Quadplex with Two-Car
New
For Sale
$465,000
8 Jones St, Spencer, MA 01562
Separate utility metering and off-street parking support flexible occupancy.
Property Size2,656 SF
Days on Market2
Property Features for 8 Jones St
General Information
Standard status
Active
Size
2,656 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 1BR, 1 x 2BR, 1 x 3BR
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,775
Building Details
Building Size
2,656 SF
Year Built
1940
Stories
4
Units
4
Listing Agency:
Houseworks Realty
(508) 450-8850
Listed By:
Cliff Leinonen & Cindy Leinonen Team
(508) 450-8850
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 12 at 6:51AM
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 Houseworks Realty
Investment Insights
Based on property information with market context.
This four-unit property includes two one-bedroom apartments, one two-bedroom apartment, and one three-bedroom apartment. Two units are occupied, while the vacant one-bedroom and two-bedroom apartments offer options for owner occupancy, tenant placement, or cosmetic updates. Each apartment has its own heat and electricity, and an owner meter serves common lighting and the garage. A two-car garage includes walk-up storage above, with additional off-street parking on the property.
The property is near downtown Spencer, everyday services, Luther Hill Park, and a bus stop. Routes 9 and 31 provide area access, with the Mass Pike, Worcester, and Sturbridge also identified in the surrounding travel network.
The property is near downtown Spencer, everyday services, Luther Hill Park, and a bus stop. Routes 9 and 31 provide area access, with the Mass Pike, Worcester, and Sturbridge also identified in the surrounding travel network.
Key Highlights
- Four‑unit layout with two one‑bedroom, one two‑bedroom, and one three‑bedroom apartment
- Two units occupied; one‑bedroom and two‑bedroom apartments are vacant
- Separate heat and electricity for each unit
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
$35,903
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
7.72%
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%
$718,060
$718.1K
Cap Rate 7%
$512,900
$512.9K
Cap Rate 9%
$398,922
$398.9K
Market Conditions
NOI Build-Up for 2,656 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
$52.6K $19.80/SF
− Vacancy
−$1.3K −$0.49/SF
EGI
$51.3K $19.31/SF
− OpEx
−$15.4K −$5.79/SF
NOI
$35.9K $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%
$718,060
Cap Rate 7%
$512,900
Cap Rate 9%
$398,922
Alternative Uses
Best Use
Multifamily LT 5
$512.9K
$448.8K – $598.4K
NOI $35,903 @ 7.0% cap · market cap 7.72%
Second Best
Apartment 5plus
$446.4K
$390.6K – $520.8K
NOI $31,245 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$907.0K
$793.6K – $1.06M
NOI $63,489 @ 7.0% cap · market cap 13.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Separate utility metering and off-street parking support flexible occupancy.
Where is this quadplex located?
The property is located at 8 Jones St Spencer, MA.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Four‑unit layout with two one‑bedroom, one two‑bedroom, and one three‑bedroom apartment; Two units occupied; one‑bedroom and two‑bedroom apartments are vacant; Separate heat and electricity for each unit
