Three-Level Mixed-Use
For Sale
$595,000
346 Gifford Street #1-6, Falmouth, MA 02540
Free-standing downtown Falmouth mixed-use building with six condo units and existing occupancy in half the units.
Property Size2,947 SF
Price / SF$201.90
Days on Market211
Property Features for 346 Gifford Street #1-6
General Information
Standard status
Active
Size
2,947 SF
Property subtype
Commercial
Occupancy
67%
Additional Details
Utilities to Site
Yes
Office Units
6
Taxes and HOA fees
Annual Taxes
$4,495
Amenities
Shingle Roof
Building Details
Year Built
1974
Stories
3
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices Robert Paul Properties
(508) 540-9800
Listed By:
O'Neill Group
Source:
Corcoran
Added: Jan 12
Changed: Aug 10
Last Checked: Aug 11 at 7:39AM
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 Berkshire Hathaway HomeServices Robert Paul Properties
Investment Insights
Based on property information with market context.
This free-standing mixed-use property is arranged as six condo units across three levels, with two units per level. Four of the six units are currently occupied, creating existing cash flow for an investor or rental component for an owner-user. The building is approximately 2,947 square feet and is described as allowing a variety of uses, including residential, retail sales, and business or professional offices. Utilities serving the property include private septic, Town water, and natural gas.
Situated in the heart of downtown Falmouth, the property is just minutes from Falmouth Hospital. It is part of a well-established condominium association, which should be considered by buyers evaluating operating and ownership structure.
With a unitized configuration and flexibility for residential, retail, or professional office uses, this building can suit multiple tenant or owner-occupant scenarios. Buyers seeking an investment can take into account that four units are currently occupied, while owner-users may value the ability to allocate space based on business and operational needs. The provided utility setup supports everyday use across the allowable categories of occupancy.
Situated in the heart of downtown Falmouth, the property is just minutes from Falmouth Hospital. It is part of a well-established condominium association, which should be considered by buyers evaluating operating and ownership structure.
With a unitized configuration and flexibility for residential, retail, or professional office uses, this building can suit multiple tenant or owner-occupant scenarios. Buyers seeking an investment can take into account that four units are currently occupied, while owner-users may value the ability to allocate space based on business and operational needs. The provided utility setup supports everyday use across the allowable categories of occupancy.
Key Highlights
- Mixed‑use, free‑standing downtown Falmouth building built in 1974 with 6 condo units
- 3 levels with two units per level; four of the six units are currently occupied
- Building totals approximately 2,947 SF and supports residential, retail sales, and business/professional office uses
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
$41,111
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
6.91%
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%
$822,220
$822.2K
Cap Rate 7%
$587,300
$587.3K
Cap Rate 9%
$456,789
$456.8K
Market Conditions
NOI Build-Up for 2,947 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
$70.7K $24.00/SF
− Vacancy
−$5.0K −$1.68/SF
EGI
$65.8K $22.32/SF
− OpEx
−$24.7K −$8.37/SF
NOI
$41.1K $13.95/SF
Area
Barnstable County, MA
Vacancy
7.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$822,220
Cap Rate 7%
$587,300
Cap Rate 9%
$456,789
Alternative Uses
Best Use
Office B
$885.1K
$774.5K – $1.03M
NOI $61,958 @ 7.0% cap · market cap 10.41%
Second Best
Apartment 5plus
$843.6K
$738.2K – $984.2K
NOI $59,053 @ 7.0% cap · market cap 9.92%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,064 @ 7.0% cap · market cap 14.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Office units
66.7%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
43
Businesses Nearby
Explore this area
Business Placement
Demographics for 02540, MA
8,450
Population
6,200
Households
1.4
Avg Household Size
61
Median Age
59%
College-Educated
94%
High-School Grad
11.0 sq mi
ZIP Area
768
Density / Sq Mi
$88,266
Median Household Income
$52,243
Median Earnings
$1,328
Median Rent
$756,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Free-standing downtown Falmouth mixed-use building with six condo units and existing occupancy in half the units.
Where is this apartment building located?
The property is located at 346 Gifford Street #1-6 Falmouth, MA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Mixed‑use, free‑standing downtown Falmouth building built in 1974 with 6 condo units; 3 levels with two units per level; four of the six units are currently occupied; Building totals approximately 2,947 SF and supports residential, retail sales, and business/professional office uses
