Two-Residence Multifamily
For Sale
$1,995,000
343 Tonset Road, Orleans, MA 02653
Multi-Family, Orleans, MA
Property Size4,626 SF
Lot Size2.30 Acres
Price / SF$431.26
Days on Market45
Property Features for 343 Tonset Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R
Bedrooms
6
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 4, Bedroom 5, Bedroom 6, Bathroom 1, Bathroom 3, Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 2, Bathroom 4
Parking
6
Parking features
Off Street
Exterior features
Private Yard
Fireplace
1
Lot features
Level, Wooded
Elementary school district
Nauset
Middle school district
Nauset
High school district
Nauset
Directions
Main to Tonset almost to end on right
Subdivision
Orleans
Standard status
Active
APN
ORLE M:0005 B:0000 L:0079-0
Size
4,626 SF
Lot size
2.30 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10843
Utilities
Sewer type
Septic Tank
Heating system
Forced Air, Oil
Water source
Public
Building Details
Year built
1973
Floors in Building
1
Flooring type
Carpet, Vinyl, Laminate
Building materials
Shingle Siding
Roof type
Asphalt
Listing Agency:
LuxRECapeCod, Inc.
(774) 207-0123
Listed By:
LUXRECapeCod Luxrecapecod
(774) 316-2604
Added: Aug 4
Changed: Sep 15
Last Checked: Sep 16 at 11:06PM
MLS# 22603755
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.
Located at 343 Tonset Road in Orleans, this multifamily property comprises two separate residences on 2.3 acres. The primary home offers nearly 3,500 square feet of single-level living with 8 rooms, 3 bedrooms, 2.5 baths, and an 868-square-foot two-car garage. A second residence adds 1,133 square feet with 3 bedrooms and 2 baths. The property also includes a detached one-car barn, private yard, off-street parking, a fireplace, shingle siding, asphalt roofing, oil-fired forced-air heat, public water, and a septic tank. The second home was built in 1812 and retains historic character associated with its Cape Cod setting.
Key Highlights
- Two residences on 2.3 acres in Orleans
- Primary residence offers nearly 3,500 square feet, 8 rooms, 3 bedrooms, and 2.5 baths
- 868‑square‑foot two‑car garage attached to the main residence
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
$92,697
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
4.65%
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%
$1,853,940
$1.9M
Cap Rate 7%
$1,324,243
$1.3M
Cap Rate 9%
$1,029,967
$1.0M
Market Conditions
NOI Build-Up for 4,626 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
$173.8K $37.56/SF
− Vacancy
−$5.2K −$1.13/SF
EGI
$168.5K $36.43/SF
− OpEx
−$75.8K −$16.39/SF
NOI
$92.7K $20.04/SF
Area
Barnstable County, MA
Vacancy
3.00%
Lease Rate
$37.56 /SF/Yr
Expense Ratio
45.00%
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%
$1,853,940
Cap Rate 7%
$1,324,243
Cap Rate 9%
$1,029,967
Alternative Uses
Best Use
Apartment 5plus
$1.32M
$1.16M – $1.54M
NOI $92,697 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $131,959 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Explore this area
Business Placement
Demographics for 02653, MA
6,307
Population
5,685
Households
1.1
Avg Household Size
63
Median Age
59%
College-Educated
99%
High-School Grad
12.1 sq mi
ZIP Area
521
Density / Sq Mi
$98,798
Median Household Income
$45,853
Median Earnings
$1,181
Median Rent
$816,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two separate residences and a detached barn provide distinct living and storage components within one multifamily property.
Where is this multifamily property located?
The property is located at 343 Tonset Road Orleans, MA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Two residences on 2.3 acres in Orleans; Primary residence offers nearly 3,500 square feet, 8 rooms, 3 bedrooms, and 2.5 baths; 868‑square‑foot two‑car garage attached to the main residence
