38 Lake St Spencer — Photo 1 of 27
Recent Drop: $16,900
$498,000
Investment Analysis — 38 Lake St
Spencer, MA 01562
Based on HUD Small Area Fair Market Rent for Worcester, MA HUD Metro FMR Area, a 4-bedroom in 01562 carries an estimated $2,250/mo in gross rent — about a 3.02% cap rate and $15,056/yr in estimated NOI at the $498,000 list price. Adjust every assumption in the calculator below.
Beds
4
Baths
2.5
SqFt
2,224
Style
Single Family
Built
2005
Private 4-BR Colonial by Luther Hill Park Spacious 8-room Colonial on a private, elevated hill lot at the end of a dead-end street. Backyard directly borders and accesses Luther Hill Park for beach swimming, lifeguards, fishing, kayaking, canoeing, bicycling, and live entertainment. Main floor features a large eat-in kitchen with a center island, dedicated laundry room, formal dining room, living room, and a massive bonus family room with soaring cathedral ceilings. Upstairs offers 4 spacious bedrooms and 2 full baths, including a primary master suite with cathedral ceilings. Includes an attached 2-car garage. Conveniently located near a local bus line with a straightforward drive to Worcester, Boston, Hartford, Springfield, and Providence. Excellent opportunity to build fast equity.
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 2,224 sq ft principal dwelling). Lot size: 27,798 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 MLS and other third-party data may be inaccurate or out of date.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 • Dishwasher • Microwave • Refrigerator • Washer • Dryer • ENERGY STAR Qualified Dishwasher • Range Hood • Cooktop • Oven • Plumbed For Ice Maker
Neighborhood
Public Transportation • Shopping • Park • Walk/Jog Trails • Bike Path • Public School
Geography
Floorplan Breakdown
Structural Layout
Master Bedroom
Lvl SecondBathroom - Full, Cathedral Ceiling(s), Ceiling Fan(s), Flooring - Wall to Wall Carpet, High Speed Internet Hookup, Closet - Double
Property History
$498,000
Was $514,900
Sep 1, 2026
MLS® 73568372
$514,900
Aug 25, 2026
MLS® 73568372
Listing Agent: Jonathan Minerick
Listing Office: homecoin.com
MLS® Number: 73568372