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    Boonton Commercial Property with Parking Title is generated by Realmo AI

    305 W Main St, Boonton, NJ 07005

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    Claim this Listing
    For Sale
    $1,300,000

    Highly visible commercial property in Boonton's business district.

    Type:Commercial
    Property size:
    4,690 SF
    Price / SF:
    $277/SF
    Added:
    Apr 20, 2026
    Days on Market:
    49
    Last Refresh:
    Apr 20 at 8:25 pm

    Property Features for 305 W Main St

    General Information

    Standard status
    Active
    Size
    4,690 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1880

    We can help!

    Listing Contact
    CLAUDIA PATTERSON

    Listing agent CLAUDIA PATTERSON

    Listing office EXP REALTY, LLC

    Listing date Apr 20, 2026

    Source Corcoran

    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 EXP REALTY, LLC

    HighLights

    • High‑visibility commercial property in Boonton's business district with strong frontage and 15 private on‑site parking spaces.
    • 100% occupied, multi‑level asset (4,690 SF) configured as two units with separate entrances, offering flexibility for investors or owner‑users.
    • Zoning allows for a wide range of uses (medical, professional, retail, etc.) with potential for mixed‑use conversion.
    • Compelling investment opportunity with in‑place income at a 6.7% cap rate and clear rent growth potential.
    • Recent capital improvements, including a new fire suppression system (2025), updated driveway and windows, minimizing near‑term capital expenditures.
    • Ideally located within walking distance to downtown Boonton, NYC transit, and nearby amenities.

    Overview

    This highly visible commercial property, situated in the heart of Boonton's business district within the supply-constrained Morris County submarket, offers 4,690 square feet of multi-level space. The property is currently 100% occupied and configured as two units, each with a separate entrance, providing flexibility for investors or future owner-users. The layout includes private offices, conference rooms, dedicated workspaces, and a kitchenette, making it suitable for a variety of professional uses. A significant advantage is the inclusion of 15 private on-site parking spaces. Zoning allows for medical, professional, retail, vocational, dog grooming, and service uses such as salons and spas, with the potential for mixed-use conversion subject to town approvals. The property presents an investment opportunity with in-place income at a 6.7% cap rate and low operating expenses supported by tenant reimbursements. There is clear rent growth potential, as rents have not increased in over three years. Recent capital improvements include a new fire suppression system scheduled for 2025, along with updated driveway and windows, minimizing near-term capital expenditures. The property is ideally located within walking distance to downtown Boonton, with access to shopping, restaurants, NYC transit, nearby medical offices, and a strong surrounding residential base.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $140.7k $30.00
    − Vacancy −$45.0k −$9.60
    EGI $95.7k $20.40
    − OpEx −$23.9k −$5.10
    NOI $71.8k $15.30
    4,690 SF · lease $30.00/SF/yr · vacancy 32.00% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $1.03M
    $897.0K – $1.20M (±1% cap)
    NOI $71,757 @ 7.0% cap · market cap 5.52%
    Second Best
    Healthcare Medical
    $997.6K
    $872.9K – $1.16M (±1% cap)
    NOI $69,832 @ 7.0% cap · market cap 5.37%
    Theoretical Best
    Office A
    $1.22M
    $1.07M – $1.43M (±1% cap)
    NOI $85,726 @ 7.0% cap · market cap 6.59%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Boonton
    County
    Morris
    State
    New Jersey
    Longitude
    -74.4211
    Latitude
    40.929

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    FAQs

    What type of property is this?
    Office units - Highly visible commercial property in Boonton's business district.
    Where is this office units located?
    The property is located at 305 W Main St Boonton, NJ.
    What is the asking price?
    The asking price for this property is $1,300,000.
    What are key features of this property?
    This property features: High‑visibility commercial property in Boonton's business district with strong frontage and **15 private on‑site parking spaces**.; 100% occupied, multi‑level asset (4,690 SF) configured as two units with separate entrances, offering flexibility for investors or owner‑users.; Zoning allows for a wide range of uses (medical, professional, retail, etc.) with potential for mixed‑use conversion.
    (866) 201-6210
    We can help!
    Listing Contact
    CLAUDIA PATTERSON
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    305 W Main St, Boonton Town, NJ 07005
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