Two-Floor Office
247 Newbury St, Danvers, MA 01923
For Sale
New
Contact for pricing
Separate entrances serve each level, and the upper floor may be leased independently.
Property Size3,510 SF
Price / SF$0.00
Days on Market2
Property Features for 247 Newbury St
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Condition
Office Units
Property Use
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Stories
Listing Agency:
eXp Realty LLC
(888) 854-7493
Listed By:
The North Shore Realty Group
(978) 710-9388
Source:
Churchillprop
Added: Nov 8
Last Checked: Nov 8 at 3:02PM
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 eXp Realty LLC
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Investment Insights
Based on property information with market context.
This 3,510-square-foot office property, built in 1984, is arranged across two floors with approximately 10 private offices, a reception area, and four bathrooms. Each level has its own entrance, and the upper floor can be leased on its own. HC zoning is in place.
At 247 Newbury St in Danvers, the property occupies a corner parcel along Route 1. On-site parking is available.
At 247 Newbury St in Danvers, the property occupies a corner parcel along Route 1. On-site parking is available.
Key Highlights
- 3,510 square feet across two floors
- Approximately 10 private office suites, reception area, and four bathrooms
- Separate entrances for each level; upper floor can be leased separately
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$97,834
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,956,680
$2.0M
Cap Rate 7%
$1,397,629
$1.4M
Cap Rate 9%
$1,087,044
$1.1M
Market Conditions
NOI Build-Up for 3,510 SF
Gross rent
$160.1K $45.60/SF
− Vacancy
−$29.6K −$8.44/SF
EGI
$130.4K $37.16/SF
− OpEx
−$32.6K −$9.29/SF
NOI
$97.8K $27.87/SF
Area
Essex County, MA
Vacancy
18.50%
Lease Rate
$45.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,956,680
Cap Rate 7%
$1,397,629
Cap Rate 9%
$1,087,044
Alternative Uses
Best Use
Office B
$1.40M
$1.22M – $1.63M
NOI $97,834 @ 7.0% cap · market cap 698,814.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.08M
$1.82M – $2.42M
NOI $145,454 @ 7.0% cap · market cap 1,038,957.14%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
10
Office units
Location Intelligence
Trade Area within ½ mile
603
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
$611,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Office Units in Danvers, MA
Properties on Market for Office Units in Danvers
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office unit - Separate entrances serve each level, and the upper floor may be leased independently.
Where is this office unit located?
The property is located at 247 Newbury St Danvers, MA.
What are key features of this property?
This property features: 3,510 square feet across two floors; Approximately 10 private office suites, reception area, and four bathrooms; Separate entrances for each level; upper floor can be leased separately
