11-Unit Two-Building Apartment
For Sale
Contact for pricing
9 Maple Street, Spencer, MA 01562
Two-building 11-unit multifamily with off-street parking and shared laundry, fully occupied and cash-flowing.
Property Size8,432 SF
Price / SF$177.89
Days on Market75
Property Features for 9 Maple Street
General Information
Standard status
Active
Size
8,432 SF
Class
A
Property subtype
Multifamily
Zoning
RES
Occupancy
100%
Net Operating Income
$124,800
Additional Details
Multifamily Units
11
Building Details
Year Built
1893
Buildings
2
Units
11
Tenancy
Multi
Listing Agency:
Real Broker MA LLC
Listed By:
James Black · License #K8001180
Source:
Crexi
Added: May 28
Changed: Aug 8
Last Checked: Aug 8 at 4:00PM
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 Real Broker MA LLC
Investment Insights
Based on property information with market context.
This is a cash-flowing, fully occupied 11-unit multifamily investment opportunity consisting of two buildings. The unit mix includes ten 1-bedroom apartments and one 2-bedroom unit, creating a tenant profile with a broad range of household needs. Residents benefit from ample off-street parking and shared on-site laundry.
The property is located at 9-11 Maple St in Spencer, MA. The remarks also note a central location with convenient access to local shops, restaurants, and everyday amenities.
For investors or portfolio buyers, this offering presents a stabilized apartment asset with an established unit mix and ongoing resident use of on-site shared laundry and parking. The combination of a fully occupied structure and straightforward residential configuration can support straightforward operations for an owner seeking multifamily income in Spencer.
The property is located at 9-11 Maple St in Spencer, MA. The remarks also note a central location with convenient access to local shops, restaurants, and everyday amenities.
For investors or portfolio buyers, this offering presents a stabilized apartment asset with an established unit mix and ongoing resident use of on-site shared laundry and parking. The combination of a fully occupied structure and straightforward residential configuration can support straightforward operations for an owner seeking multifamily income in Spencer.
Key Highlights
- Two‑building 11‑unit multifamily in Spencer, built in 1893
- Fully occupied, cash‑flowing investment property
- Unit mix includes ten 1‑bedroom units and one 2‑bedroom 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
$99,194
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
6.61%
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%
$1,983,880
$2.0M
Cap Rate 7%
$1,417,057
$1.4M
Cap Rate 9%
$1,102,156
$1.1M
Market Conditions
NOI Build-Up for 8,432 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
$185.2K $21.96/SF
− Vacancy
−$4.8K −$0.57/SF
EGI
$180.4K $21.39/SF
− OpEx
−$81.2K −$9.63/SF
NOI
$99.2K $11.76/SF
Area
Worcester County, MA
Vacancy
2.60%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
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%
$1,983,880
Cap Rate 7%
$1,417,057
Cap Rate 9%
$1,102,156
Alternative Uses
Best Use
Apartment 5plus
$1.42M
$1.24M – $1.65M
NOI $99,194 @ 7.0% cap · market cap 6.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.88M
$2.52M – $3.36M
NOI $201,559 @ 7.0% cap · market cap 13.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
375
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?
Apartment building - Two-building 11-unit multifamily with off-street parking and shared laundry, fully occupied and cash-flowing.
Where is this apartment building located?
The property is located at 9 Maple Street Spencer, MA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Two‑building 11‑unit multifamily in Spencer, built in 1893; Fully occupied, cash‑flowing investment property; Unit mix includes ten 1‑bedroom units and one 2‑bedroom unit
