
1388 Main Street Lancaster — Photo 1 of 42
$875,000
Investment Analysis — 1388 Main Street
Lancaster, MA 01523
Based on HUD Small Area Fair Market Rent for Worcester, MA HUD Metro FMR Area, a 5-bedroom in 01523 carries an estimated $4,260/mo in gross rent — about a 3.07% cap rate and $26,860/yr in estimated NOI at the $875,000 list price. Adjust every assumption in the calculator below.
Beds
5
Baths
2
SqFt
2,925
Style
Single Family
Built
1986
Space inside, nature outside, and a setting that makes this Lancaster property truly stand out! This true 5-bedroom home offers all five bedrooms on the second floor, generous living spaces and over 1,600 sq ft of unfinished basement space currently utilized as a workshop and home gym, with plenty of additional room for storage, hobbies and future possibilities. At the heart of the home is a large eat-in kitchen with an island, Viking propane gas cooktop, built-in KitchenAid electric wall oven and a picture window overlooking the beautiful surroundings. The living room features a wood stove and sliders to the deck, while the family room offers another set of sliders, creating an easy connection between indoors and out. With access to the backyard from the living room, family room and back hall, this is a home designed to enjoy its setting. Step outside to a large deck and gazebo overlooking approximately 6 acres of level land abutting conservation land, creating a private, nature-filled setting. The property leads toward the Nashua River, where the sellers have enjoyed kayaking and watching herons and other wildlife along the water. A footbridge on town property provides a connection to the nearby school and soccer fields. Whether you're heading out with a kayak, catching a game, watching wildlife or simply enjoying the quiet surroundings, this property offers a connection to nature that's increasingly hard to find. A shed provides additional outdoor storage, and one of the five bedrooms includes a tucked-away storage cubby for even more storage. Convenient to Routes 2, 70, 190 and 495, as well as area shops and services, this home offers space, versatility and a setting that truly sets it apart.
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 2,925 sq ft principal dwelling). Lot size: 261,360 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
Water Heater • Oven • Dishwasher • Range • Refrigerator
Neighborhood
Park • Highway Access
Geography
Floorplan Breakdown
Structural Layout
Living Room
Lvl First14.25 x 27.416666666
Wood / Coal / Pellet Stove, Ceiling Fan(s), Deck - Exterior, Exterior Access, Slider
Dining Room
Lvl First16.833333333 x 13.5
Flooring - Hardwood, Chair Rail
Kitchen
Lvl FirstFlooring - Hardwood, Flooring - Stone/Ceramic Tile, Window(s) - Picture, Dining Area, Kitchen Island, Recessed Lighting, Gas Stove
Family Room
Lvl First16.5 x 24.666666666
Flooring - Wall to Wall Carpet, Deck - Exterior, Exterior Access, Slider
Primary Bedroom
Lvl Second14.75 x 13.416666666
Ceiling Fan(s), Closet, Flooring - Wall to Wall Carpet
Bedroom 2
Lvl Second14.75 x 13.416666666
Bedroom 3
Lvl Second13.833333333 x 11.916666666
Ceiling Fan(s), Closet, Flooring - Wall to Wall Carpet
Bedroom 4
Lvl Second13.666666666 x 15.583333333
Ceiling Fan(s), Closet, Flooring - Wall to Wall Carpet
Bedroom 5
Lvl Second13.666666666 x 11.333333333
Ceiling Fan(s), Closet, Flooring - Wall to Wall Carpet
Bathroom 1
Lvl FirstBathroom - Full, Bathroom - With Shower Stall, Flooring - Stone/Ceramic Tile
Bathroom 2
Lvl SecondBathroom - Full, Bathroom - With Tub & Shower, Flooring - Stone/Ceramic Tile, Double Vanity, Soaking Tub
Listing Agent: Tami Dome
Listing Office: ERA Key Realty Services - Distinctive Group
MLS® Number: 73575858