Renovated Flex Property with
For Sale
$699,000
Pending
1 Cheever St, Danvers, MA 01923
C-1 zoning, heated work areas, and upper-level restrooms support a range of commercial configurations.
Property Size3,048 SF
Days on Market131
Property Features for 1 Cheever St
General Information
Standard status
Pending
Size
3,048 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$6,838
Building Details
Building Size
3,048 SF
Year Built
1940
Listing Agency:
(978) 335-6846
Listed By:
Margaret Maher · License #449533152
(978) 335-6846
Source:
Elliman
Added: Apr 24
Changed: Aug 31
Last Checked: Aug 31 at 3:49PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Margaret Maher
Investment Insights
Based on property information with market context.
Renovated in 2025, this C-1-zoned flex property combines office, work, and garage space within a 1940 building. The garage area includes a fully heated office, one adjacent full bathroom, three bays with floor drains, and a new Modine gas heater. Bay doors measure 9.6 feet high; two bays extend 46 feet deep, while the third is more than 12 feet deep. Electric heat serves the second floor, which includes two half baths.
The property at 1 Cheever St in Danvers, Massachusetts, provides off-street parking for up to 4 cars, along with additional parking in front of the building. C-1 zoning allows multiple uses, giving the property a flexible combination of work, office, and vehicle-accessible space.
The property at 1 Cheever St in Danvers, Massachusetts, provides off-street parking for up to 4 cars, along with additional parking in front of the building. C-1 zoning allows multiple uses, giving the property a flexible combination of work, office, and vehicle-accessible space.
Key Highlights
- Renovated in 2025 with C‑1 zoning allowing multiple uses
- Three garage bays with floor drains and a new Modine gas heater
- 9.6‑foot‑high garage doors; two bays are 46 feet deep
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$53,179
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.61%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,063,580
$1.1M
Cap Rate 7%
$759,700
$759.7K
Cap Rate 9%
$590,878
$590.9K
Market Conditions
NOI Build-Up for 3,048 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$87.8K $28.80/SF
− Vacancy
−$6.0K −$1.96/SF
EGI
$81.8K $26.84/SF
− OpEx
−$28.6K −$9.39/SF
NOI
$53.2K $17.45/SF
Area
Essex County, MA
Vacancy
6.80%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,063,580
Cap Rate 7%
$759,700
Cap Rate 9%
$590,878
Alternative Uses
Best Use
Flex RnD
$759.7K
$664.7K – $886.3K
NOI $53,179 @ 7.0% cap · market cap 7.61%
Second Best
Industrial
$463.2K
$405.3K – $540.4K
NOI $32,421 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$1.80M
$1.58M – $2.11M
NOI $126,308 @ 7.0% cap · market cap 18.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
750
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 01923, MA
27,987
Population
11,405
Households
2.5
Avg Household Size
46
Median Age
47%
College-Educated
95%
High-School Grad
13.2 sq mi
ZIP Area
2,120
Density / Sq Mi
$117,072
Median Household Income
$59,916
Median Earnings
$2,004
Median Rent
$611,200
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Nico's Cafe & Catering — 12 Cheever St, Danvers, MA 01923
Frequently Asked Questions
What type of property is this?
Flex space - C-1 zoning, heated work areas, and upper-level restrooms support a range of commercial configurations.
Where is this flex space located?
The property is located at 1 Cheever St Danvers, MA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Renovated in 2025 with C‑1 zoning allowing multiple uses; Three garage bays with floor drains and a new Modine gas heater; 9.6‑foot‑high garage doors; two bays are 46 feet deep
