185 Main St, Spencer, MA 01562

Building Details

Building Size 9,934 SF More

Year Built 1890 More

Listing Agency: ERA Key Realty Services- Spenc

Listed By: Donna Flannery · License #9004142 Show Phone

Source: Laerrealty

Added: Sep 22 Changed: Nov 2 Last Checked: Nov 8 at 2:59AM

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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 ERA Key Realty Services- Spenc

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Investment Insights

Based on property information with market context.

Built circa 1890, this three-story mixed-use property contains approximately 9,934 square feet of combined residential and office space. The layout includes 7 one- and two-bedroom apartments alongside 10 commercial office spaces, creating a varied rental configuration. Historic architectural details remain throughout the building, which is situated on approximately 0.82 acres.

The property provides 25+ off-street parking spaces, paved parking, public water and sewer, natural gas, and VR zoning. Additional land may support expanded parking or new buildings, subject to town approvals. Its Spencer setting is near downtown and adjacent to Isaac Prouty Veterans Park, with public transportation, shopping, restaurants, and other amenities nearby. Worcester Regional Airport, the Mass Pike, and major routes are less than 15 minutes away.

Key Highlights

• 17 rental units: 7 residential apartments and 10 commercial office spaces
• Approximately 9,934 square feet in a 3‑story mixed‑use building
• Approximately 0.82 acres with 25+ off‑street parking spaces

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$89,592

Cap Rate

7.47%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,791,840 $1.8M

Cap Rate 7%

$1,279,886 $1.3M

Cap Rate 9%

$995,467 $995.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,934 SF

Gross rent

$155.0K $15.60/SF

− Vacancy

−$11.6K −$1.17/SF

EGI

$143.3K $14.43/SF

− OpEx

−$53.8K −$5.41/SF

NOI

$89.6K $9.02/SF

Area

Worcester County, MA

Vacancy

7.50%

Lease Rate

$15.60 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,791,840

Cap Rate 7%

$1,279,886

Cap Rate 9%

$995,467

Alternative Uses

Best Use

Office B

$2.59M

$2.26M – $3.02M (±1% cap)

NOI $181,047 @ 7.0% cap · market cap 15.09%

Second Best

Apartment 5plus

$1.67M

$1.46M – $1.95M (±1% cap)

NOI $116,863 @ 7.0% cap · market cap 9.74%

Theoretical Best

Office A

$3.39M

$2.97M – $3.96M (±1% cap)

NOI $237,462 @ 7.0% cap · market cap 19.79%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Melissa Ayantola, LMHC Counselor Center Tree Counseling ... Counselor Caroly A. Cheras M.S.,LMHC Counselor Kaufman Richard R Foster Care Service Bree Marion LMT Alternative Medicine Practice

Suggested Use

Top Pick Law Firm HVAC Service Grocery & Convenience Store Pharmacy Gym & Fitness Center (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

376

Businesses Nearby

Explore this area Business Placement

Demographics for 01562, MA

11,992

Population

5,788

Households

2.1

Avg Household Size

44

Median Age

27%

College-Educated

92%

High-School Grad

32.9 sq mi

ZIP Area

364

Density / Sq Mi

$79,086

Median Household Income

$49,131

Median Earnings

$1,085

Median Rent

$368,300

Median Home Value

Market

Average Price Trend$/SF for Mixed-use properties in Worcester County, MA

$193 Jul

$188 Aug

$166 Sep

$184 Oct

Properties on Market for Mixed-use properties in Worcester County

Jul

Aug

Sep

Oct

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Three-story building combines residential apartments, commercial offices, and on-site parking.

Where is this mixed-use property located?

The property is located at 185 Main St Spencer, MA.

What is the asking price?

The asking price for this property is $1,200,000.

What are key features of this property?

This property features: 17 rental units: 7 residential apartments and 10 commercial office spaces; Approximately 9,934 square feet in a 3‑story mixed‑use building; Approximately 0.82 acres with 25+ off‑street parking spaces