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245 Summer Ave Reading — Photo 1 of 42

245 Summer Ave Reading — Photo 1 of 42

$2,250,000

Investment Analysis — 245 Summer Ave

Reading, MA 01867

Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 6-bedroom in 01867 carries an estimated $3,470/mo in gross rent — about a 0.48% cap rate and $10,846/yr in estimated NOI at the $2,250,000 list price. Adjust every assumption in the calculator below.

View Standard Listing

Beds

6

Baths

6.5

SqFt

6,251

Style

Single Family

Built

2018

There are homes that are beautifully renovated, and homes with history and soul. With an extensive 2018 gut renovation, 245 Summer Avenue offers the rare combination of both, blending timeless New England character, craftsmanship and architectural detail with the comfort and luxury of a thoughtful renovation. Designed for everyday living and entertaining, the home features generous gathering spaces, private retreats, a flexible main-level bedroom and nearly every bedroom with its own bath. Morning light fills the front office, creating an inviting place to work or begin the day. Outside, a spacious driveway and front yard provide room for bikes, hockey and play, while the private backyard offers a peaceful escape surrounded by mature landscaping and nature. Enjoy quiet mornings with coffee or relaxed evenings on the patio in remarkable privacy. Set among established homes in one of Reading’s most distinctive areas, the property feels tucked away yet remains close to schools, the town center and everyday conveniences. Sidewalks and beautiful surrounding streets encourage morning and evening walks, while nearby schools offer children a welcome sense of independence. Warm, elegant and designed to be lived in, 245 Summer Avenue pairs historic character with modern comfort, privacy and a lifestyle a new build simply cannot recreate.

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 6,251 sq ft principal dwelling). Lot size: 20,399 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--
Annual Taxes$20,800

Parking

Garage3
Off-Street16

Interior Specifications

Total Rooms16
Fireplaces3
FlooringTile, Carpet, Hardwood, Flooring - Wall to Wall Carpet, Flooring - Hardwood
BasementFull, Interior Entry, Radon Remediation System, Unfinished

Climate & Utilities

HeatingBaseboard, Natural Gas
CoolingCentral Air
WaterPublic
SewerPublic Sewer

Building & Exterior

ConstructionFrame
RoofShingle
FoundationStone, Brick/Mortar
ZoningS15

Property & Lot

Acres0.47
SqFt Lot20,399
Lot Features--

Amenities & Appliances

Tankless Water Heater • Range • Dishwasher • Disposal • Microwave • Refrigerator • Washer • Dryer • Range Hood • Plumbed For Ice Maker

Neighborhood

Public Transportation • Shopping • Park • Highway Access • House of Worship • Private School

Geography

Floorplan Breakdown

Structural Layout

Third
OfficeBathroom 2
Second
Primary BedroomBedroom 2Bedroom 3Bedroom 4
First
Living RoomDining RoomKitchenFamily RoomBedroom 5Bathroom 1
Living Room
Lvl First

18 x 14

Flooring - Hardwood, Recessed Lighting, Crown Molding

Dining Room
Lvl First

15 x 14

Beamed Ceilings, Flooring - Hardwood

Kitchen
Lvl First

27 x 20

Flooring - Hardwood, Countertops - Stone/Granite/Solid, Kitchen Island, Exterior Access, Open Floorplan, Recessed Lighting, Slider, Gas Stove, Lighting - Pendant

Office
Lvl Third

12 x 11

Flooring - Wall to Wall Carpet, Lighting - Overhead

Family Room
Lvl First

27 x 13

Flooring - Hardwood, Recessed Lighting

Primary Bedroom
Lvl Second

18 x 15

Bathroom - Full, Walk-In Closet(s), Flooring - Hardwood, Recessed Lighting, Lighting - Overhead

Bedroom 2
Lvl Second

13 x 11

Bedroom 3
Lvl Second

15 x 14

Bathroom - Full, Closet, Flooring - Hardwood, Lighting - Overhead

Bedroom 4
Lvl Second

14 x 14

Bathroom - Full, Closet, Flooring - Hardwood, Lighting - Overhead

Bedroom 5
Lvl First

18 x 12

Bathroom - Full, Walk-In Closet(s), Flooring - Hardwood, Lighting - Overhead

Bathroom 1
Lvl First

Bathroom - Half, Flooring - Hardwood

Bathroom 2
Lvl Third

Bathroom - Full, Bathroom - Tiled With Tub & Shower, Flooring - Stone/Ceramic Tile

Listing Provided By

Listing Agent: Druann Jedrey

Listing Office: Leading Edge Real Estate

MLS® Number: 73582131