Three-Unit Office/Commercial
For Sale
$1,549,000
374 Commercial Street, Provincetown, MA 02657
COMMERCIAL - Provincetown, MA
Property Size3,397 SF
Lot Size0.05 Acres
Price / SF$455.99
Days on Market201
Property Features for 374 Commercial Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
TCC
Basement
Full, Finished
Appliances
Water Heater
Directions
Commercial St. after Law St. and jusst before Arch St. From Rt 6, left on Cornwell St. to left on Stafford St. and right Pearl an right on Commercial.
Subdivision
Provincetown
Standard status
Active
APN
PROV M:12-2 P:27 E:1-001
Size
3,397 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
1805
Utilities
Sewer type
Public Sewer
Heating system
Oil
Water source
Public
Building Details
Year built
1840
Floors in Building
3
Number of units
1
Flooring type
Carpet, Hardwood
Building materials
Clapboard
Roof type
Shingle
Listing Agency:
Kinlin Grover Compass
(508) 240-0334
Listed By:
Nat S Santoro · License #141467
(508) 274-0509
Added: Jan 31
Changed: Aug 6
Last Checked: Aug 20 at 8:06PM
MLS# 22600277
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 three-condo property offers a mix of office and residential space. There are two commercial condos on the lower and main level, along with a two-bedroom unit on the upper level. The residential unit has been rented seasonally and is presently available. Total living space is 2,540 square feet.
Built in 1840, the building is constructed with clapboard siding and has a shingle roof. Interior finishes include carpet and hardwood flooring. Heating is provided by oil heat, and the home includes a water heater. Public water and public sewer service are available.
The configuration supports flexible use for a business requiring commercial space while also maintaining a separate residential unit for personal use or seasonal occupancy.
Built in 1840, the building is constructed with clapboard siding and has a shingle roof. Interior finishes include carpet and hardwood flooring. Heating is provided by oil heat, and the home includes a water heater. Public water and public sewer service are available.
The configuration supports flexible use for a business requiring commercial space while also maintaining a separate residential unit for personal use or seasonal occupancy.
Key Highlights
- Three condos total: two commercial units on the lower/main level and a two‑bedroom upper unit
- Total living space: 2,540 square feet
- Lot size: 0.05 acres
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
$71,419
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
4.61%
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%
$1,428,380
$1.4M
Cap Rate 7%
$1,020,271
$1.0M
Cap Rate 9%
$793,544
$793.5K
Market Conditions
NOI Build-Up for 3,397 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
$119.0K $35.04/SF
− Vacancy
−$23.8K −$7.01/SF
EGI
$95.2K $28.03/SF
− OpEx
−$23.8K −$7.01/SF
NOI
$71.4K $21.02/SF
Area
Barnstable County, MA
Vacancy
20.00%
Lease Rate
$35.04 /SF/Yr
Expense Ratio
25.00%
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%
$1,428,380
Cap Rate 7%
$1,020,271
Cap Rate 9%
$793,544
Alternative Uses
Best Use
Office B
$1.02M
$892.7K – $1.19M
NOI $71,419 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$972.4K
$850.9K – $1.13M
NOI $68,070 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$1.38M
$1.21M – $1.62M
NOI $96,901 @ 7.0% cap · market cap 6.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
1,231
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Two commercial units on the lower/main level plus a two-bedroom residential condo with public water and sewer.
Where is this office units located?
The property is located at 374 Commercial Street Provincetown, MA.
What is the asking price?
The asking price for this property is $1,549,000.
What are key features of this property?
This property features: Three condos total: two commercial units on the lower/main level and a two‑bedroom upper unit; Total living space: 2,540 square feet; Lot size: 0.05 acres
