Flex Space With
New
For Sale
$1,050,000
302 Boonton Ave, Boonton, NJ 07005
Two-level commercial property combining shop, office, restroom, parking, and supplemental storage areas.
Property Size3,145 SF
Days on Market2
Property Features for 302 Boonton Ave
General Information
Standard status
Active
Size
3,145 SF
Total Parking Spaces
4
Property subtype
Commercial
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$18,759
Building Details
Building Size
3,145 SF
Year Built
1946
Stories
2
Units
1
Listing Agency:
VILLAGE SQUARE REALTORS
Listed By:
WILLIAM LEY
(973) 509-2222
Source:
Elliman
Added: Sep 16
Last Checked: Sep 16 at 2:58PM
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 VILLAGE SQUARE REALTORS
Investment Insights
Based on property information with market context.
Built in 1946, this two-level flex property combines shop and office areas on each floor, with bathrooms serving both levels. A loft provides additional storage space, while the property includes 4 parking bays. The furnace was installed in 2012.
The property is located at 302 Boonton Ave in Boonton, New Jersey, near Walmart and Acme. Access to Route 287 and the Montclair/Boonton Line places the site within reach of regional road and public transportation connections. The configuration supports a range of commercial operations, including contractor, detailing, studio, showroom, retail, and landscaping uses as identified in the property information.
The property is located at 302 Boonton Ave in Boonton, New Jersey, near Walmart and Acme. Access to Route 287 and the Montclair/Boonton Line places the site within reach of regional road and public transportation connections. The configuration supports a range of commercial operations, including contractor, detailing, studio, showroom, retail, and landscaping uses as identified in the property information.
Key Highlights
- Two‑level flex property with shop and office areas on both floors
- 4 parking bays
- Loft with additional storage space
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
$49,675
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
4.73%
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%
$993,500
$993.5K
Cap Rate 7%
$709,643
$709.6K
Cap Rate 9%
$551,944
$551.9K
Market Conditions
NOI Build-Up for 3,145 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
$84.9K $27.00/SF
− Vacancy
−$8.5K −$2.70/SF
EGI
$76.4K $24.30/SF
− OpEx
−$26.7K −$8.50/SF
NOI
$49.7K $15.80/SF
Area
Morris County, NJ
Vacancy
10.00%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
35.00%
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%
$993,500
Cap Rate 7%
$709,643
Cap Rate 9%
$551,944
Alternative Uses
Best Use
Flex RnD
$709.6K
$620.9K – $827.9K
NOI $49,675 @ 7.0% cap · market cap 4.73%
Second Best
Retail
$641.3K
$561.1K – $748.2K
NOI $44,889 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$821.2K
$718.6K – $958.1K
NOI $57,486 @ 7.0% cap · market cap 5.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
62
Businesses Nearby
Balanced
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Northeast region
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Frequently Asked Questions
What type of property is this?
Flex space - Two-level commercial property combining shop, office, restroom, parking, and supplemental storage areas.
Where is this flex space located?
The property is located at 302 Boonton Ave Boonton, NJ.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Two‑level flex property with shop and office areas on both floors; 4 parking bays; Loft with additional storage space
