Triplex with Townhouse-Style Upper
For Sale
$1,100,000
147 High Street, Danvers, MA 01923
Three-unit property with an occupied studio, two vacant apartments, and flexible owner-occupant or investment use.
Property Size3,025 SF
Price / SF$363.64
Days on Market246
Property Features for 147 High Street
General Information
Standard status
Active
Size
3,025 SF
Property subtype
Multi-family
Building Details
Year Built
1900
Listing Agency:
William Raveis R.E. & Home Services
Listed By:
The Lucci Witte Team
(781) 545-3155
Source:
Grandgables
Added: Dec 27, 2025
Changed: Aug 29
Last Checked: Apr 22 at 7:01AM
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 William Raveis R.E. & Home Services
Investment Insights
Based on property information with market context.
This 3,025-square-foot triplex, built in 1900, contains three residential units with varied occupancy and layout options. The renovated studio is occupied, while the other two apartments are vacant and available for new tenancy or personal use. The upper residence follows a townhouse-style plan across two floors and includes two full bathrooms. Luxury vinyl plank flooring is installed throughout the apartments, and the roof, windows, siding, and heating were updated approximately 12 years ago.
The property is located at 147 High Street in Danvers, Massachusetts, within minutes of downtown shops, dining, and daily conveniences. Route 128, I-95, and nearby commuter routes provide regional access. The combination of one occupied unit, two vacant units, and the upper townhouse-style residence creates a range of occupancy configurations for an owner-occupant or investor.
The property is located at 147 High Street in Danvers, Massachusetts, within minutes of downtown shops, dining, and daily conveniences. Route 128, I-95, and nearby commuter routes provide regional access. The combination of one occupied unit, two vacant units, and the upper townhouse-style residence creates a range of occupancy configurations for an owner-occupant or investor.
Key Highlights
- Three‑unit, 3,025‑square‑foot triplex built in 1900
- Renovated studio is currently occupied; two additional units are vacant
- Upper unit offers a townhouse‑style layout across two floors with two full bathrooms
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
$50,960
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
4.63%
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%
$1,019,200
$1.0M
Cap Rate 7%
$728,000
$728.0K
Cap Rate 9%
$566,222
$566.2K
Market Conditions
NOI Build-Up for 3,025 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
$76.2K $25.20/SF
− Vacancy
−$3.4K −$1.13/SF
EGI
$72.8K $24.07/SF
− OpEx
−$21.8K −$7.22/SF
NOI
$51.0K $16.85/SF
Area
Essex County, MA
Vacancy
4.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,019,200
Cap Rate 7%
$728,000
Cap Rate 9%
$566,222
Alternative Uses
Best Use
Multifamily LT 5
$728.0K
$637.0K – $849.3K
NOI $50,960 @ 7.0% cap · market cap 4.63%
Second Best
Apartment 5plus
$657.1K
$575.0K – $766.7K
NOI $45,999 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,355 @ 7.0% cap · market cap 11.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
819
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?
Triplex - Three-unit property with an occupied studio, two vacant apartments, and flexible owner-occupant or investment use.
Where is this triplex located?
The property is located at 147 High Street Danvers, MA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Three‑unit, 3,025‑square‑foot triplex built in 1900; Renovated studio is currently occupied; two additional units are vacant; Upper unit offers a townhouse‑style layout across two floors with two full bathrooms
