Waterfront Duplex with
For Sale
$549,000
89 Jolicoeur Avenue, Spencer, MA 01562
Two single-level units feature fireplaces, eat-in kitchens, bedrooms, baths, and in-unit laundry hookups.
Property Size1,710 SF
Price / SF$321.05
Days on Market9
Property Features for 89 Jolicoeur Avenue
General Information
Standard status
Active
Size
1,710 SF
Property subtype
2 Family - 2 Units Side by Side
Units
Unit Mix
2 x 2BR/3/4BA
Multifamily Units
2
Additional Details
Road Access
Yes
Amenities
waterfront
dock
storage shed
pump house
irrigation
generator hookup
fireplaces
in-unit laundry hook-ups
enclosed porch
Building Details
Building Size
1,710 SF
Year Built
1940
Stories
1
Listing Agency:
Lamacchia Realty, Inc.
(508) 320-8005
Listed By:
Elizabeth Brouillard · License #452508574
(508) 320-8005
Source:
Iverty
Added: Aug 12
Changed: Aug 19
Last Checked: Aug 20 at 5:05AM
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 Lamacchia Realty, Inc.
Investment Insights
Based on property information with market context.
Built in 1940, this 1,710 SF single-level duplex includes two residential units, each with two bedrooms, a 3/4 bath, an eat-in kitchen, wood accents, a fireplace, and in-unit laundry hookups. Unit 1 adds a den, while Unit 2 includes an enclosed porch. Custom pan-racks and substantial cabinet storage serve both kitchens.
The property sits on Cranberry Meadow Pond in Spencer, with approximately 136' of waterfront along a paved road. A two-tiered backyard reaches the water with shallow entry, and exterior improvements include a dock, storage shed, pump house, irrigation, and a generator hookup. Recent property updates include a new roof and insulated, redone walls in approximately 2022, sub-floor and flooring work from approximately 2012, and a furnace less than 10 years old. The address is 89 Jolicoeur Avenue, Spencer, MA 01562.
The property sits on Cranberry Meadow Pond in Spencer, with approximately 136' of waterfront along a paved road. A two-tiered backyard reaches the water with shallow entry, and exterior improvements include a dock, storage shed, pump house, irrigation, and a generator hookup. Recent property updates include a new roof and insulated, redone walls in approximately 2022, sub-floor and flooring work from approximately 2012, and a furnace less than 10 years old. The address is 89 Jolicoeur Avenue, Spencer, MA 01562.
Key Highlights
- Approximately 136' of waterfront on Cranberry Meadow Pond
- Two‑unit, single‑level duplex with 1,710 SF
- Both units include two bedrooms, a 3/4 bath, fireplace, eat‑in kitchen, and laundry hookups
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
$23,115
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
4.21%
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%
$462,300
$462.3K
Cap Rate 7%
$330,214
$330.2K
Cap Rate 9%
$256,833
$256.8K
Market Conditions
NOI Build-Up for 1,710 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
$33.9K $19.80/SF
− Vacancy
−$836 −$0.49/SF
EGI
$33.0K $19.31/SF
− OpEx
−$9.9K −$5.79/SF
NOI
$23.1K $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%
$462,300
Cap Rate 7%
$330,214
Cap Rate 9%
$256,833
Alternative Uses
Best Use
Multifamily LT 5
$330.2K
$288.9K – $385.3K
NOI $23,115 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$287.4K
$251.5K – $335.3K
NOI $20,116 @ 7.0% cap · market cap 3.66%
Theoretical Best
Office A
$583.9K
$511.0K – $681.3K
NOI $40,876 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
12
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?
Duplex - Two single-level units feature fireplaces, eat-in kitchens, bedrooms, baths, and in-unit laundry hookups.
Where is this duplex located?
The property is located at 89 Jolicoeur Avenue Spencer, MA.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Approximately 136' of waterfront on Cranberry Meadow Pond; Two‑unit, single‑level duplex with 1,710 SF; Both units include two bedrooms, a 3/4 bath, fireplace, eat‑in kitchen, and laundry hookups
