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    Medical Office Building For Sale Title is generated by Realmo AI

    407 Main St, Spencer, MA 01562

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    Medical office building with existing tenant and high visibility.

    Type:Office
    Property size:
    12,520 SF
    Price / SF:
    $127/SF
    Added:
    Jan 23, 2026
    Days on Market:
    109
    Last Refresh:
    Mar 17 at 1:13 pm

    Property Features for 407 Main St

    General Information

    Standard status
    Active
    Size
    12,520 SF
    Property subtype
    Office

    Building Details

    Year Built
    1992

    We can help!

    Listing Contact
    Brian Johnson
    Brian Johnson

    Listing agent Brian Johnson License #MA 9536903

    Listing office Kelleher & Sadowsky Associates Inc

    Listing date Jan 23, 2026

    Source Crexi

    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 Kelleher & Sadowsky Associates Inc

    HighLights

    • Existing tenant (Spencer Veterinary Hospital) provides stable income stream with lease in place through February 2, 2030.
    • Current Net Operating Income (NOI) is $136,325.
    • High visibility location on Route 9 with approximately 13,000 average daily traffic count (2024).
    • Suite B is move‑in ready for medical use with existing buildout.
    • Ample parking with a ratio of ±8.5 spaces per 1,000 rentable square feet.
    • Tenant responsible for 100% of triple net expenses for the first two years of the term, or until Suite B is leased.

    Overview

    Located on Route 9 in Spencer, Massachusetts, the property at 405-407 E. Main Street offers approximately 5,974 rentable square feet and is available for sale or lease. Suite A is currently leased to Hometown Veterinary Partners Spencer, LLC d/b/a Spencer Veterinary Hospital, with a lease in place through February 2, 2030. The current Net Operating Income (NOI) is $136,325, with the tenant responsible for 100% of the triple net expenses for the first two years of the term, or until Suite B is leased. Suite B was last utilized by the Reliant Medical Group for internal medicine use and includes exam rooms, consult offices, a reception area, internal bathrooms, and a central administrative station. The property benefits from high visibility and signage on Route 9, with an average daily traffic count of approximately 13,000 cars (2024). The property provides a parking ratio of approximately 8.5 spaces per 1,000 rentable square feet. The building was renovated in 2011 and has been well maintained for the past 5 years with on-site ownership.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dr. Ronald S. ... Pediatrician Fillipon Nicholas G ... Physician Sama Ralph J ... Geriatric Care Provider Harden Kathryn E Physician Reliant Medical Group ... Medical Clinic

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Hair Salon Auto Repair Shop Nail Salon Hotel & Motel Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spencer
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.9595046
    Latitude
    42.2568763

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    FAQs

    What type of property is this?
    Medical Office Space - Medical office building with existing tenant and high visibility.
    Where is this medical office space located?
    The property is located at 407 Main St Spencer, MA.
    What is the asking price?
    The asking price for this property is $1,595,000.
    What are key features of this property?
    This property features: Existing tenant (Spencer Veterinary Hospital) provides stable income stream with lease in place through February 2, 2030.; Current Net Operating Income (NOI) is $136,325.; High visibility location on Route 9 with approximately 13,000 average daily traffic count (2024).
    (508) 635-6783 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Brian Johnson
    Brian Johnson
    Real Estate License ID: MA 9536903
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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