Historic districts, as important spatial units that carry urban cultural memory and everyday social life, play a crucial role in shaping residents’ spatial identity, emotional attachment, and perceptual experience. Although quantitative research on built environments and perception has advanced considerably in recent years, the mechanisms through which perception is formed in historic districts, particularly the nonlinear threshold effects and perceptual trade-off patterns that arise under conditions of high-density and mixed land use, remain insufficiently examined. To address this gap, this study develops an analytical framework that integrates spatial attributes with multidimensional subjective perceptions. Focusing on six historic districts in central Shanghai, the study combines micro-scale environmental indicators extracted from street-view imagery, POI data, and public perceptual evaluations and employs an XGBoost model to identify the nonlinear response patterns, threshold effects, and perceptual trade-offs across seven perceptual dimensions. The results show that natural elements such as visual greenery and sky openness generate significant threshold-based enhancement effects, and once reaching a certain level of visibility, they substantially increase positive perceptions including beauty, safety, and cleanliness. By contrast, commercial and traffic-related facilities exhibit dual and competing perceptual influences. Moderate densities enhance liveliness, whereas high concentrations tend to induce perceptual fatigue and intensify negative emotional responses. Overall, perceptual quality in historic districts does not arise from linear accumulation but is shaped by dynamic perceptual trade-offs among natural features, functional elements, and cultural symbolism. Overall, the study reveals the coupling mechanism between spatial renewal and perceptual experience amid the pressures of urban modernization. It also demonstrates that increasing visible greenery (e.g., planting street trees, incorporating micro-green spaces, improving façade greening), enhancing street openness (e.g., optimizing view corridors, reducing visual obstruction, implementing moderate setback adjustments), guiding a moderate mix and spatial distribution of commercial and service functions, and strengthening the perceptibility of cultural landscape elements (e.g., façade restoration, streetscape coordination, and improved signage systems) are concrete and effective planning and design actions for improving landscape quality and enhancing the experiential quality of historic districts.