Two-Family Duplex with Oversized
For Sale
Contact for pricing
301-325 Division Street, Boonton, NJ 07005
Well-maintained two-family home featuring two-bedroom layouts, hardwood floors, and central heating and air conditioning in each unit.
Property Size52,000 SF
Lot Size5,624.00 Acres
Price / SF$288.46
Days on Market56
Property Features for 301-325 Division Street
General Information
Standard status
Active
Size
52,000 SF
Lot size
5,624.00 Acres
Property subtype
Industrial
Zoning
C-2
Occupancy
100%
Lease Type
NNN
Additional Details
Multifamily Units
2
Building Details
Year Built
1973
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Cervelli Real Estate & Property Management
(201) 868-6300
Listed By:
Chris Cervelli · License #9807944
Source:
Crexi
Added: Jun 17
Changed: Aug 11
Last Checked: Aug 10 at 11:20AM
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 Cervelli Real Estate & Property Management
Investment Insights
Based on property information with market context.
This well-maintained two-family duplex sits on a generous 5,624 SF lot and is designed for straightforward living and easy management. Each apartment offers 2 bedrooms and 1 full bathroom, with hardwood floors throughout. The first-floor unit includes a welcoming front porch. The property also features an oversized garage and a high-and-dry basement, providing additional storage capacity. System and infrastructure updates include upgraded electrical service and a newer central heating and air conditioning setup, supporting reliable year-round comfort.
The property is located at 301-325 Division Street in Boonton, NJ, in a desirable residential neighborhood. Its residential placement supports both owner-occupants and renters looking for a familiar day-to-day setting.
With identical unit layouts, the building can simplify occupancy and leasing for an investor, while also working well for an owner-occupant who wants space and rental income potential. The combination of in-unit central HVAC, hardwood flooring, and a functional basement and oversized garage make it practical for long-term use and everyday convenience. For buyers seeking a clean, upgrade-supported two-family property, this one is worth a closer look.
The property is located at 301-325 Division Street in Boonton, NJ, in a desirable residential neighborhood. Its residential placement supports both owner-occupants and renters looking for a familiar day-to-day setting.
With identical unit layouts, the building can simplify occupancy and leasing for an investor, while also working well for an owner-occupant who wants space and rental income potential. The combination of in-unit central HVAC, hardwood flooring, and a functional basement and oversized garage make it practical for long-term use and everyday convenience. For buyers seeking a clean, upgrade-supported two-family property, this one is worth a closer look.
Key Highlights
- Two‑family home built in 1973 on a 5,624 SF lot
- Each unit has 2 bedrooms and 1 full bathroom
- Newer central heating and air conditioning in each unit
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
$870,281
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
5.80%
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%
$17,405,620
$17.4M
Cap Rate 7%
$12,432,586
$12.4M
Cap Rate 9%
$9,669,789
$9.7M
Market Conditions
NOI Build-Up for 52,000 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
$1.33M $25.56/SF
− Vacancy
−$85.9K −$1.65/SF
EGI
$1.24M $23.91/SF
− OpEx
−$373.0K −$7.17/SF
NOI
$870.3K $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%
$17,405,620
Cap Rate 7%
$12,432,586
Cap Rate 9%
$9,669,789
Alternative Uses
Best Use
Multifamily LT 5
$12.43M
$10.88M – $14.50M
NOI $870,281 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$11.42M
$10.00M – $13.33M
NOI $799,656 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$13.58M
$11.88M – $15.84M
NOI $950,477 @ 7.0% cap · market cap 6.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,012
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?
Duplex - Well-maintained two-family home featuring two-bedroom layouts, hardwood floors, and central heating and air conditioning in each unit.
Where is this duplex located?
The property is located at 301-325 Division Street Boonton, NJ.
What is the asking price?
The asking price for this property is $15,000,000.
What are key features of this property?
This property features: Two‑family home built in 1973 on a 5,624 SF lot; Each unit has 2 bedrooms and 1 full bathroom; Newer central heating and air conditioning in each unit
