38 Peter Rd North Reading — Photo 1 of 42
$825,000
Investment Analysis — 38 Peter Rd
North Reading, MA 01864
Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 4-bedroom in 01864 carries an estimated $4,200/mo in gross rent — about a 3.53% cap rate and $29,082/yr in estimated NOI at the $825,000 list price. Adjust every assumption in the calculator below.
Beds
4
Baths
2
SqFt
2,150
Style
Single Family
Built
1964
Beautiful ranch style home located in a highly desirable neighborhood. This property has received many improvements over the past 10 years and is in excellent condition! Featuring an open-concept floor plan with an eat-in kitchen flowing into a living room with a fireplace. The kitchen has been updated with white shaker-style cabinetry, granite countertops, and stainless steel appliances. All of the bedrooms have hardwood floors including the spacious owners suite that has it's own private bathroom, walk in closet, and a covered balcony. The finished lower level offers plenty of room to entertain and walks out to the back yard with a modern patio. The 2 car garage is generous in size and has an adjacent workshop and storage area. This easy to maintain home is equipped with a young heat pump for heating and A/C, quality replacement windows installed in 2017, and a newer electric panel installed in 2022. The sellers will install a brand new septic system prior to closing!
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 2,150 sq ft principal dwelling). Lot size: 48,003 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.
Open Houses
Property Details
Financials
Parking
Interior Specifications
Climate & Utilities
Building & Exterior
Property & Lot
Amenities & Appliances
Electric Water Heater • Water Heater • Range • Dishwasher • Microwave • Refrigerator • Washer • Dryer
Neighborhood
Shopping • Tennis Court(s) • Park • Walk/Jog Trails • Stable(s) • Golf
Geography
Floorplan Breakdown
Structural Layout
Living Room
Lvl First16 x 12
Closet, Flooring - Hardwood, Exterior Access
Kitchen
Lvl First19 x 12
Dining Area, Countertops - Stone/Granite/Solid, Kitchen Island, Exterior Access, Open Floorplan, Stainless Steel Appliances
Master Bedroom
Lvl First16 x 15
Closet, Flooring - Hardwood, Balcony - Exterior, Slider
Bedroom 2
Lvl First12 x 12
Bedroom 3
Lvl First11 x 12
Closet, Flooring - Hardwood
Bedroom 4
Lvl First14 x 8
Flooring - Hardwood
Bathroom 1
Lvl First8 x 9
Bathroom - Full, Bathroom - With Shower Stall
Bathroom 2
Lvl First5 x 8
Bathroom - Full, Bathroom - With Shower Stall
Listing Agent: Kanniard Residential Group
Listing Office: LAER Realty Partners
MLS® Number: 73574432
