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    Property profile & analytics

    62 Wall St Spencer, MA 01562

    • Investment properties
    • 2,583 SF
    • 0.22 lot acres
    For Sale
    View listing
    $329,900
    Value Estimation
    Location Intelligence
    Property ID
    US38-2422952
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Dance Techniques / Dance School

    Property Details for 62 Wall St

    Year built
    1879
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.22 lot acres
    Property size
    2,583 SF
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    SPEN M:00U07 B:00025 L:00000
    APU
    SPENM00U07B00025L00000

    Description

    This unique 1879 building, formerly Spencer's Railroad Depot, presents a compelling investment opportunity in Spencer's thriving downtown. Situated on a 0.22-acre lot on one of the fastest-growing streets, this property benefits from the recent influx of new businesses including a barber shop, spa, framing shop, print shop, and restaurant, complementing existing anchors like a pizza shop and flower shop. The building boasts significant character and versatile space, ideal for a variety of uses. The first floor, completely renovated and handicap accessible, features a large 882 sq ft dance studio with sprung floor, a smaller 276 sq ft dance studio, and an office, along with two large half-bathrooms. Upgrades include updated heating and AC, electrical systems, and a new roof on the two-story section, plus some new windows. A 1969 addition provides two extra floors of space. Currently, the property includes two long-term tenants, offering immediate income generation. The potential exists to add another rental unit, further increasing profitability. Off-street parking is available on both sides of the building. This property is priced at $329,900 and offers a rare chance to own a piece of Spencer's history while capitalizing on its vibrant commercial growth.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $240,000

    • CAP approach

      CAP return
      Estimation
      6%
      $175,000
      6.5%
      $195,000
      7%
      $175,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $190,000
      Geo Method
      $190,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $170,000
      Retail
      $190,000
      Mixed-Use
      $185,000
      Hospitality
      $185,000
      Educational
      $165,000
      Residential Income
      $185,000
      Energy
      $185,000
      Income-Based Land
      $175,000
      Food Service
      $160,000

    Location Insight

    • Map
    • Local Demand
    City
    Spencer
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.9935
    Latitude
    42.2424
    CBSA code
    49340
    CBSA name
    WORCESTER, MA-CT METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $1,932
    $38,800
    $130,100
    $168,900
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      2,261 SF

      144 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,261 SF
      144 Main St, Spencer, MA 01562-2124
      View Details
    • Value Estimation
      $685,000
      3,629 SF

      2 Chestnut St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,629 SF
      2 Chestnut St, Spencer, MA 01562-2506
      View Details
    • Value Estimation
      $190,000
      6,912 SF

      53 Chestnut St

      OFFICE/RESIDENTIAL (MIXED USE) • 6,912 SF
      53 Chestnut St, Spencer, MA 01562-2577
      View Details
    • Value Estimation
      $200,000
      2,438 SF

      177 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,438 SF
      177 Main St, Spencer, MA 01562-1711
      View Details
    • Value Estimation
      $310,000
      1,608 SF

      423 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,608 SF
      423 Main St, Spencer, MA 01562-1905
      View Details
    • Value Estimation
      $225,000
      2,412 SF

      19 Maple St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,412 SF
      19 Maple St, Spencer, MA 01562-2185
      View Details

    Similar Nearby for Sale

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      Prime Downtown Location, High Potential
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    • New
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      Well-established bar business with event room and commercial kitchen.
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      Custom Ranch with Horse Barn

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    Similar Nearby for Lease

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    • Contact for pricing
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      Retail Space on Route 9

      Retail space available on a busy thoroughfare, Route 9.
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    • $1,250 /Mo
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      Adaptable retail space near transportation, schools, and town amenities.
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    • $4,000 /Mo

      Retail Space For Lease

      Retail space available for lease with heavy vehicle traffic.
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    62 Wall St
    Spencer, MA 01562
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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