Building Details

Building Size 3,458 SF

Year Built 1984

Listing Agency: ERA Key Realty Services- Spenc

Listed By: Lynda Hafner · License #75460 Show Phone

Source: Donnellyandco

Added: Oct 11 Last Checked: Oct 11 at 2:35PM

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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

Investment Insights

Based on property information with market context.

Set across 26+ acres, this equestrian property includes a three-bedroom, three-bathroom main residence and an attached townhouse-style apartment with two bedrooms and one bathroom. Horse facilities comprise five stalls with electric and water, a tack room, five acres of open field, and a pond. The property also has owned solar and a whole-house generator.

The main home dates to 1984 and includes an updated kitchen with a Viking 36-inch gas/convection hybrid range, a remodeled first-floor bathroom, and a full laundry area. The apartment is legally registered and currently occupied. The Midstate Trail is accessible for riding, and the property has 775+ feet of frontage. Potential to subdivide two additional lots is noted.

Key Highlights

• 26+ acres with 775+ feet of frontage
• Five stalls equipped with electric and water
• Tack room, 5 acres of open field, and a pond

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$46,744

Cap Rate

5.63%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$934,880 $934.9K

Cap Rate 7%

$667,771 $667.8K

Cap Rate 9%

$519,378 $519.4K

Market Conditions

NOI Build-Up for 3,458 SF

Gross rent

$68.5K $19.80/SF

− Vacancy

−$1.7K −$0.49/SF

EGI

$66.8K $19.31/SF

− OpEx

−$20.0K −$5.79/SF

NOI

$46.7K $13.52/SF

Area

Worcester County, MA

Vacancy

2.47%

Lease Rate

$19.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$934,880

Cap Rate 7%

$667,771

Cap Rate 9%

$519,378

Alternative Uses

Best Use

Multifamily LT 5

$667.8K

$584.3K – $779.1K (±1% cap)

NOI $46,744 @ 7.0% cap · market cap 5.63%

Second Best

Apartment 5plus

$581.1K

$508.5K – $678.0K (±1% cap)

NOI $40,680 @ 7.0% cap · market cap 4.90%

Theoretical Best

Office A

$1.18M

$1.03M – $1.38M (±1% cap)

NOI $82,660 @ 7.0% cap · market cap 9.96%

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

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Parking Lot & Garage Building Supply Auto Repair Shop HVAC Service Carpet & Flooring Store Arcade & Gaming Center

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

5

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

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this horse & equestrian properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Horse & equestrian property - A two-residence country property pairs horse facilities with an attached, legally registered apartment.

Where is this horse & equestrian property located?

The property is located at 38 Mccormick Rd Spencer, MA.

What is the asking price?

The asking price for this property is $830,000.

What are key features of this property?

This property features: 26+ acres with 775+ feet of frontage; Five stalls equipped with electric and water; Tack room, 5 acres of open field, and a pond