Danvers Mixed-Use Investment
For Sale
$1,390,000
15 Cherry Street # 21 22 23 24 Danvers, Danvers, MA 01923
Well-maintained mixed-use property in downtown Danvers with strong cash flow.
Property Size4,645 SF
Price / SF$299.25
Days on Market105
Property Features for 15 Cherry Street # 21 22 23 24 Danvers
General Information
Standard status
Active
Size
4,645 SF
Zoning
R1
Taxes and HOA fees
Annual Taxes
$18,926
Building Details
Building Size
4,645 SF
Year Built
1900
Listing Agency:
Coldwell Banker Realty - Lynnfield
(508) 501-1443
Listed By:
Crystal Silva · License #449539572
(508) 501-1443
Source:
Milestonerealtyinc
Added: May 16
Changed: Aug 28
Last Checked: Aug 28 at 7:56AM
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 building features four units, including two street-level commercial spaces and two residential apartments above. The commercial units offer visibility and flexible floor plans suitable for office, retail, or service use. The residential apartments are spacious and well-maintained, appealing to long-term tenants. Off-street parking enhances the property’s appeal. The property is located moments from restaurants, shops, public transportation, and major commuter routes. The property size is 4645 square feet.
Key Highlights
- Mixed‑use property in the heart of downtown Danvers offering strong cash‑flow potential.
- Four units: two commercial spaces with high visibility and flexible floor plans, and two well‑maintained residential apartments.
- Ample off‑street parking**, a rare convenience in a downtown location.
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
—
—
no second resolved use
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
Property Profile
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Well-maintained mixed-use property in downtown Danvers with strong cash flow.
Where is this mixed-use property located?
The property is located at 15 Cherry Street # 21 22 23 24 Danvers 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: Mixed‑use property in the heart of downtown Danvers offering strong cash‑flow potential.; Four units: **two commercial spaces with high visibility and flexible floor plans**, and two well‑maintained residential apartments.; Ample off‑street parking**, a rare convenience in a downtown location.
