Multi-Level Office
For Sale
$2,399,000
697 Main St, Chatham, MA 02633
Three finished office levels with reception, multiple offices, and storage, positioned for client-facing use along Main Street.
Property Size4,235 SF
Price / SF$566.47
Days on Market52
Property Features for 697 Main St
General Information
Standard status
Active
Size
4,235 SF
Zoning
Gb2
Additional Details
Office Units
11
Taxes and HOA fees
Annual Taxes
$5,131
Building Details
Building Size
4,235 SF
Year Built
1962
Stories
3
Listing Agency:
Commercial Realty Advisors, Inc.
(508) 862-9000
Listed By:
Kevin A Pepe
Source:
Laerrealty
Added: Jun 30
Changed: Aug 8
Last Checked: Aug 20 at 4:31AM
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 Commercial Realty Advisors, Inc.
Investment Insights
Based on property information with market context.
This downtown office building features three finished levels with practical, client-and-administration ready space. The first floor includes a professional reception area, waiting room, and five private offices. The second floor provides six additional offices and a full bathroom, supporting flexible administrative and executive layouts. The lower level includes two half bathrooms, lounge space, additional finished areas, utility access, elevator mechanical room access, and substantial unfinished storage, which can support back-office operations or future buildout.
The property is located in Chatham on Main Street, just before the Main Street Rotary, with prominent Main Street frontage and public sewer service. Additional operational access is supported by rear access, and the building has central air conditioning and natural gas heat.
With its mix of reception, private offices, and expandable storage, the building can fit professional service tenants looking for multiple work levels and room for workflow flexibility. On-site professional signage and client-facing frontage make it well suited for businesses that rely on visibility and a controlled office environment.
The property is located in Chatham on Main Street, just before the Main Street Rotary, with prominent Main Street frontage and public sewer service. Additional operational access is supported by rear access, and the building has central air conditioning and natural gas heat.
With its mix of reception, private offices, and expandable storage, the building can fit professional service tenants looking for multiple work levels and room for workflow flexibility. On-site professional signage and client-facing frontage make it well suited for businesses that rely on visibility and a controlled office environment.
Key Highlights
- 3 finished office levels (1962) with flexible layout for reception, offices, and storage along Main Street
- Main floor includes a professional reception area, waiting room, and 5 private offices for client‑facing operations
- Second floor has 6 offices plus a full bathroom, with flexibility for administrative or other use
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
$89,037
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
3.71%
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%
$1,780,740
$1.8M
Cap Rate 7%
$1,271,957
$1.3M
Cap Rate 9%
$989,300
$989.3K
Market Conditions
NOI Build-Up for 4,235 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
$148.4K $35.04/SF
− Vacancy
−$29.7K −$7.01/SF
EGI
$118.7K $28.03/SF
− OpEx
−$29.7K −$7.01/SF
NOI
$89.0K $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%
$1,780,740
Cap Rate 7%
$1,271,957
Cap Rate 9%
$989,300
Alternative Uses
Best Use
Office B
$1.27M
$1.11M – $1.48M
NOI $89,037 @ 7.0% cap · market cap 3.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.73M
$1.51M – $2.01M
NOI $120,805 @ 7.0% cap · market cap 5.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Office units
Location Intelligence
Trade Area within ½ mile
515
Businesses Nearby
Explore this area
Business Placement
Demographics for 02633, MA
4,664
Population
5,425
Households
0.9
Avg Household Size
62
Median Age
65%
College-Educated
99%
High-School Grad
8.6 sq mi
ZIP Area
542
Density / Sq Mi
$94,036
Median Household Income
$50,038
Median Earnings
$1,005
Median Rent
$881,400
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 building - Three finished office levels with reception, multiple offices, and storage, positioned for client-facing use along Main Street.
Where is this office building located?
The property is located at 697 Main St Chatham, MA.
What is the asking price?
The asking price for this property is $2,399,000.
What are key features of this property?
This property features: 3 finished office levels (1962) with flexible layout for reception, offices, and storage along Main Street; Main floor includes a professional reception area, waiting room, and 5 private offices for client‑facing operations; Second floor has 6 offices plus a full bathroom, with flexibility for administrative or other use
