Multi-Unit Residential
For Sale
$2,499,000
Pending
37 Pearl Street, Provincetown, MA 02657
MULTI_FAMILY - Provincetown, MA
Property Size3,174 SF
Lot Size0.24 Acres
Days on Market287
Property Features for 37 Pearl Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
RES3
Bedrooms
9
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 1, Bedroom 9, Bathroom 4, Bedroom 3, Bedroom 4, Bathroom 2, Bathroom 5, Bedroom 6, Bedroom 2, Bedroom 7, Bathroom 3, Bedroom 5, Bathroom 1, Bedroom 8
Parking
10
Appliances
Water Heater
Directions
From Bradford Street, turn onto Pearl. The property is located on the right side.
Subdivision
Provincetown
Standard status
Pending
APN
PROV M:12-3 P:50
Size
3,174 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
11276
Utilities
Sewer type
Cesspool
Heating system
Propane (Heating)
Water source
Public
Building Details
Year built
1800
Floors in Building
2
Flooring type
Vinyl, Wood
Building materials
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: Nov 6, 2025
Changed: Aug 19
Last Checked: Aug 20 at 5:06PM
MLS# 22505571
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.
This multi-unit residential property includes a total of three structures: a main house, a detached guest building, and a free-standing garage. The main house includes 1,714 square feet with 5 bedrooms and 2 bathrooms, along with a west-facing porch. A detached guest building adds 1,460 square feet and includes a two-story lofted two-bedroom unit with tall windows plus two one-bedroom units. In total, the property offers 9 bedrooms, 4 kitchens, and 3,174 square feet of living space.
The lot is listed at 0.24 acres and includes the residential structures along with ample parking. The description also references additional space abutting a second lot and a garage structure. Public water is provided, while sewer service is currently listed as cesspool. Heating is propane, and the exterior is shingle siding with an asphalt roof.
The buyer is to assume an ACO betterment balance and connection to town sewer when available.
The lot is listed at 0.24 acres and includes the residential structures along with ample parking. The description also references additional space abutting a second lot and a garage structure. Public water is provided, while sewer service is currently listed as cesspool. Heating is propane, and the exterior is shingle siding with an asphalt roof.
The buyer is to assume an ACO betterment balance and connection to town sewer when available.
Key Highlights
- 4‑unit multi‑structure residential property: main house, detached guest building, and free‑standing garage
- 3,174 SF total living space on 0.24 acres
- Main house: 1,714 SF with 5 bedrooms and 2 bathrooms
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
$70,753
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
2.83%
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%
$1,415,060
$1.4M
Cap Rate 7%
$1,010,757
$1.0M
Cap Rate 9%
$786,144
$786.1K
Market Conditions
NOI Build-Up for 3,174 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
$104.7K $33.00/SF
− Vacancy
−$3.7K −$1.16/SF
EGI
$101.1K $31.85/SF
− OpEx
−$30.3K −$9.55/SF
NOI
$70.8K $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%
$1,415,060
Cap Rate 7%
$1,010,757
Cap Rate 9%
$786,144
Alternative Uses
Best Use
Multifamily LT 5
$1.01M
$884.4K – $1.18M
NOI $70,753 @ 7.0% cap · market cap 2.83%
Second Best
Apartment 5plus
$908.6K
$795.0K – $1.06M
NOI $63,601 @ 7.0% cap · market cap 2.55%
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,540 @ 7.0% cap · market cap 3.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,113
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Multi-structure four-unit property with 3,174 SF of living space on 0.24 acres in Provincetown.
Where is this quadplex located?
The property is located at 37 Pearl Street Provincetown, MA.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: 4‑unit multi‑structure residential property: main house, detached guest building, and free‑standing garage; 3,174 SF total living space on 0.24 acres; Main house: 1,714 SF with 5 bedrooms and 2 bathrooms
