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189 Prospect St Wakefield — Photo 1 of 37

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.

View Standard Listing

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.

Open Houses

Property Details

Financials

Original Price$729,000
Annual Taxes$8,931.79

Parking

Garage1
Off-Street4

Interior Specifications

Total Rooms9
Fireplaces2
FlooringTile, Hardwood, Engineered Hardwood, Brick
BasementFull, Partially Finished, Bulkhead

Climate & Utilities

HeatingBaseboard, Hot Water, Electric
CoolingWindow Unit(s)
WaterPublic
SewerPublic Sewer

Building & Exterior

ConstructionFrame
RoofShingle
FoundationBlock
ZoningSR

Property & Lot

Acres0.38
SqFt Lot16,409
Lot FeaturesCorner Lot, Additional Land Avail.

Amenities & Appliances

Water Heater • Range • Dishwasher • Disposal • Refrigerator • Freezer • Washer • Dryer

Neighborhood

Public Transportation • Shopping • Tennis Court(s) • Park • Walk/Jog Trails • Golf

Geography

Floorplan Breakdown

Structural Layout

First
Living RoomDining RoomKitchenOfficePrimary BedroomBedroom 2Bathroom 1
Basement
Family RoomBedroom 3
Living Room
Lvl First
Dining Room
Lvl First
Kitchen
Lvl First
Office
Lvl First
Family Room
Lvl Basement
Primary Bedroom
Lvl First
Bedroom 2
Lvl First
Bedroom 3
Lvl Basement
Bathroom 1
Lvl First
Listing Provided By

Listing Agent: Nick Russo

Listing Office: Coldwell Banker Realty - Marblehead

MLS® Number: 73584041