Three-Unit Property with Separate
For Sale
$399,900
Pending
52 Church St, Spencer, MA 01562
Residential Income, Spencer, MA
Property Size2,271 SF
Lot Size0.10 Acres
Days on Market155
Property Features for 52 Church St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
VR
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 5, Bedroom 4
Parking
5
Directions
GPS
Standard status
Pending
APN
1692842
Size
2,271 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3368
Amenities
in-unit laundry
Building Details
Year built
1939
Floors in Building
5
Number of units
3
Listing Agency:
Keller Williams Realty Evolution
(781) 395-5600
Listed By:
Keller Williams Realty Evolution
(978) 927-8700
Added: Apr 16
Changed: Sep 12
Last Checked: Sep 17 at 3:06AM
MLS# 73502786
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit multifamily property contains 2,271 square feet on a 0.1001-acre lot. The residential layout includes two two-bedroom, one-bath units and one one-bedroom, one-bath unit, with an attached side unit included in the configuration. Each unit has its own laundry, while separate electric and gas meters support distinct utility accounting. The property was built in 1939 and is identified with VR zoning.
Located at 52 Church St in Spencer, Massachusetts, the property includes on-site parking and is positioned within Worcester County. The unit mix and separate utility setup provide a clearly defined three-family configuration for residential income use or an owner-occupied arrangement.
Located at 52 Church St in Spencer, Massachusetts, the property includes on-site parking and is positioned within Worcester County. The unit mix and separate utility setup provide a clearly defined three-family configuration for residential income use or an owner-occupied arrangement.
Key Highlights
- Three‑unit multifamily property totaling 2,271 square feet
- Unit mix includes two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- In‑unit laundry provided in all units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,699
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.68%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$613,980
$614.0K
Cap Rate 7%
$438,557
$438.6K
Cap Rate 9%
$341,100
$341.1K
Market Conditions
NOI Build-Up for 2,271 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$45.0K $19.80/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$43.9K $19.31/SF
− OpEx
−$13.2K −$5.79/SF
NOI
$30.7K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$613,980
Cap Rate 7%
$438,557
Cap Rate 9%
$341,100
Alternative Uses
Best Use
Multifamily LT 5
$438.6K
$383.7K – $511.7K
NOI $30,699 @ 7.0% cap · market cap 7.68%
Second Best
Apartment 5plus
$381.7K
$334.0K – $445.3K
NOI $26,716 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$775.5K
$678.6K – $904.8K
NOI $54,286 @ 7.0% cap · market cap 13.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
374
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units offer in-unit laundry, individual electric and gas metering, and on-site parking in Spencer.
Where is this triplex located?
The property is located at 52 Church St Spencer, MA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Three‑unit multifamily property totaling 2,271 square feet; Unit mix includes two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; In‑unit laundry provided in all units
