Antique Triplex Residence with Private
For Sale
$779,000
37 D Court Street, Provincetown, MA 02657
MULTI_FAMILY - Provincetown, MA
Property Size1,362 SF
Lot Size0.11 Acres
Price / SF$571.95
Days on Market447
Property Features for 37 D Court Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R3
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 3
Parking
3
Exterior features
Private Yard
Appliances
Water Heater
Directions
Bradford Street west, right on Court, home is on right hand side at the end of the private road. Next to Cape Cod Excavating
Subdivision
Provincetown
Standard status
Active
APN
7-4-41-0
Size
1,362 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6829
Utilities
Sewer type
Public Sewer
Heating system
Propane (Heating)
Water source
Public
Building Details
Year built
1880
Floors in Building
1
Building materials
Clapboard, Shingle Siding
Roof type
Asphalt
Listing Agency:
Gibson Sotheby's International Realty
(508) 487-2430
Listed By:
Iskren ''Isi'' Georgiev · License #9539169
(774) 212-5532
Added: May 31, 2025
Changed: Aug 3
Last Checked: Aug 20 at 11:06PM
MLS# 22502668
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.
Antique three-family (triplex) residence built in 1880 offering two studio apartments on the first floor and a spacious one-bedroom unit on the second floor with an attic and a bonus room. The property is 1,362 square feet, sits on a level lot with abundant natural light, and includes a private yard. Construction materials include clapboard and shingle siding, with an asphalt roof and propane heating. Public water and public sewer serve the property.
The home is located at 37 D Court Street in Provincetown, MA, in Barnstable County. The listing notes the opportunity for development or reconfiguration, and that betterment has been paid in full.
The current configuration supports multiple unit living, while the layout also lends itself to redesign planning, including the option referenced for a fully reimagined over 2,000-square-foot three-family residence.
The home is located at 37 D Court Street in Provincetown, MA, in Barnstable County. The listing notes the opportunity for development or reconfiguration, and that betterment has been paid in full.
The current configuration supports multiple unit living, while the layout also lends itself to redesign planning, including the option referenced for a fully reimagined over 2,000-square-foot three-family residence.
Key Highlights
- Antique three‑family (triplex) residence built in 1880
- Two studio apartments on the first floor plus a one‑bedroom unit with attic and bonus room on the second floor
- 1,362 SF three‑family home on a level 0.11‑acre lot
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
$30,361
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
3.90%
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%
$607,220
$607.2K
Cap Rate 7%
$433,729
$433.7K
Cap Rate 9%
$337,344
$337.3K
Market Conditions
NOI Build-Up for 1,362 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
$44.9K $33.00/SF
− Vacancy
−$1.6K −$1.16/SF
EGI
$43.4K $31.85/SF
− OpEx
−$13.0K −$9.55/SF
NOI
$30.4K $22.29/SF
Area
Barnstable County, MA
Vacancy
3.50%
Lease Rate
$33.00 /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%
$607,220
Cap Rate 7%
$433,729
Cap Rate 9%
$337,344
Alternative Uses
Best Use
Multifamily LT 5
$433.7K
$379.5K – $506.0K
NOI $30,361 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$389.9K
$341.2K – $454.9K
NOI $27,292 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$555.0K
$485.7K – $647.5K
NOI $38,852 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,192
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 Multifamily 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?
Triplex - Antique three-family home on a level 0.11-acre lot with private yard, public water and sewer, and propane heat.
Where is this triplex located?
The property is located at 37 D Court Street Provincetown, MA.
What is the asking price?
The asking price for this property is $779,000.
What are key features of this property?
This property features: Antique three‑family (triplex) residence built in 1880; Two studio apartments on the first floor plus a one‑bedroom unit with attic and bonus room on the second floor; 1,362 SF three‑family home on a level 0.11‑acre lot
