Mixed-Use Property in Downtown
For Sale
Contact for pricing
15 Cherry St, Danvers, MA 01923
Mixed-use property with commercial and residential units in downtown Danvers.
Property Size4,500 SF
Price / SF$294.44
Days on Market210
Property Features for 15 Cherry St
General Information
Standard status
Active
Size
4,500 SF
Property subtype
Mixed Use, Multifamily, Office, Retail
Building Details
Stories
2
Listing Agency:
Coldwell Banker Commercial NRT Lynnfield
Listed By:
Stephen Velonis · License #9520558
Source:
Crexi
Added: Mar 10
Changed: Sep 23
Last Checked: Oct 4 at 9:52AM
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 Commercial NRT Lynnfield
Investment Insights
Based on property information with market context.
This professionally managed mixed-use property in downtown Danvers features four units: two commercial spaces on the first floor and two residential apartments above. The commercial suites are suitable for office, retail, or service-based businesses, with street visibility and flexible layouts. The upper-level residential units are spacious and well-kept. Ample off-street parking is available. The property is located near local shops, restaurants, public transportation, and major commuting routes. The property size is 4500 square feet.
Key Highlights
- Strong income potential from mixed‑use property (commercial & residential).
- Excellent downtown location with high street visibility.
- Ample off‑street parking, a rare downtown asset.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$91,125
Cap Rate
6.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,822,500
$1.8M
Cap Rate 7%
$1,301,786
$1.3M
Cap Rate 9%
$1,012,500
$1.0M
Market Conditions
NOI Build-Up for 4,500 SF
Gross rent
$162.0K $36.00/SF
− Vacancy
−$16.2K −$3.60/SF
EGI
$145.8K $32.40/SF
− OpEx
−$54.7K −$12.15/SF
NOI
$91.1K $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%
$1,822,500
Cap Rate 7%
$1,301,786
Cap Rate 9%
$1,012,500
Alternative Uses
Best Use
Mixed Use
$1.30M
$1.14M – $1.52M
NOI $91,125 @ 7.0% cap · market cap 6.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.66M
$2.33M – $3.11M
NOI $186,479 @ 7.0% cap · market cap 14.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
831
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with commercial and residential units in downtown Danvers.
Where is this mixed-use property located?
The property is located at 15 Cherry St 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: Strong income potential from mixed‑use property (commercial & residential).; Excellent downtown location with high street visibility.; Ample off‑street parking, a rare downtown asset.
