Danvers Industrial Facility with Development
For Sale
Contact for pricing
15 Water St, Danvers, MA 01923
10,752 SF industrial facility on 1.15 acres for sale.
Property Size10,752 SF
Lot Size1.15 Acres
Price / SF$372.02
Days on Market848
Property Features for 15 Water St
General Information
Standard status
Active
Size
10,752 SF
Lot size
1.15 Acres
Property subtype
Industrial
Zoning
C1 & R1
Building Details
Buildings
1
Stories
1
Listing Agency:
The Mega Group Commercial Real Estate
Listed By:
Brian DApice · License #MA 9538300
(978) 762-9771
Source:
Crexi
Added: Jun 25, 2024
Changed: Oct 17
Last Checked: Oct 19 at 4:05AM
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 The Mega Group Commercial Real Estate
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Investment Insights
Based on property information with market context.
This 10,752 square foot industrial facility is situated on 1.15 acres of land on Route 35, just off Route 128 in Danvers, Massachusetts. The property features eight drive-in doors. Currently operating as a car wash, auto-body, and detail shop, the property consists of two contiguous lots. The zoning for 15 Water Street is Commercial 1, allowing for various uses such as athletic and physical training facilities, drive-thrus, kennels, pet daycares, auto repair and filling stations, car washes, medical and professional offices, restaurants, fast food and take-out establishments, retail spaces, wholesale trade, assembly and processing facilities, municipal uses, performing arts venues, and educational facilities. 9 Water Street is zoned Residential 1, primarily for one or two family residences. The property offers development potential.
Key Highlights
- Existing car wash/auto‑body/detail shop with eight drive‑in doors.
- Located on Route 35, just off Route 128 in Danvers, Massachusetts.
- 10,752 +/- square foot industrial facility on 1.15 +/- acres**.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$198,742
Cap Rate
4.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,974,840
$4.0M
Cap Rate 7%
$2,839,171
$2.8M
Cap Rate 9%
$2,208,244
$2.2M
Market Conditions
NOI Build-Up for 10,752 SF
Gross rent
$271.0K $25.20/SF
− Vacancy
−$6.0K −$0.55/SF
EGI
$265.0K $24.65/SF
− OpEx
−$66.2K −$6.16/SF
NOI
$198.7K $18.48/SF
Area
Essex County, MA
Vacancy
2.20%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,974,840
Cap Rate 7%
$2,839,171
Cap Rate 9%
$2,208,244
Alternative Uses
Best Use
Specialty Retail
$2.84M
$2.48M – $3.31M
NOI $198,742 @ 7.0% cap · market cap 4.97%
Second Best
Flex RnD
$2.68M
$2.34M – $3.13M
NOI $187,591 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$6.37M
$5.57M – $7.43M
NOI $445,560 @ 7.0% cap · market cap 11.14%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
819
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in Northeast region
Similar Off Market Nearby
- E and K Inc — 112 Water St, Danvers, MA 01923
- BJ's Wholesale Club — 6 Hutchinson Dr, Danvers, MA 01923
- Hartnett Auto Body Inc — 15 Water St, Danvers, MA 01923
- Dave I's Auto Repair — 101 Rear High St, Danvers, MA 01923
- Trailer Shop — 87 High St, Danvers, MA 01923
Frequently Asked Questions
What type of property is this?
Auto shop - 10,752 SF industrial facility on 1.15 acres for sale.
Where is this auto shop located?
The property is located at 15 Water St Danvers, MA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: Existing car wash/auto‑body/detail shop with **eight drive‑in doors**.; Located on Route 35, just off Route 128 in Danvers, Massachusetts.; 10,752 +/- square foot industrial facility on 1.15 +/- acres**.
