38 Gray St. Amherst — Photo 1 of 42
$2,250,000
Investment Analysis — 38 Gray St.
Amherst, MA 01002 — In-Town
Based on HUD Small Area Fair Market Rent for Amherst Town-Northampton, MA MSA, a 4-bedroom in 01002 carries an estimated $3,340/mo in gross rent — about a -0.45% cap rate and $-10,163/yr in estimated NOI at the $2,250,000 list price. Adjust every assumption in the calculator below.
Beds
4
Baths
3.5
SqFt
5,311
Style
Single Family
Built
1862
Sited above Main St. to enjoy Mtn. views & southern exposure, this Italianate Villa is the Amherst Center stand-out! In 1863 W.F Pratt designed & built it for the hat-maker Henry Hills. The restored structure & estate spread over 1+ groomed Ac. weds classical Antique form (balanced cubic massing, overhanging eaves, tall, narrow windows & ornate brackets) w/ contemporary functionality. The fastidiously maintained 5311 SF dwelling touts 3- state-of-the-art HVAC systems; 4 bedrms, 3.5 bath, 3-car garage; Cook’s Kitchen; 3 gorgeous bathrms; built-ins; 900 SF studio w/ bath/cabinets/mini-split/laundry. Enter from the signature wrap-around porch into formal foyer w/ soaring ceiling & staircase. On the left is parlor w/ pocket doors to library; on the right are drawing & dining rms. Each features marble fireplaces, chandeliers, crown moldings. The informal space extends into both the all Bells & Whistles eat-in Kitchen & upstairs FamRm w/ ensuite bedrm. Historic Appeal & Modern Livability!
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 5,311 sq ft principal dwelling). Lot size: 52,707 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 • Range • Oven • Dishwasher • Disposal • Microwave • Refrigerator • Washer • Dryer • Wine Refrigerator • Range Hood
Neighborhood
Public Transportation • Shopping • Bike Path • House of Worship • Private School • Public School
Geography
Floorplan Breakdown
Structural Layout
Living Room
Lvl Main,FirstCloset/Cabinets - Custom Built, Flooring - Hardwood, Remodeled, Lighting - Overhead, Decorative Molding, Pocket Door
Dining Room
Lvl Main,FirstFlooring - Hardwood, Window(s) - Bay/Bow/Box, Open Floorplan, Remodeled, Crown Molding
Kitchen
Lvl Main,FirstFlooring - Hardwood, Dining Area, Pantry, Countertops - Stone/Granite/Solid, Kitchen Island, Cabinets - Upgraded, Recessed Lighting, Remodeled, Stainless Steel Appliances, Gas Stove, Lighting - Pendant, Lighting - Overhead
Family Room
Lvl SecondFlooring - Hardwood, Remodeled, Lighting - Overhead
Primary Bedroom
Lvl SecondBathroom - 3/4, Flooring - Hardwood, Remodeled, Lighting - Overhead, Closet - Double
Bedroom 2
Lvl SecondBedroom 3
Lvl SecondFireplace, Closet, Closet/Cabinets - Custom Built, Flooring - Hardwood, Remodeled, Lighting - Overhead
Bedroom 4
Lvl SecondFireplace, Closet, Closet/Cabinets - Custom Built, Flooring - Hardwood, Remodeled, Lighting - Overhead, Closet - Double
Bathroom 1
Lvl Main,FirstBathroom - Half, Ceiling Fan(s), Flooring - Hardwood, Countertops - Stone/Granite/Solid
Bathroom 2
Lvl SecondBathroom - 3/4, Bathroom - Double Vanity/Sink, Bathroom - Tiled With Shower Stall, Ceiling Fan(s), Flooring - Hardwood, Countertops - Stone/Granite/Solid, Remodeled, Lighting - Sconce, Lighting - Overhead
Bathroom 3
Lvl SecondBathroom - Full, Bathroom - Double Vanity/Sink, Bathroom - Tiled With Tub & Shower, Fireplace, Flooring - Hardwood, Countertops - Stone/Granite/Solid, Jacuzzi / Whirlpool Soaking Tub, Remodeled, Lighting - Sconce, Lighting - Overhead
Listing Agent: Sally Malsch
Listing Office: 5 College REALTORS®
MLS® Number: 73540392