Renovated 4-Unit Victorian
For Sale
$1,690,000
314 Cornelia St 4, Boonton, NJ 07005
Just renovated 1865 Queen Anne Victorian quadplex with four separate units, unfinished walk-out basement, and detached two-car garage.
Property Size6,000 SF
Price / SF$281.67
Days on Market63
Property Features for 314 Cornelia St 4
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$33,893
Building Details
Year Built
1865
Stories
3
Units
4
Tenancy
Multi
Listing Agency:
RE/MAX SELECT
(973) 625-0450
Listed By:
JOSEPH MORREALE · License #245954
Source:
Elliman
Added: Jul 1
Changed: Aug 16
Last Checked: Aug 31 at 2:27PM
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 RE/MAX SELECT
Investment Insights
Based on property information with market context.
An 1865 Queen Anne Victorian quadplex known as the “Cornelia House,” recently renovated and arranged as a grand, three-story, four-family property. The home provides approximately 6,000 square feet of living space, plus a full walk-out unfinished basement. A detached two-car garage sits on a large, level private lot and is accessed via a circular driveway with ample parking.
Unit mix includes Unit 1 with 2–3 bedrooms (approximately 1,500 square feet), Unit 2 as a 1-bedroom, Unit 3 with 2 bedrooms, and Unit 4 with 3 bedrooms (approximately 2,000 square feet). The units have been updated with new custom kitchens, custom bathrooms, luxury vinyl flooring, and LED lighting. Heating and cooling are provided by new systems: Units 1 and 4 include natural gas heat and central air, while Units 2 and 3 include split air heat and AC. All units also have new windows and new electric hot water heaters, with separate electric service. Sewer and water are shared.
The original slate roof remains in good condition. The property is currently for rent and is described as close to public transportation, major routes, and shopping.
Unit mix includes Unit 1 with 2–3 bedrooms (approximately 1,500 square feet), Unit 2 as a 1-bedroom, Unit 3 with 2 bedrooms, and Unit 4 with 3 bedrooms (approximately 2,000 square feet). The units have been updated with new custom kitchens, custom bathrooms, luxury vinyl flooring, and LED lighting. Heating and cooling are provided by new systems: Units 1 and 4 include natural gas heat and central air, while Units 2 and 3 include split air heat and AC. All units also have new windows and new electric hot water heaters, with separate electric service. Sewer and water are shared.
The original slate roof remains in good condition. The property is currently for rent and is described as close to public transportation, major routes, and shopping.
Key Highlights
- Just renovated 1865 Queen Anne Victorian quadplex with 4 separate units and approx. 6,000 SF of living space
- Unit mix: Unit 1 approx. 1,500 SF (2–3 BR), Unit 2 (1 BR), Unit 3 (2 BR), Unit 4 approx. 2,000 SF (3 BR) with mountain views and a Boonton Reservoir view
- All units have new custom kitchens and custom bathrooms, luxury vinyl flooring, and LED lighting
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
$100,417
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
5.94%
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%
$2,008,340
$2.0M
Cap Rate 7%
$1,434,529
$1.4M
Cap Rate 9%
$1,115,744
$1.1M
Market Conditions
NOI Build-Up for 6,000 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
$153.4K $25.56/SF
− Vacancy
−$9.9K −$1.65/SF
EGI
$143.5K $23.91/SF
− OpEx
−$43.0K −$7.17/SF
NOI
$100.4K $16.74/SF
Area
Morris County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
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%
$2,008,340
Cap Rate 7%
$1,434,529
Cap Rate 9%
$1,115,744
Alternative Uses
Best Use
Multifamily LT 5
$1.43M
$1.26M – $1.67M
NOI $100,417 @ 7.0% cap · market cap 5.94%
Second Best
Apartment 5plus
$1.32M
$1.15M – $1.54M
NOI $92,268 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,670 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
939
Businesses Nearby
Explore this area
Business Placement
Demographics for 07005, NJ
15,985
Population
6,115
Households
2.6
Avg Household Size
43
Median Age
56%
College-Educated
96%
High-School Grad
18.3 sq mi
ZIP Area
873
Density / Sq Mi
$126,411
Median Household Income
$66,198
Median Earnings
$1,779
Median Rent
$565,900
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?
Quadplex - Just renovated 1865 Queen Anne Victorian quadplex with four separate units, unfinished walk-out basement, and detached two-car garage.
Where is this quadplex located?
The property is located at 314 Cornelia St 4 Boonton, NJ.
What is the asking price?
The asking price for this property is $1,690,000.
What are key features of this property?
This property features: Just renovated 1865 Queen Anne Victorian quadplex with 4 separate units and approx. 6,000 SF of living space; Unit mix: Unit 1 approx. 1,500 SF (2–3 BR), Unit 2 (1 BR), Unit 3 (2 BR), Unit 4 approx. 2,000 SF (3 BR) with mountain views and a Boonton Reservoir view; All units have new custom kitchens and custom bathrooms, luxury vinyl flooring, and LED lighting
