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1388 Main Street Lancaster — Photo 1 of 42

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.

View Standard Listing

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

Original Price$875,000
Annual Taxes$11,991

Parking

Garage2
Off-Street12

Interior Specifications

Total Rooms9
Fireplaces2
FlooringTile, Carpet, Hardwood
BasementFull, Walk-Out Access, Interior Entry, Sump Pump, Concrete, Unfinished

Climate & Utilities

HeatingForced Air, Oil
CoolingNone
WaterPublic
SewerPrivate Sewer

Building & Exterior

ConstructionFrame
RoofShingle
FoundationConcrete Perimeter
ZoningRes

Property & Lot

Acres6
SqFt Lot261,360
Lot FeaturesWooded

Amenities & Appliances

Water Heater • Oven • Dishwasher • Range • Refrigerator

Neighborhood

Park • Highway Access

Geography

Floorplan Breakdown

Structural Layout

Second
Primary BedroomBedroom 2Bedroom 3Bedroom 4Bedroom 5Bathroom 2
First
Living RoomDining RoomKitchenFamily RoomBathroom 1
Living Room
Lvl First

14.25 x 27.416666666

Wood / Coal / Pellet Stove, Ceiling Fan(s), Deck - Exterior, Exterior Access, Slider

Dining Room
Lvl First

16.833333333 x 13.5

Flooring - Hardwood, Chair Rail

Kitchen
Lvl First

Flooring - Hardwood, Flooring - Stone/Ceramic Tile, Window(s) - Picture, Dining Area, Kitchen Island, Recessed Lighting, Gas Stove

Family Room
Lvl First

16.5 x 24.666666666

Flooring - Wall to Wall Carpet, Deck - Exterior, Exterior Access, Slider

Primary Bedroom
Lvl Second

14.75 x 13.416666666

Ceiling Fan(s), Closet, Flooring - Wall to Wall Carpet

Bedroom 2
Lvl Second

14.75 x 13.416666666

Bedroom 3
Lvl Second

13.833333333 x 11.916666666

Ceiling Fan(s), Closet, Flooring - Wall to Wall Carpet

Bedroom 4
Lvl Second

13.666666666 x 15.583333333

Ceiling Fan(s), Closet, Flooring - Wall to Wall Carpet

Bedroom 5
Lvl Second

13.666666666 x 11.333333333

Ceiling Fan(s), Closet, Flooring - Wall to Wall Carpet

Bathroom 1
Lvl First

Bathroom - Full, Bathroom - With Shower Stall, Flooring - Stone/Ceramic Tile

Bathroom 2
Lvl Second

Bathroom - Full, Bathroom - With Tub & Shower, Flooring - Stone/Ceramic Tile, Double Vanity, Soaking Tub

Listing Provided By

Listing Agent: Tami Dome

Listing Office: ERA Key Realty Services - Distinctive Group

MLS® Number: 73575858