Five-Unit Apartment
New
For Sale
$1,100,000
37 School Street, Hyannis, MA 02601
MULTI_FAMILY - Hyannis, MA
Property Size3,103 SF
Lot Size0.36 Acres
Price / SF$354.50
Days on Market5
Property Features for 37 School Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
DN
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Basement, Bedroom 4, Bathroom 1, Bedroom 6, Bathroom 4, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 3, Bedroom 3, Bathroom 5, Bedroom 5
Parking
8
Parking features
Off Street, Assigned, Driveway
Patio and Porch features
Deck
Interior features
HU Cable TV
Exterior features
Private Yard
Basement
Partial
Appliances
Water Heater, Gas Range, Electric Range, Dishwasher, Microwave, Refrigerator, Washer
Lot features
Interior Lot, Cleared, Level
Elementary school district
Barnstable
Middle school district
Barnstable
High school district
Barnstable
Directions
From Main St., only 1 block west of Lewis Bay Rd which is the street that goes to the hospital, south onto School St. to 37, west side of street.
Subdivision
Barnstable
Standard status
Active
APN
HYAN M:0327 B:0146 L:0000
Size
3,103 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6091
Utilities
Sewer type
Public Sewer
Heating system
Oil, Natural Gas, Forced Air
Water source
Public
Amenities
communal washer and dryer
private back yard
off-street parking
Building Details
Year built
1830
Floors in Building
2
Number of units
4
Flooring type
Vinyl, Wood, Carpet, Hardwood, Tile
Building materials
Aluminum Siding
Roof type
Asphalt
Listing Agency:
Kinlin Grover Compass
(508) 255-3001
Listed By:
Amy L Harbeck · License #9554777
(508) 364-5845
Added: Aug 4
Changed: Aug 7
Last Checked: Aug 8 at 3:06PM
MLS# 22603761
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.
Built in 1830, this 3103-square-foot apartment property includes five apartments and six total bedrooms on .36 acres. The buildings feature aluminum siding, a mix of hardwood, wood, carpet, vinyl, and tile flooring, plus period details including vaulted ceilings, exposed beams, a bay window, French doors, and spacious living areas. Select units have newer kitchens, including one brand-new kitchen, and one bathroom has been recently updated. Two decks, a private yard, basement laundry, and off-street parking add practical utility. Heating includes natural gas forced air and oil systems, while each unit has separate gas and electric meters.
The property sits one block from Cape Cod Hospital and 2/10ths of a mile from Hyannis Harbor and the Transportation Center. Public water and public sewer serve the property. All units are leased on a tenancy-at-will basis.
The property sits one block from Cape Cod Hospital and 2/10ths of a mile from Hyannis Harbor and the Transportation Center. Public water and public sewer serve the property. All units are leased on a tenancy-at-will basis.
Key Highlights
- Five apartments with 6 total bedrooms
- 3103 square feet on .36 acres
- All units leased on a tenancy‑at‑will basis
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
Property Profile
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 - Historic multifamily property with separate gas and electric meters, private outdoor space, 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; 3103 square feet on .36 acres; All units leased on a tenancy‑at‑will basis
