
38 Highland St Reading — Photo 1 of 42
$849,900
Investment Analysis — 38 Highland St
Reading, MA 01867
Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 4-bedroom in 01867 carries an estimated $3,470/mo in gross rent — about a 2.67% cap rate and $22,700/yr in estimated NOI at the $849,900 list price. Adjust every assumption in the calculator below.
Beds
4
Baths
2
SqFt
2,378
Style
Single Family
Built
1900
They simply don’t make homes like this anymore. Set in one of Reading’s most loved Birch Meadow neighborhoods, just steps from downtown, this turn-of-the-century Colonial offers 10 rooms, 4 bedrooms, 2 full baths and the kind of craftsmanship, scale and character that is nearly impossible to replicate today. The moment you step inside, the striking foyer sets the tone. Warm, welcoming and rich with architectural detail, it gives you an immediate sense of what makes this home so special. It’s not simply a pass-through space; it’s a beautiful introduction to the craftsmanship and character that continue throughout the home, and one of those details that feels even more special in person. Throughout, you’ll find 9-foot + ceilings, hardwood floors, ornate millwork, stained-glass windows, original cast-iron radiators, beautiful built-ins and substantial pocket doors, all reminders of an era when homes were built with incredible attention to detail. The large bedrooms continue that sense of scale, while a walk-in pantry adds both function and another layer of old-home charm that is increasingly hard to find. A walk-up attic offers exciting possibilities for future expansion, while two separate driveways provide added flexibility and potential to explore an ADU, subject to town approvals through oversized detached garage. Thoughtful updates over the years include a newer roof, replacement windows, new appliances, updated electrical and a new oil tank. And then there’s the location. You’re just moments from the Birch Meadow school complex and YMCA, with fields, courts, playgrounds and recreation practically outside your door. Downtown Reading, local restaurants, shops, coffee, the commuter rail and everything that makes this community so special are all within easy reach. It’s a location that allows you to truly become part of the neighborhood and enjoy a lifestyle where so much of your day-to-day life is right around you. Owned by the same family for nearly six decades, this home has been the backdrop for generations of memories and is ready for someone new to make it their own. Rich in architectural detail and ready for its next chapter, this is a home you need to experience in person to fully appreciate.
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 2,378 sq ft principal dwelling). Lot size: 11,626 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.
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Geography
Floorplan Breakdown
Structural Layout
Living Room
Lvl First14 x 13
Flooring - Hardwood, Open Floorplan
Dining Room
Lvl First15 x 14
Closet/Cabinets - Custom Built, Flooring - Hardwood
Kitchen
Lvl First17 x 13
Flooring - Vinyl, Pantry, Countertops - Stone/Granite/Solid, Stainless Steel Appliances
Family Room
Lvl First17 x 15
Closet/Cabinets - Custom Built, Flooring - Hardwood, Open Floorplan, Pocket Door
Master Bedroom
Lvl Second14 x 14
Closet, Flooring - Hardwood
Bedroom 2
Lvl Second14 x 14
Bedroom 3
Lvl Second11 x 11
Closet, Flooring - Hardwood
Bedroom 4
Lvl Second17 x 8
Flooring - Hardwood
Bathroom 1
Lvl FirstBathroom - 3/4, Bathroom - With Shower Stall, Flooring - Vinyl, Dryer Hookup - Electric, Washer Hookup
Bathroom 2
Lvl SecondBathroom - Full, Bathroom - With Tub & Shower, Flooring - Vinyl
Listing Agent: Susan Gormady Group
Listing Office: Classified Realty Group
MLS® Number: 73574006