Flex Space with Garage and Second-Floor
For Sale
$1,300,000
491 Iyannough Road, Hyannis, MA 02601
COMMERCIAL - Hyannis, MA
Property Size3,215 SF
Lot Size0.36 Acres
Price / SF$404.35
Days on Market48
Property Features for 491 Iyannough Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
HC
Parking features
Off Street, Parking Lot
Security features
Security System
Basement
Full
Appliances
Water Heater
Lot features
Corner Lot
Elementary school district
Barnstable
Middle school district
Barnstable
High school district
Barnstable
Directions
Rt 132, Rt 28 to Airport Rotary. Property is across the road from the Airport.
Subdivision
Barnstable
Standard status
Active
APN
HYAN M:311 L:028
Size
3,215 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8234
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Wall Unit(s), Central Air
Water source
Public
Building Details
Year built
1960
Floors in Building
1
Flooring type
Carpet
Building materials
Wood Frame, Clapboard
Roof type
Flat
Listing Agency:
Premier Commercial
(508) 815-5700
Listed By:
Nik J Atsalis
(508) 360-8996
Added: Jun 22
Changed: Aug 4
Last Checked: Aug 8 at 5:06PM
MLS# 22603041
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.
Flex space at 491 Iyannough Road in Hyannis offering a spacious main level plus a garage/warehouse, second-floor office/storage, and a full basement. The property totals 3,215 square feet on a 0.36-acre lot. Construction features include wood frame with clapboard, a flat roof, and carpet flooring. Heating is natural gas forced air, with central air and wall units for cooling. Public utilities include public water and public sewer.
The building is positioned at the Airport Rotary area and abuts Staples Plaza. It sits at the intersection of Route 28, Route 132, and Barnstable Road, supporting strong regional access. Parking is provided via an off-street parking lot. The property is listed as a water heater equipped facility.
This configuration supports flexible use where both warehouse-style space and dedicated office/storage space are needed within the same building footprint.
The building is positioned at the Airport Rotary area and abuts Staples Plaza. It sits at the intersection of Route 28, Route 132, and Barnstable Road, supporting strong regional access. Parking is provided via an off-street parking lot. The property is listed as a water heater equipped facility.
This configuration supports flexible use where both warehouse-style space and dedicated office/storage space are needed within the same building footprint.
Key Highlights
- 3,215 SF flex space with main level, garage/warehouse, second‑floor office/storage, and full basement
- 0.36‑acre lot
- Abuts Staples Plaza and is positioned at the Airport Rotary area
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
$67,592
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
5.20%
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%
$1,351,840
$1.4M
Cap Rate 7%
$965,600
$965.6K
Cap Rate 9%
$751,022
$751.0K
Market Conditions
NOI Build-Up for 3,215 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
$112.7K $35.04/SF
− Vacancy
−$22.5K −$7.01/SF
EGI
$90.1K $28.03/SF
− OpEx
−$22.5K −$7.01/SF
NOI
$67.6K $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%
$1,351,840
Cap Rate 7%
$965,600
Cap Rate 9%
$751,022
Alternative Uses
Best Use
Office B
$965.6K
$844.9K – $1.13M
NOI $67,592 @ 7.0% cap · market cap 5.20%
Second Best
Warehouse
$805.3K
$704.6K – $939.5K
NOI $56,371 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,709 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,104
Businesses Nearby
Under-served
Demand for This Use
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 Office in Northeast region
Questions? Ask Rey
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- White's Catering — 59 Center St, Hyannis, MA 02601
Frequently Asked Questions
What type of property is this?
Flex space - Flex space on public water and sewer with garage/warehouse, second-floor office/storage, and off-street parking lot.
Where is this flex space located?
The property is located at 491 Iyannough Road Hyannis, MA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 3,215 SF flex space with main level, garage/warehouse, second‑floor office/storage, and full basement; 0.36‑acre lot; Abuts Staples Plaza and is positioned at the Airport Rotary area
