Building Details

Year built 1945

Floors in Building 3

Number of units 2

Listing Agency: RE/MAX Vision · RE/MAX International Show Phone

Listed By: Jeff Burk · License #9035530 Show Phone

Added: Sep 1 Changed: Oct 11 Last Checked: Oct 16 at 7:06PM

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MLS# 73570360

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Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$24,657

Cap Rate

3.52%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$493,140 $493.1K

Cap Rate 7%

$352,243 $352.2K

Cap Rate 9%

$273,967 $274.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,096 SF

Gross rent

$46.0K $21.96/SF

− Vacancy

−$1.2K −$0.57/SF

EGI

$44.8K $21.39/SF

− OpEx

−$20.2K −$9.63/SF

NOI

$24.7K $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 Rate 5%

$493,140

Cap Rate 7%

$352,243

Cap Rate 9%

$273,967

Alternative Uses

Best Use

Apartment 5plus

$352.2K

$308.2K – $411.0K (±1% cap)

NOI $24,657 @ 7.0% cap · market cap 3.52%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$715.8K

$626.3K – $835.1K (±1% cap)

NOI $50,103 @ 7.0% cap · market cap 7.16%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Waterfront Land

Suggested Use

Top Pick Building Supply Parking Lot & Garage Big Box & Wholesale Store Real Estate Agency HVAC Service Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

Where is this multifamily property located?

The property is located at 99 Lakeshore Drive Spencer, MA.

What is the asking price?

The asking price for this property is $699,900.