Waterfront Restaurant
56 Water Street Falmouth, MA 02543
For Sale
$1,050,000
Three-floor waterfront restaurant building overlooking Great Harbor with established full-service dining capacity.
Property Size2,681 SF
Price / SF$391.64
Days on Market502
Property Features for 56 Water Street
General Information
- Standard status
- Active
- Size
- 2,681 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1916
Listing Agency:
Rand Atlantic,Inc.
Listed By:
Tracey Spellman
Source:
Capecoastalsir
Added: Mar 8, 2025
Changed: Jul 10
Last Checked: Jul 22 at 8:26AM
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 Rand Atlantic,Inc.
Investment Insights
Based on property information with market context.
Built in 1916, this waterfront restaurant property is located along the Channel overlooking Great Harbor. The building spans three floors and currently operates as a full-service restaurant, with seating reported at approximately 70 to 90 guests. Ownership history notes this is only the third restaurant in over 100 years, and the current operation has had strong tenancy for the past 10 years, with plans indicated for continued success under an updated lease.
The setting features views across Great Harbor and the Channel into Eel Pond, along with sightlines to the Drawbridge. The combination of water and drawbridge views supports a distinctive dining experience within a longstanding village setting.
For buyers or operators seeking an operating restaurant asset, this property offers an established food-and-beverage platform in a historic waterfront building with multi-level capacity. Its existing full-service concept and demonstrated continuity over the past decade may appeal to parties looking to continue the current restaurant use, subject to an updated lease and standard due diligence for the sale.
The setting features views across Great Harbor and the Channel into Eel Pond, along with sightlines to the Drawbridge. The combination of water and drawbridge views supports a distinctive dining experience within a longstanding village setting.
For buyers or operators seeking an operating restaurant asset, this property offers an established food-and-beverage platform in a historic waterfront building with multi-level capacity. Its existing full-service concept and demonstrated continuity over the past decade may appeal to parties looking to continue the current restaurant use, subject to an updated lease and standard due diligence for the sale.
Key Highlights
- Waterfront restaurant building built in 1916, spanning 3 floors with views of Great Harbor and the Channel.
- Total building size is 2,681 SF with harbor and Channel views extending toward Eel Pond and the Drawbridge.
- Established full‑service restaurant currently operating with 70 to 90 seats.
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $57.9k | $21.60 |
| − Vacancy | −$2.8k | −$1.04 |
| EGI | $55.1k | $20.56 |
| − OpEx | −$13.8k | −$5.14 |
| NOI | $41.3k | $15.42 |
2,681 SF · lease $21.60/SF/yr · vacancy 4.80% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$590.7K
$516.8K – $689.1K
NOI $41,347 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$956.0K – $1.27M
NOI $76,477 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Water Street Kitchen
Restaurant
FAQs
What type of property is this?
Conventional restaurant - Three-floor waterfront restaurant building overlooking Great Harbor with established full-service dining capacity.
Where is this conventional restaurant located?
The property is located at 56 Water Street Falmouth, MA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Waterfront restaurant building built in 1916, spanning 3 floors with views of Great Harbor and the Channel.; Total building size is 2,681 SF with harbor and Channel views extending toward Eel Pond and the Drawbridge.; Established full‑service restaurant currently operating with 70 to 90 seats.
