294 Commercial StProvincetown, MA 02657
- Investment properties
- 3,517 SF
Property Details for 294 Commercial St
- Year built
- 1880
- Construction
- FRAME
- Lot size
- 0.08 AC
- Property size (Sq ft)
- 3,517 SF
- Zone code
- TCC
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- PROV M:11-3 P:104
- APU
- PROVM113P104
Description
This exceptional Provincetown property presents a rare investment opportunity, boasting a combined 10 bedrooms and 6 bathrooms across two mixed-use buildings. Located in the heart of Provincetown's bustling downtown commercial district, this property offers a unique blend of commercial and residential income streams. The first building features approximately 1,500 square feet of ground-floor retail space, successfully occupied for over 36 years, complemented by newly renovated residential units: a 3-bedroom, 1-bathroom apartment (approximately 1,288 square feet), and a 2-bedroom, 1-bathroom apartment (approximately 870 square feet) with a large sun deck. A separate coin-operated laundry room serves all residential units. The second building comprises a studio apartment (approximately 240 square feet), two 1-bedroom, 1-bathroom apartments (approximately 372 and 520 square feet respectively), and a 2-bedroom, 1-bathroom apartment (approximately 605 square feet). A two-car garage is also included. The property sits on a 0.08-acre lot and totals 5,443 square feet. Significant recent improvements include new plumbing, heating, cooling systems, and a new roof for the front building. The property generates gross rental income exceeding $300,000 annually, primarily from short-term rentals, with some leases extending into the 2025 season. Sewer betterment fees are paid in full. The property is being sold "as is," and furnishings are negotiable. This is a truly exceptional opportunity to own a piece of Provincetown's vibrant commercial and residential landscape.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $581,465
- 6.5%
- $536,737
- 7%
- $498,399
-
Comparable approach
- Method
- Valuation
- Relative Method
- $459,531
- Geo Method
- $459,531
-
Alternative Use
- Use
- Valuation
- Residential
- $665,554
- Hospitality
- $609,644
- Educational
- $507,217
- Medical
- $524,660
- Retail
- $789,004
Location Insight
- City
- Provincetown
- County
- Barnstable
- State
- Massachusetts
- Latitude
- 42.0517
- Longitude
- -70.1864
- CBSA code
- 12700
- CBSA name
- BARNSTABLE TOWN, MA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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