Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Danvers Mixed-Use Investment Opportunity Title is generated by Realmo AI

    15 Cherry Street # 21 22 23 24 Danvers, Danvers, MA 01923

    View on Map
    Claim this Listing
    For Sale
    $1,390,000

    Well-maintained mixed-use property in downtown Danvers with strong cash flow.

    Property size:
    4,645 SF
    Price / SF:
    $299/SF
    Added:
    May 16, 2026
    Days on Market:
    14
    Last Refresh:
    May 16 at 2:01 am

    Property Features for 15 Cherry Street # 21 22 23 24 Danvers

    General Information

    Standard status
    Active
    Size
    4,645 SF

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Crystal Silva

    Listing agent Crystal Silva

    Listing office

    Listing date May 16, 2026

    Source Milestonerealtyinc

    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 Crystal Silva

    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.
    • Professionally managed and well‑maintained building.
    • Conveniently located near restaurants, shops, public transportation, and major commuter routes.
    • Motivated seller and recent price adjustment create exceptional value.

    Overview

    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.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Danvers
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.9505
    Latitude
    42.5739

    Nearby Similar for Sale

    • $2,000,000
      15,769 SF

      Historic Fire Station Redevelopment Opportunity

      Unique mixed-use redevelopment opportunity in downtown Danvers, Massachusetts.
      135 Maple St, Danvers, MA 01923
      View Details
    • $149,999
      972 SF

      Professional Office Condo For Sale

      First-floor office condo near Routes 128 and 114.
      7 Federal St 11, Danvers, MA 01923
      View Details
    • $265,000
      1 SF

      Conifer Hill Office Suite

      Office suite with five offices, reception, and coffee bar.
      100 Conifer Hill Dr #311, Danvers, MA 01923
      View Details
    • $229,900

      Bright Office Condo in Danvers

      First-floor office condo with three private offices and reception area.
      100 Conifer Hill Dr 101, Danvers, MA 01923
      View Details
    • $919,900

      Danvers Two-Family Home with Garage

      Spacious two-family home in Danvers, ideal for investors.
      12 Chestnut St, Danvers, MA 01923
      View Details
    • $775,000

      Danvers Two-Family Property For Sale

      Well-maintained two-family property in Danvers with updated finishes.
      13 Hampshire St, Danvers, MA 01923
      View Details
    • Contact for pricing
      23,772 SF

      Danvers Office Portfolio Opportunity

      Highly accessible office space near major employers and amenities.
      152 Sylvan Street, Danvers, MA 01923
      View Details
    • $500,000

      HOTWORX Infrared Fitness Studio

      Fully operational fitness studio with growth potential in Danvers, MA.
      301 Newbury St, Danvers, MA 01923
      View Details
    • $775,000
      1,829 SF

      Danvers Two-Family Property For Sale

      Well-maintained two-family property in Danvers with updated finishes.
      13 Hampshire St, Danvers, MA 01923
      View Details
    • $919,900
      2,273 SF

      Danvers Two-Family Home

      Spacious two-family home in convenient location, ideal for investors.
      12 Chestnut St, Danvers, MA 01923
      View Details
    • Contact for pricing
      13,400 SF

      Danvers Flex/Industrial Building For Sale

      Flex/industrial building in Danvers, MA, available March 2025.
      7 Healy Ct, Danvers, MA
      View Details
    • Contact for pricing
      4,500 SF

      Mixed-Use Property in Downtown Danvers

      Mixed-use property with commercial and residential units in downtown Danvers.
      15 Cherry St, Danvers, MA 01923
      View Details

    FAQs

    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.
    (508) 501-1443
    We can help!
    Listing Contact
    Crystal Silva
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    15 Cherry Street # 21, 22, 23, 24, Danvers, MA, MA 01923
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!