
29 Lake Shore Drive Wales — Photo 1 of 40
$649,000
Investment Analysis — 29 Lake Shore Drive
Wales, MA 01081
Based on HUD Small Area Fair Market Rent for Springfield, MA MSA, a 3-bedroom in 01081 carries an estimated $2,400/mo in gross rent — about a 2.43% cap rate and $15,794/yr in estimated NOI at the $649,000 list price. Adjust every assumption in the calculator below.
Beds
3
Baths
2
SqFt
2,027
Style
Single Family
Built
1965
Waterfront living takes center stage in this beautifully positioned lakefront home, where expansive water views create an incredible backdrop from morning through sunset. Designed for single-floor living, the home offers three bedrooms, generous living spaces and a connection to the water throughout the interior. The living room is the focal point, framed by an impressive picture window showcasing panoramic lake views. A pellet stove set against a stone surround anchors the space, while an adjoining sitting area provides another front-row seat to the waterfront. The kitchen features rich wood cabinetry, new quartz countertops and a window above the sink overlooking the water. The primary bedroom offers its own waterfront experience with multiple windows, sliders leading directly to the deck and a private full bath. Two additional bedrooms and a newly renovated main bathroom with a glass-enclosed shower and new quartz countertop complete the main level. The walk-out lower level expands the living space with another fireplace and dry bar, with direct access toward the waterfront. Across the back of the home, an expansive deck with a covered gazebo overlooks the lake, creating an incredible setting for morning coffee or taking in the sunsets. At the shoreline, a private dock provides direct lake access, while the boat garage offers the ability to anchor and pull a boat in. The property is fenced along the sides while remaining open at the water’s edge. An adjacent lot with additional storage areas brings the combined property to approximately half an acre. Additional features include an owned solar system with the potential to offset most, if not all, of the home’s electric usage, a two-car garage and attached garden shed. With two lots, extensive waterfront access, multiple finished living areas and spaces designed around the lake, this property offers an exceptional opportunity to experience waterfront living from the home all the way to the water’s edge.
ADU Potential
Massachusetts allows one accessory dwelling unit by right in single-family zoning districts statewide (M.G.L. c. 40A §3; 760 CMR 71.00, effective Feb 2025). Estimated maximum ADU size for this property: 900 sq ft (the lesser of 900 sq ft or half the 2,027 sq ft principal dwelling). Lot size: 21,780 sq ft.
Based on listing data, which indicates the property type — not the zoning district. Local dimensional, septic (Title 5), and historic-district requirements still apply. Not legal advice — verify with the municipality.
Estimates — not financial advice
These figures are illustrative estimates for informational purposes only — not an appraisal, valuation, or guarantee of rent, income, or returns, and not financial, tax, or investment advice. Rent is either the figure reported on the MLS listing — in-place rent that may differ from market and is not verified against the actual leases — or, where the listing reports none, an estimate from HUD Small Area Fair Market Rents, a government benchmark that may differ from actual market rent. Each figure is labelled with its source. Cap rate, NOI, and returns depend on the assumptions shown, which you can change. MLS and other third-party data may be inaccurate or out of date. Verify all figures independently and consult your own financial, tax, and legal advisors before making any investment decision.
Property Details
Financials
Parking
Interior Specifications
Climate & Utilities
Building & Exterior
Property & Lot
Amenities & Appliances
Range • Refrigerator
Geography
Floorplan Breakdown
Structural Layout
Living Room
Lvl Main,FirstWood / Coal / Pellet Stove, Flooring - Wall to Wall Carpet, Window(s) - Picture
Dining Room
Lvl FirstFlooring - Wall to Wall Carpet, Open Floorplan
Kitchen
Lvl Main,FirstCloset/Cabinets - Custom Built, Window(s) - Picture, Countertops - Stone/Granite/Solid, Slider
Master Bedroom
Lvl Main,FirstCloset, Flooring - Wall to Wall Carpet, Balcony / Deck, Exterior Access, Slider
Bedroom 2
Lvl FirstBedroom 3
Lvl FirstCloset, Flooring - Wall to Wall Carpet
Bathroom 1
Lvl FirstBathroom - Full, Bathroom - Tiled With Shower Stall, Flooring - Stone/Ceramic Tile, Countertops - Stone/Granite/Solid, Countertops - Upgraded, Double Vanity, Remodeled
Bathroom 2
Lvl FirstBathroom - Full, Bathroom - Tiled With Shower Stall, Countertops - Stone/Granite/Solid
Listing Agent: Marisol Franco
Listing Office: Coldwell Banker Realty - Western MA
MLS® Number: 73575614
