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23 Poplar St - 23 Poplar Street 5 Unit Apartment Building Offered at $1,525,000 at a 5.25% Cap Rate Danvers, MA 01923
Investment Highlights
- Ample off-street parking with two spaces per unit
- Updated kitchens and renovated bathrooms
- Corner lot in a popular and accessible location
- Coin operated in-building laundry
- Two units with private exterior entrances
Executive Summary
5-unit multifamily situated on a corner lot with approximately 3,653 square feet of living area, consisting of two 2BD/1BA and three 1BD/1BA units, generating approximately $119,000 in annual gross income. The property offers desirable tenant amenities including ample off-street parking with two spaces per unit and coin operated laundry facilities. Several units feature updated kitchens, renovated baths, refreshed flooring, and spacious layouts, while the building retains much of its original character and charm. Two units have the added benefit of private exterior entrances. Located near downtown Danvers, shopping, restaurants, parks, commuter routes, and public transportation.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$116,935
|
$32.01
|
| Other Income |
$2,000
|
$0.55
|
| Vacancy Loss |
$5,763
|
$1.58
|
| Effective Gross Income |
$113,172
|
$30.98
|
| Taxes |
$10,297
|
$2.82
|
| Operating Expenses |
$22,798
|
$6.24
|
| Total Expenses |
$33,095
|
$9.06
|
| Net Operating Income |
$80,077
|
$21.92
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $116,935 |
| Annual Per SF | $32.01 |
| Other Income | |
|---|---|
| Annual | $2,000 |
| Annual Per SF | $0.55 |
| Vacancy Loss | |
|---|---|
| Annual | $5,763 |
| Annual Per SF | $1.58 |
| Effective Gross Income | |
|---|---|
| Annual | $113,172 |
| Annual Per SF | $30.98 |
| Taxes | |
|---|---|
| Annual | $10,297 |
| Annual Per SF | $2.82 |
| Operating Expenses | |
|---|---|
| Annual | $22,798 |
| Annual Per SF | $6.24 |
| Total Expenses | |
|---|---|
| Annual | $33,095 |
| Annual Per SF | $9.06 |
| Net Operating Income | |
|---|---|
| Annual | $80,077 |
| Annual Per SF | $21.92 |
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | $1,800 | 511 |
| 2+1 | 2 | $1,950 | 692 |
| 1+1 | 3 | $1,815 | 436 |
| 2+1 | 4 | $2,200 | 765 |
| 1+1 | 5 | $2,000 | 1,009 |
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Fairly walkable
50/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
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23 Poplar St - 23 Poplar Street