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294 Commercial St 5,550 SF 100% Leased Retail Building Provincetown, MA 02657 $3,575,000 ($644.14/SF) 5.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Central Commercial Street Location
- $300,000 in gross income across all units
- 6 apartments featuring 10 bedrooms and 6 baths
EXECUTIVE SUMMARY
Make Provincetown Your OWN with these two mixed use buildings featuring a combined 10 bedrooms and 6 baths, and a prime commercial space with a half bath in the heart of Provincetown's downtown commercial district! First time on the market in over 50 years. Many new plumbing/heating and cooling updates and improvements. Furnishings negotiable. Sewer betterment paid in full. Building one consists of ground floor retail space (approx. 1500sf) that has housed Coconuts Sunglasses for over 36 years, the second floor is a newly renovated approx. 1288sf 3BR/1BA (#5), separate coin operated laundry room for all of the apartments, and the top floor is an approx. 870sf 2BR/1BA (#6) and features a large sun deck. Building two consists of an approx. 240sf studio (#3), two approx. 372sf and 520sf 1BR/1BAs (#1 and #4), an approx. 605sf 2BR/1BA (#2), and a two car garage. Property being sold AS IS. Generates gross rental income of around $300,000+ across all units with mostly short term rentals. Cap rate of 5.5%.
Mixture of uses: Half of the units operate as short term rentals with some STR tenants in place for balance of 2025 and some in 2026. The other half operate as long term rentals which are in very high demand in this area and generate lucrative income as well. Property being sold AS IS. Floorplans attached are for illustrative purposes only and square footage is estimated. Buyers are advised to conduct their own due diligence. Information deemed reliable, but not verified. Keep as rentals or convert to condominiums!
Mixture of uses: Half of the units operate as short term rentals with some STR tenants in place for balance of 2025 and some in 2026. The other half operate as long term rentals which are in very high demand in this area and generate lucrative income as well. Property being sold AS IS. Floorplans attached are for illustrative purposes only and square footage is estimated. Buyers are advised to conduct their own due diligence. Information deemed reliable, but not verified. Keep as rentals or convert to condominiums!
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
5,550 SF
Building Class
C
Year Built
1880
Price
$3,575,000
Price Per SF
$644.14
Cap Rate
5.50%
NOI
$196,625
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
1.59
Lot Size
0.08 AC
Opportunity Zone
Yes
Zoning
TCC - Property is centrally located in the heart of Provincetown's Commercial District. Mixed use building with ground floor retail and 6 residential units
Parking
3 Spaces (0.54 Spaces per 1,000 SF Leased)
Frontage
35’ on Commercial St
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
- Coconuts Store 01
- Retailer
- -
- -
- -
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
| Coconuts Store 01 | Retailer | - | - | - |
Walk Score®
Very Walkable (84)
Bike Score®
Biker's Paradise (96)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | PROV-000011-000003-000104 | Improvements Assessment | $2,111,200 |
| Land Assessment | $648,800 | Total Assessment | $2,760,000 |
PROPERTY TAXES
Parcel Number
PROV-000011-000003-000104
Land Assessment
$648,800
Improvements Assessment
$2,111,200
Total Assessment
$2,760,000
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294 Commercial St
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