
189 Prospect St Wakefield — Photo 1 of 37
$729,000
Investment Analysis — 189 Prospect St
Wakefield, MA 01880
Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 3-bedroom in 01880 carries an estimated $3,110/mo in gross rent — about a 2.67% cap rate and $19,431/yr in estimated NOI at the $729,000 list price. Adjust every assumption in the calculator below.
Beds
3
Baths
1
SqFt
1,448
Style
Single Family
Built
1940
If a picture is worth a thousand words, this home speaks for itself. This beautifully maintained Cape blends timeless charm with exceptional care and pride of ownership. Conveniently located on the sought-after west side, just moments from the lake and commuter rail. The kitchen and dining area feature charming built-ins, while hardwood flooring extends throughout much of the home. A warm and welcoming living room showcases a fireplace and tasteful design details. The first-floor office also offers a perfect space to work from home. The thoughtfully finished lower level is bright and spacious, offering a third bedroom, a stunning family room with a second fireplace, custom millwork, abundant storage, and character throughout. An attached one-car garage adds even more convenience. There is excellent potential for future expansion with a walk-up attic. Outside, enjoy a private patio ideal for entertaining, summer cookouts, and gatherings, all set on an oversized double lot with room for future possibilities. Convenient to public transportation and all major commuting routes, this exceptional home offers the perfect combination of character, space, and location.
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: 724 sq ft (the lesser of 900 sq ft or half the 1,448 sq ft principal dwelling). Lot size: 16,409 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.
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Interior Specifications
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Building & Exterior
Property & Lot
Amenities & Appliances
Water Heater • Range • Dishwasher • Disposal • Refrigerator • Freezer • Washer • Dryer
Neighborhood
Public Transportation • Shopping • Tennis Court(s) • Park • Walk/Jog Trails • Golf
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Floorplan Breakdown
Structural Layout
Living Room
Lvl FirstDining Room
Lvl FirstKitchen
Lvl FirstOffice
Lvl FirstFamily Room
Lvl BasementPrimary Bedroom
Lvl FirstBedroom 2
Lvl FirstBedroom 3
Lvl BasementBathroom 1
Lvl FirstListing Agent: Nick Russo
Listing Office: Coldwell Banker Realty - Marblehead
MLS® Number: 73584041








