This classic cape in the sought-after Pilgrim Lake Terrace Association offers deeded waterfront paths to both an association beach on Pilgrim Lake and a waterfront parcel on Arey's Pond with saltwater mooring potential and access to Pleasant Bay. The spacious and well maintained home has a great floorplan and expansion potential. The beamed great room provides an open living space encompassing the kitchen (two pantries!), dining and living space with a traditional New England fireplace as the focal point. A second fireplaced living room makes for a quiet gathering spot. Complete first floor living potential includes laundry and a first floor primary suite. Upstairs are two guest bedrooms plus a large partially finished space which could be a fourth legal bedroom or an office. There's also room to add another 2nd floor bath. The 1.22 acre lot will appeal to nature buffs and birders. The two car garage and full basement provide excellent year-round storage. This well-loved home is ready for the next family to create multi-generational Cape memories.