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47 Riverside Dr North Reading — Photo 1 of 17

47 Riverside Dr North Reading — Photo 1 of 17

$799,999

Investment Analysis — 47 Riverside Dr

North Reading, MA 01864

Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 6-bedroom in 01864 carries an estimated $4,200/mo in gross rent — about a 3.60% cap rate and $28,785/yr in estimated NOI at the $799,999 list price. Adjust every assumption in the calculator below.

View Standard Listing

Beds

6

Baths

4.5

SqFt

3,282

Style

Single Family

Built

1971

Exceptional opportunity for builders, developers, investors, or buyers looking to complete a substantial reconstruction in desirable North Reading. This property is currently under construction and being offered AS-IS, providing the next owner an opportunity to complete and customize an impressive Modern Farmhouse-style residence. Current plans feature approximately 3,282 SF of above-grade living area, plus approximately 1,000 SF of planned lower-level/basement space upon completion. The proposed layout features 6 bedrooms and 4.5 baths, including two primary en-suites, with a flexible floor plan designed for comfortable living. Plans also include an attached 2-car garage. A newly installed septic system is already in place. Situated on approximately 0.56 acres with scenic sloping landscape and views of the Ipswich River, the property offers tremendous potential in a desirable setting. Significant construction has already been undertaken, allowing the next owner to continue the project and select the remaining finishes. Convenient to shopping, major routes and area amenities. Property is an active construction site and is being sold AS-IS in its current condition. Buyer and buyer's agent to perform all due diligence regarding plans, permits, room configuration, measurements, construction status and completion requirements.

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 3,282 sq ft principal dwelling). Lot size: 24,250 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$799,999
Annual Taxes$9,518.92

Parking

Garage2
Off-Street6

Interior Specifications

Total Rooms10
Fireplaces1
Flooring--
BasementFull

Climate & Utilities

HeatingOther
CoolingOther
WaterPublic
SewerPrivate Sewer

Building & Exterior

Construction--
RoofShingle
FoundationConcrete Perimeter
ZoningRA

Property & Lot

Acres0.56
SqFt Lot24,250
Lot FeaturesWooded, Sloped

Amenities & Appliances

Water Heater

Neighborhood

Shopping • Highway Access

Geography

Property History

Listed
$799,999

Sep 18, 2026

MLS® 73579788

Sold
$641,000

Apr 23, 2025

MLS® 73360646

Listed
$595,000

Apr 16, 2025

MLS® 73360646

Listing Provided By

Listing Agent: Dominion Okeke

Listing Office: Chinatti Realty Group, Inc.

MLS® Number: 73579788