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4 Main St 31 Unit Apartment Building $8,560,125 CAD ($276,133 CAD/Unit) 6.87% Cap Rate Spencer, MA 01562
Executive Summary
Thirty-one units in a 70 unit condominium development built in phases from 1977 to 1988, with the newest building built in 2006. Units are comprised of 28 two-bedroom and 3 one-bedroom units. Situated on a 6.44-acre site, there is plenty of off-street parking. The heat and hot water for the units are either gas forced hot air with central air-conditioning or electric radiant heat and hot water, paid by the tenant. Condo fees are approximately $250/ month per unit, which includes landscaping and snow removal, common area utilities, insurance, cleaning, pest control, and management of the site. HOA reserves exceed $200,000. Value add opportunity. Proven upside to rent roll.
Financial Summary (Actual - 2024) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$826,374
|
$27.55
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$826,374
|
$27.55
|
| Taxes |
$43,169
|
$1.44
|
| Operating Expenses |
$195,094
|
$6.50
|
| Total Expenses |
$238,263
|
$7.94
|
| Net Operating Income |
$588,111
|
$19.60
|
Financial Summary (Actual - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $826,374 |
| Annual Per SF | $27.55 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $826,374 |
| Annual Per SF | $27.55 |
| Taxes (CAD) | |
|---|---|
| Annual | $43,169 |
| Annual Per SF | $1.44 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $195,094 |
| Annual Per SF | $6.50 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $238,263 |
| Annual Per SF | $7.94 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $588,111 |
| Annual Per SF | $19.60 |
Property Facts
| Price | $8,560,125 CAD | Building Class | C |
| Price Per Unit | $276,133 CAD | Lot Size | 1.68 AC |
| Sale Type | Investment | Building Size | 30,000 SF |
| Cap Rate | 6.87% | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.36 | No. Stories | 3 |
| No. Units | 31 | Year Built/Renovated | 1977/1986 |
| Property Type | Multifamily | Parking Ratio | 4.5/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Garden | ||
| Zoning | MF | ||
| Price | $8,560,125 CAD |
| Price Per Unit | $276,133 CAD |
| Sale Type | Investment |
| Cap Rate | 6.87% |
| Gross Rent Multiplier | 10.36 |
| No. Units | 31 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.68 AC |
| Building Size | 30,000 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1977/1986 |
| Parking Ratio | 4.5/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | MF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | 700 |
| 2+1 | 28 | - | 800 - 1,005 |
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