Four-Unit Mixed-Use
For Sale
Contact for pricing
15 Cherry St, Danvers, MA 01923
Four total units combine two first-floor commercial spaces with two residential apartments above.
Property Size4,645 SF
Price / SF$299.25
Days on Market265
Property Features for 15 Cherry St
General Information
Standard status
Active
Size
4,645 SF
Property subtype
OFFICE
Additional Details
Public Transit
Yes
Office Units
2
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty | Lynnfield
(781) 334-5700
Listed By:
Stephen Velonis · License #449539572
(978) 697-7855
Source:
Moodyscre
Added: Dec 23, 2025
Changed: Aug 14
Last Checked: Sep 13 at 11:55AM
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.
Four-unit mixed-use property at 15 Cherry St in Danvers, MA, offering a combination of two first-floor commercial spaces and two residential apartments on the upper level. The building is described as well-maintained and professionally managed, with the upper units characterized as spacious and well-kept.
The two commercial suites are suited for office, retail, or service-based businesses, supported by street visibility and flexible layouts. The property also includes ample off-street parking, which is noted as a key convenience for both commercial and residential occupants.
With a total building size of 4,645 SF, this downtown Danvers asset is positioned within steps of local shops, restaurants, public transportation, and major commuting routes. Showings are by appointment only.
The two commercial suites are suited for office, retail, or service-based businesses, supported by street visibility and flexible layouts. The property also includes ample off-street parking, which is noted as a key convenience for both commercial and residential occupants.
With a total building size of 4,645 SF, this downtown Danvers asset is positioned within steps of local shops, restaurants, public transportation, and major commuting routes. Showings are by appointment only.
Key Highlights
- 4,645 SF four‑unit mixed‑use building at 15 Cherry St
- Two first‑floor commercial spaces with street visibility and flexible layouts
- Two residential apartments on the upper level
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
Office B
$1.85M
$1.62M – $2.16M
NOI $129,470 @ 7.0% cap · market cap 9.31%
Second Best
Mixed Use
$1.34M
$1.18M – $1.57M
NOI $94,061 @ 7.0% cap · market cap 6.77%
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
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Open Analytics
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four total units combine two first-floor commercial spaces with two residential apartments above.
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 $1,390,000.
What are key features of this property?
This property features: 4,645 SF four‑unit mixed‑use building at 15 Cherry St; Two first‑floor commercial spaces with street visibility and flexible layouts; Two residential apartments on the upper level
