Waterfront Duplex with Direct
For Sale
$849,900
99 Lakeshore Drive, Spencer, MA 01562
Residential duplex on a wooded lakefront parcel with an enclosed porch, dock or mooring, and direct water access.
Property Size1,814 SF
Lot Size4.30 Acres
Price / SF$468.52
Days on Market142
Property Features for 99 Lakeshore Drive
General Information
Standard status
Active
Size
1,814 SF
Total Parking Spaces
10
Lot size
4.30 Acres
Property subtype
Multi-family / 2 Family - 2 Units Side by Side
Zoning
res
Taxes and HOA fees
Annual Taxes
$5,971
Amenities
Private Sewerage, Private
No
1
Yes
2.0
2
2.00
Wooded
Porch - Enclosed
Dock/Mooring, Lake
Waterfront, Lake, Direct Access, Lake/Pond, 0 to 1/10 Mile To Beach
Enclosed
Building Details
Year Built
1945
Listing Agency:
Lakefront Living Realty, LLC
(508) 377-7167
Listed By:
Richard Stockhaus · License #9513560
(508) 377-7167
Source:
Compass
Added: Apr 11
Changed: Aug 30
Last Checked: Aug 30 at 6:12AM
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 Lakefront Living Realty, LLC
Investment Insights
Based on property information with market context.
This residential duplex includes 1,814 square feet on a 4.3-acre wooded parcel. Built in 1945, the property features an enclosed porch, dock or mooring, and direct access to Thompson Pond. Residential zoning applies to the site.
The property offers over 400 feet of lake frontage along Thompson Pond, a 116-acre fully recreational pond fed by Turkey Hill Brook and Caruth Brook. Access beneath the causeway connects both sides of the lake. Camp Marshall and Spencer State Forest are nearby, with the forest offering 965 walking trails.
The property offers over 400 feet of lake frontage along Thompson Pond, a 116-acre fully recreational pond fed by Turkey Hill Brook and Caruth Brook. Access beneath the causeway connects both sides of the lake. Camp Marshall and Spencer State Forest are nearby, with the forest offering 965 walking trails.
Key Highlights
- Duplex with 1,814 square feet on a 4.3‑acre parcel
- Over 400 feet of lake frontage on Thompson Pond
- Direct lake access with dock or mooring
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
$24,521
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
2.89%
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%
$490,420
$490.4K
Cap Rate 7%
$350,300
$350.3K
Cap Rate 9%
$272,456
$272.5K
Market Conditions
NOI Build-Up for 1,814 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
$35.9K $19.80/SF
− Vacancy
−$887 −$0.49/SF
EGI
$35.0K $19.31/SF
− OpEx
−$10.5K −$5.79/SF
NOI
$24.5K $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%
$490,420
Cap Rate 7%
$350,300
Cap Rate 9%
$272,456
Alternative Uses
Best Use
Multifamily LT 5
$350.3K
$306.5K – $408.7K
NOI $24,521 @ 7.0% cap · market cap 2.89%
Second Best
Apartment 5plus
$304.9K
$266.8K – $355.7K
NOI $21,340 @ 7.0% cap · market cap 2.51%
Theoretical Best
Office A
$619.5K
$542.0K – $722.7K
NOI $43,362 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
11
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 - Residential duplex on a wooded lakefront parcel with an enclosed porch, dock or mooring, and direct water access.
Where is this duplex located?
The property is located at 99 Lakeshore Drive Spencer, MA.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Duplex with 1,814 square feet on a 4.3‑acre parcel; Over 400 feet of lake frontage on Thompson Pond; Direct lake access with dock or mooring
