62 Wall StSpencer, MA 01562

Property Details for 62 Wall St

Year built

1879

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.22 AC

Property size (Sq ft)

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.

• CAP approach

  CAP return

  Valuation

  6%

  $427,047

  6.5%

  $394,197

  7%

  $366,040

• Comparable approach

  Method

  Valuation

  Relative Method

  $337,495

  Geo Method

  $337,495

• Alternative Use

  Use

  Valuation

  Residential

  $488,805

  Hospitality

  $447,742

  Educational

  $372,516

  Medical

  $385,328

  Retail

  $579,470

Location Insight

City

Spencer

County

Worcester

State

Massachusetts

Latitude

42.2424

Longitude

-71.9935

CBSA code

49340

CBSA name

WORCESTER, MA-CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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