Five-Unit Apartment
New
For Sale
$1,100,000
37 School Street, Hyannis, MA 02601
Victorian-era multifamily property with separate utility meters, on-site laundry, and off-street parking.
Property Size3,103 SF
Lot Size0.36 Acres
Days on Market3
Property Features for 37 School Street
General Information
Standard status
Active
Size
3,103 SF
Lot size
0.36 Acres
Property subtype
Multi-Family
Zoning
DN
Occupancy
100%
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Asking Price
$1,100,000
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$6,091
Amenities
communal washer and dryer
private back yard
off-street parking
Building Details
Building Size
3,103 SF
Year Built
1830
Stories
2
Construction
Victorian
Tenancy
Multi
Listing Agency:
Classic Cape Real Estate, LLC
(508) 737-9974
Listed By:
Ken Hager
(508) 737-9974
Source:
Link.flexmls
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 4:26AM
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 Classic Cape Real Estate, LLC
Investment Insights
Based on property information with market context.
Built in 1830, this five-apartment multifamily property contains six total bedrooms across a Victorian-era residential building on 0.36 acres. Interior features include varied apartment layouts, vaulted ceilings in some units, exposed beams, a bay window, French doors, pine and oak flooring, spacious living rooms, and two decks. Several kitchens have been updated, including one new kitchen, and one bathroom has been recently improved. Some windows have been replaced, and Unit E has a newer gas hot-air furnace.
Each apartment has separate gas and electric metering. Basement amenities include a new communal washer and dryer, while the property also offers a private backyard and substantial off-street parking. All units are fully leased on a tenancy-at-will basis. The property is located one block from Cape Cod Hospital and 2/10ths of a mile from Hyannis Harbor and the Transportation Center. Zoning is DN.
Each apartment has separate gas and electric metering. Basement amenities include a new communal washer and dryer, while the property also offers a private backyard and substantial off-street parking. All units are fully leased on a tenancy-at-will basis. The property is located one block from Cape Cod Hospital and 2/10ths of a mile from Hyannis Harbor and the Transportation Center. Zoning is DN.
Key Highlights
- Five apartments with 6 total bedrooms on 0.36 acres
- All units fully leased on a tenancy‑at‑will basis
- Separate gas and electric meters for every unit
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
$69,171
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
6.29%
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%
$1,383,420
$1.4M
Cap Rate 7%
$988,157
$988.2K
Cap Rate 9%
$768,567
$768.6K
Market Conditions
NOI Build-Up for 3,103 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
$102.4K $33.00/SF
− Vacancy
−$3.6K −$1.16/SF
EGI
$98.8K $31.85/SF
− OpEx
−$29.6K −$9.55/SF
NOI
$69.2K $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%
$1,383,420
Cap Rate 7%
$988,157
Cap Rate 9%
$768,567
Alternative Uses
Best Use
Multifamily LT 5
$988.2K
$864.6K – $1.15M
NOI $69,171 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$888.3K
$777.2K – $1.04M
NOI $62,179 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$1.26M
$1.11M – $1.48M
NOI $88,514 @ 7.0% cap · market cap 8.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,071
Businesses Nearby
Explore this area
Business Placement
Demographics for 02601, MA
16,487
Population
9,077
Households
1.8
Avg Household Size
43
Median Age
28%
College-Educated
90%
High-School Grad
8.8 sq mi
ZIP Area
1,874
Density / Sq Mi
$62,989
Median Household Income
$36,183
Median Earnings
$1,629
Median Rent
$408,800
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?
Apartment building - Victorian-era multifamily property with separate utility meters, on-site laundry, and off-street parking.
Where is this apartment building located?
The property is located at 37 School Street Hyannis, MA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Five apartments with 6 total bedrooms on 0.36 acres; All units fully leased on a tenancy‑at‑will basis; Separate gas and electric meters for every unit
