
514 Water St Wakefield — Photo 1 of 42
$2,375,000
Investment Analysis — 514 Water St
Wakefield, MA 01880
Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 4-bedroom in 01880 carries an estimated $3,430/mo in gross rent — about a 0.81% cap rate and $19,233/yr in estimated NOI at the $2,375,000 list price. Adjust every assumption in the calculator below.
Beds
4
Baths
5
SqFt
6,211
Style
Single Family
Built
2024
Architecturally striking new construction defined by bold design, meticulous craftsmanship and a sophisticated modern aesthetic. This 4 bedroom, 4.5 bath home pairs dramatic architectural moments with exceptional attention to detail, including custom millwork and thoughtfully integrated accent lighting throughout. A two story foyer makes an immediate impression with a floating staircase and floor to ceiling windows. The matte black kitchen makes a bold statement with induction cooking, a substantial center island, wall oven, microwave drawer, chrome hardware, toe kick and under cabinet lighting, and a dramatic illuminated tray ceiling. Multi slide pocket doors disappear into the walls, completely opening the interior to a covered outdoor living space with TV and a grilling station equipped with a Green Egg smoker and sink. Beyond, an expansive landscaped lawn extends to a wooded backdrop, creating a private setting. Open living and dining areas extend to a sundrenched family room, while a front office and thoughtfully designed mudroom with direct access to the attached three car garage add function to the layout. Upstairs, 9 foot ceilings continue through four bedrooms, including an impressive primary suite with oversized picture windows, an expansive walk in closet and an ensuite bath featuring a double vanity, soaking tub and oversized dual shower. A secondary bedroom with ensuite bath opens directly to the wraparound roof deck The finished lower level offers an expansive family room with an 8 foot illuminated tray ceiling, built in beverage center and layered accent lighting. A dedicated home gym with turf provides a separate fitness space, while a framed in law suite offers the potential for a kitchen, bedroom and bath with private egress. Endless off street parking. Ideally located less than a mile from both Woodville School and Wakefield Memorial High School, with easy access to Breakheart Reservation, MarketStreet Lynnfield and major routes.
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 6,211 sq ft principal dwelling). Lot size: 46,688 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.
Open Houses
Property Details
Financials
Parking
Interior Specifications
Climate & Utilities
Building & Exterior
Property & Lot
Amenities & Appliances
Electric Water Heater • Range • Dishwasher • Microwave • Refrigerator
Neighborhood
Shopping • Highway Access • House of Worship • Public School
Geography
Floorplan Breakdown
Structural Layout
Living Room
Lvl First19.583333333 x 20.416666666
Flooring - Hardwood, Recessed Lighting
Dining Room
Lvl First17.416666666 x 15.25
Flooring - Hardwood, Recessed Lighting, Lighting - Pendant
Kitchen
Lvl First23.583333333 x 19.166666666
Flooring - Hardwood, Countertops - Stone/Granite/Solid, Lighting - Pendant
Office
Lvl First10.666666666 x 10.416666666
Flooring - Hardwood
Family Room
Lvl First21.5 x 11.583333333
Flooring - Hardwood, Recessed Lighting
Primary Bedroom
Lvl Second23.25 x 16.166666666
Bathroom - Full, Bathroom - Double Vanity/Sink, Walk-In Closet(s), Closet/Cabinets - Custom Built, Flooring - Hardwood, Window(s) - Bay/Bow/Box, Recessed Lighting, Lighting - Sconce
Bedroom 2
Lvl Second12.916666666 x 12.583333333
Bedroom 3
Lvl Second10.083333333 x 14.833333333
Closet, Flooring - Hardwood, Recessed Lighting
Bedroom 4
Lvl Second19.25 x 26.583333333
Closet, Flooring - Hardwood, Flooring - Wood, Deck - Exterior
Bathroom 1
Lvl First6.25 x 8.833333333
Bathroom 2
Lvl Second10.666666666 x 18.333333333
Bathroom - Full, Bathroom - Double Vanity/Sink, Bathroom - Tiled With Tub & Shower, Bathroom - With Shower Stall, Bathroom - With Tub, Flooring - Stone/Ceramic Tile
Bathroom 3
Lvl Second10.916666666 x 7.166666666
Bathroom - Full, Bathroom - Tiled With Tub & Shower, Flooring - Stone/Ceramic Tile
Listing Agent: The Synergy Group
Listing Office: The Synergy Group
MLS® Number: 73579513

