Five-Unit Apartment
For Sale
Contact for pricing
23 Hyde St, Danvers, MA 01923
Multifamily property with a varied unit mix and off-street parking near commuter routes, shopping, dining, and retail amenities.
Property Size5,268 SF
Price / SF$332.19
Days on Market139
Property Features for 23 Hyde St
General Information
Standard status
Active
Size
5,268 SF
Class
C
Total Parking Spaces
6
Property subtype
Multifamily
Zoning
R1
Occupancy
100%
Net Operating Income
$89,665
Units
Unit Mix
4 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
5
Building Details
Year Built
1895
Units
5
Listing Agency:
Herrick Lutts Commercial
(978) 927-1959
Listed By:
Nicholas Zolotas · License #9540441
Source:
Crexi
Added: Apr 14
Changed: Aug 29
Last Checked: Aug 29 at 9:18PM
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 Herrick Lutts Commercial
Investment Insights
Based on property information with market context.
Located at 23 Hyde St in Danvers, this multifamily property contains 5 residential apartments within 5,268 square feet. The unit mix includes four 1-bedroom, 1-bath apartments and one 2-bedroom, 1-bath apartment, providing a range of residential layouts within the same building. Constructed in 1895, the property is supported by off-street parking and is zoned R1.
The property sits near major commuter routes serving Danvers and surrounding North Shore communities. Shopping centers, dining options, and retail amenities are minutes away, adding convenient access to everyday services. The combination of multiple residential units, varied bedroom configurations, parking, and established surrounding amenities defines the asset’s practical multifamily profile.
The property sits near major commuter routes serving Danvers and surrounding North Shore communities. Shopping centers, dining options, and retail amenities are minutes away, adding convenient access to everyday services. The combination of multiple residential units, varied bedroom configurations, parking, and established surrounding amenities defines the asset’s practical multifamily profile.
Key Highlights
- 5‑unit multifamily property totaling 5,268 square feet
- Unit mix includes four 1‑bedroom, 1‑bath apartments and one 2‑bedroom, 1‑bath apartment
- Off‑street parking included
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
$80,107
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
4.58%
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%
$1,602,140
$1.6M
Cap Rate 7%
$1,144,386
$1.1M
Cap Rate 9%
$890,078
$890.1K
Market Conditions
NOI Build-Up for 5,268 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
$151.7K $28.80/SF
− Vacancy
−$6.1K −$1.15/SF
EGI
$145.6K $27.65/SF
− OpEx
−$65.5K −$12.44/SF
NOI
$80.1K $15.21/SF
Area
Essex County, MA
Vacancy
4.00%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,602,140
Cap Rate 7%
$1,144,386
Cap Rate 9%
$890,078
Alternative Uses
Best Use
Apartment 5plus
$1.14M
$1.00M – $1.34M
NOI $80,107 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.12M
$2.73M – $3.64M
NOI $218,305 @ 7.0% cap · market cap 12.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
764
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?
Apartment building - Multifamily property with a varied unit mix and off-street parking near commuter routes, shopping, dining, and retail amenities.
Where is this apartment building located?
The property is located at 23 Hyde St Danvers, MA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 5‑unit multifamily property totaling 5,268 square feet; Unit mix includes four 1‑bedroom, 1‑bath apartments and one 2‑bedroom, 1‑bath apartment; Off‑street parking included
