Chatham In-Town Commercial
For Sale
Contact for pricing
697 Main Street, Chatham, MA 02633
Versatile commercial space in Chatham with parking and elevator.
Property Size4,235 SF
Price / SF$590.08
Days on Market696
Property Features for 697 Main Street
General Information
Standard status
Active
Size
4,235 SF
Property subtype
Office
Zoning
GB2
Building Details
Year Built
1962
Listing Agency:
Christie's International Real Estate Atlantic Brokerage
(508) 294-4978
Listed By:
Doug Grattan · License #9511217
Source:
Crexi
Added: Sep 13, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:03AM
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 Christie's International Real Estate Atlantic Brokerage
Investment Insights
Based on property information with market context.
This in-town property is suitable for a professional office, commercial space, or retail store, with the potential for an upstairs apartment. The building features over three finished floors and includes 13 parking spaces, with additional public parking available across the street. Renovated in 2008 by Rick Roy Construction, with additional space added in 2015, the property is ADA-compliant and equipped with an elevator providing access to all three floors. Currently used as professional offices, the first floor includes a reception area, five professional offices, and a waiting area. The second floor features a full bath and six offices. The lower level contains two half baths, a lounge area, another finished space, and access to the utilities and elevator mechanical room, along with a large unfinished area. The property offers signage and exposure in town, presenting an opportunity for establishing and growing a business. The property size is 4235 square feet.
Key Highlights
- Prime in‑town location with high visibility and signage opportunities.
- 13 on‑site parking spaces plus additional public parking available.
- ADA‑compliant with elevator access to all three finished floors.
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
3.56%
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 3.56%
Second Best
Retail
$1.24M
$1.09M – $1.45M
NOI $86,978 @ 7.0% cap · market cap 3.48%
Theoretical Best
Office A
$1.73M
$1.51M – $2.01M
NOI $120,805 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Versatile commercial space in Chatham with parking and elevator.
Where is this office building located?
The property is located at 697 Main Street Chatham, MA.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: Prime in‑town location with high visibility and signage opportunities.; 13 on‑site parking spaces plus additional public parking available.; ADA‑compliant with **elevator access to all three finished floors.**
