagy
Investment Insights
Based on property information with market context.
This waterfront mixed-use building is available for purchase following 70 years of ownership. The property includes over 15,000 square feet of retail space on the first floor and more than 7,000 square feet of combined office, retail, and residential space across the second and third floors. The residential portion consists of two units, each over 2,400 square feet, including two penthouse units with panoramic views of the bay. One penthouse features two bedrooms, one and one-half baths, two fireplaces, an office, and views on two sides. The second penthouse offers a waterfront, deed-restricted two-bedroom, two-bath layout with an oversized deck. Basement storage extends throughout the building’s footprint.
The parcel offers 141.87+/- feet of frontage and is located at 337 Commercial Street.
Additional on-site convenience includes 18+ parking spaces, and the seller welcomes offers with requests for buyer concessions.
The parcel offers 141.87+/- feet of frontage and is located at 337 Commercial Street.
Additional on-site convenience includes 18+ parking spaces, and the seller welcomes offers with requests for buyer concessions.
Key Highlights
- Waterfront multi‑use property built in 1900 with 141.87+/- ft of frontage in the TCC Zoning District
- Over 15,000+/- sq. ft. of first‑floor retail space plus over 7,000+/- sq. ft. across second and third floors (office, retail, and residential)
- Two residential units on the upper floors: each over 2,400 sq. ft., including penthouse‑style layouts
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
2
Residential units
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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Multi-story property with first-floor retail and upper-level offices, retail, and two residential units, plus basement storage and parking.
Where is this mixed-use property located?
The property is located at 337 Commercial Street Provincetown 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: Waterfront multi‑use property built in 1900 with 141.87+/- ft of frontage in the TCC Zoning District; Over 15,000+/- sq. ft. of first‑floor retail space plus over 7,000+/- sq. ft. across second and third floors (office, retail, and residential); Two residential units on the upper floors: each over 2,400 sq. ft., including penthouse‑style layouts
