Investment Analysis — 515 Lake Avenue

Worcester, MA 01604 — Lake Ave

Based on HUD Small Area Fair Market Rent for Worcester, MA HUD Metro FMR Area, a 2-bedroom in 01604 carries an estimated $2,250/mo in gross rent — about a 3.54% cap rate and $15,562/yr in estimated NOI at the $439,000 list price. Adjust every assumption in the calculator below.

View Standard Listing

Beds

Baths

SqFt

1,442

Style

Single Family

Built

1939

Welcome to this charming Cape-style home in the desirable Lake Park area! The inviting first floor features a spacious living room with a cozy brick fireplace, a dining room and study, plus a convenient flex/play area. Beautiful recently refinished hardwood floors flow throughout the home, adding warmth and character. The open kitchen offers a breakfast bar, updated appliances, and a comfortable layout for everyday living and entertaining. A first-floor laundry and full bath add to the home's convenience.Upstairs, you'll find two spacious bedrooms, including a primary bedroom with a walk-in closet and an additional closet, along with a second full bath. Outside, enjoy the level, fenced-in yard, perfect for entertaining, play, gardening, or simply relaxing. Additional highlights include a garage, a 12-year-old roof, 12-year-old boiler, new electrical panel, and a washer and dryer that are just 1 year old. Ideally located close to UMass, just 2 miles from the Mass Pike, and minutes to shopping, restaurants, Lake Park, and area schools, this home offers the perfect blend of comfort, character, convenience, and location. A wonderful opportunity not to be missed!

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: 721 sq ft (the lesser of 900 sq ft or half the 1,442 sq ft principal dwelling). Lot size: 7,895 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.