Mixed-Use Property in Downtown
For Sale
$1,390,000
15 Cherry St 21 22 23 24, Danvers, MA 01923
Well-maintained mixed-use property with commercial and residential units.
Property Size4,645 SF
Lot Size0.10 Acres
Days on Market265
Property Features for 15 Cherry St 21 22 23 24
General Information
Standard status
Active
Size
4,645 SF
Lot size
0.10 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$18,926
Building Details
Building Size
4,645 SF
Year Built
1900
Listing Agency:
Coldwell Banker Realty - Lynnfield
(978) 808-6022
Listed By:
Pam Spiros · License #449539572
(978) 808-6022
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 10
Last Checked: Aug 20 at 7:51AM
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 Coldwell Banker Realty - Lynnfield
Investment Insights
Based on property information with market context.
This mixed-use property is located in downtown Danvers. The professionally managed building features a total of four units. There are two commercial spaces on the first floor and two residential apartments above. The commercial suites are suitable for office, retail, or service-based businesses, and benefit from street visibility and flexible layouts. The upper-level residential units are spacious and well-kept. Off-street parking is available for both residential and commercial tenants. The property is situated near local shops, restaurants, public transportation, and major commuting routes.
Key Highlights
- Prime downtown Danvers location offers exceptional convenience.
- Mixed‑use property provides strong income potential with two commercial units and two residential apartments.
- Ample off‑street parking is a rare and valuable asset.
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
$94,061
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
6.77%
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%
$1,881,220
$1.9M
Cap Rate 7%
$1,343,729
$1.3M
Cap Rate 9%
$1,045,122
$1.0M
Market Conditions
NOI Build-Up for 4,645 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
$167.2K $36.00/SF
− Vacancy
−$16.7K −$3.60/SF
EGI
$150.5K $32.40/SF
− OpEx
−$56.4K −$12.15/SF
NOI
$94.1K $20.25/SF
Area
Essex County, MA
Vacancy
10.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,881,220
Cap Rate 7%
$1,343,729
Cap Rate 9%
$1,045,122
Alternative Uses
Best Use
Mixed Use
$1.34M
$1.18M – $1.57M
NOI $94,061 @ 7.0% cap · market cap 6.77%
Second Best
Retail
$1.09M
$954.0K – $1.27M
NOI $76,319 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$2.75M
$2.41M – $3.21M
NOI $192,488 @ 7.0% cap · market cap 13.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
204
Businesses Nearby
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Well-maintained mixed-use property with commercial and residential units.
Where is this mixed-use property located?
The property is located at 15 Cherry St 21 22 23 24 Danvers, MA.
What is the asking price?
The asking price for this property is $1,390,000.
What are key features of this property?
This property features: Prime downtown Danvers location offers exceptional convenience.; Mixed‑use property provides strong income potential with two commercial units and two residential apartments.; Ample off‑street parking is a rare and valuable asset.
