Mixed-Use Property in Downtown
For Sale
$1,325,000
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 Market316
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
Listed By:
Pam Spiros
(978) 808-6022
Source:
Elliman
Added: Nov 28, 2025
Changed: Sep 27
Last Checked: Oct 9 at 11:08PM
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 Pam Spiros
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 / Yr
$94,061
Cap Rate
7.10%
Suggested Prices Based on Cap Rates
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
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 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 7.10%
Second Best
Retail
$1.09M
$954.0K – $1.27M
NOI $76,319 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$2.75M
$2.41M – $3.21M
NOI $192,488 @ 7.0% cap · market cap 14.53%
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 $1,325,000.
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.
