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Property profile & analytics
OFF-MARKET
Estimated value
$655,000
Manufacturing properties
9 Water St Leicester, MA 01524-1321
Entity Owned
15-yr Hold
~
Est. High Equity
Property ID
US38-0210871
Property summary
AI-generated overview
This exceptional three-story brick mill building, situated on a 0.44-acre lot in Leicester, MA, presents a unique redevelopment opportunity. Located on Water Street, just off Route 9, this property boasts 25,450 square feet of space, offering high ceilings, abundant natural light, and a desirable water view. The building features many new windows, a sprinkler system, and convenient loading docks. A large parking lot is also available. The property's prime location offers easy access to Becker College-Leicester Campus (0.5 miles) and Worcester Regional Airport (5 miles). An adjacent former fire station (currently rented) is also available. This property is zoned CB, allowing for a variety of conversion uses. The attractive brick exterior and gated entrance enhance the property's curb appeal. This is a rare chance to acquire a substantial property with significant potential in a well-established location.
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
1862
Construction
FRAME
Total area
25,450 SF
Lot
0.44 ac (19,166 SF)
Zoning code
CB
APN
LEIC M:19B B:00000A4 L:0
UPID
US38-0210871
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$590k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$910k
Blend (final)
Blend
$655k
Owner & transaction history
Leicester 9 Water St LLC · 15 yrs held
Leicester 9 Water St LLC
since 2010
5 recorded transactions
Zoning & alternative use
CB · Leicester, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Leicester submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Leicester submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$590,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$655k
Range $590k – $721k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$26 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$7,455
Tax year 2024
Assessed value
$594,000
Assessed 2024
Previous assessed
$581,200
+2.2% YoY
Effective rate
1.26%
On assessed value
Assessed land
$85,100
Assessed improvement
$508,900
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Year built
1862
Construction
FRAME
Heating
STEAM
Buildings
1
Stories
3
Units
1
Bathrooms
8
Total area
25,450 SF
Lot
0.44 ac (19,166 SF)
Zoning code
CB
APN
LEIC M:19B B:00000A4 L:0
UPID
US38-0210871
Jurisdiction
LEICESTER
Zoning & alternative use
CB · Leicester, MA
Zoning CB · permitted uses
CB · Leicester, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Leicester. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1862
Construction
FRAME
Heating
STEAM
Stories
3
Buildings
1
Units
1
Bathrooms
8
Lot
0.44 ac
Current owner
From public records · entity-resolved
Leicester 9 Water St LLC
Entity
Mailing address
300 GAY ST, MANCHESTER, NH 03103-6816
Ownership since
2010
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 15, 2010
$300,000
Leicester 9 Water St LLC
Fontaine,david M
One Of Committee, Strict Foreclosure, Sheriff, Or Redemption Deeds
related
—
Mar 31, 2009
—
David M Fontaine
—
Deed Of Trust
related
$50,000 · Spencer Savings Bank Sla
Nov 1, 2006
—
David M Fontaine
—
Deed Of Trust
related
$21,000 · Spencer Savings Bank Sla
Mar 24, 2006
—
David M Fontaine
—
Deed Of Trust
related
$225,000 · Spencer Savings Bank Sla
Mar 28, 2005
$165,000
David M Fontaine
9 Water St RT
Grant Deed
$80,000 · Leroy Mclaurin
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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