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    Prime Commercial Property in Boonton 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

    Commercial - Boonton Town, NJ

    Property size:
    4,690 SF
    Lot size:
    0.37 Acres
    Price / SF:
    $277/SF
    Added:
    Apr 20, 2026
    Days on Market:
    34
    Last Refresh:
    May 23 at 12:06 am

    Property Features for 305 W Main St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Rooms
    Basement
    Parking
    15
    Parking features
    Parking Lot
    Basement Y/N
    1
    Standard status
    Active
    Size
    4,690 SF
    Lot size
    0.37 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    15651

    Utilities

    Heating system
    Baseboard, Hot Water (Heating)
    Cooling system
    Central Air, Multi Units

    Building Details

    Year built
    1880
    Floors in Building
    3
    Number of units
    2
    Flooring type
    Carpet, Laminate
    Building materials
    Vinyl Siding
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    CLAUDIA PATTERSON

    Listing agent CLAUDIA PATTERSON

    Listing office EXP REALTY, LLC 28 VALLEY ROAD, Montclair, NJ

    Listing date Apr 20, 2026

    MLS# 4021781 Listing URL

    Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 100% occupied through July 31, 2026, providing immediate cash flow.
    • Prime location in the heart of Boonton's business district with strong frontage.
    • Rare and valuable feature: 15 private on‑site parking spaces.
    • Current 6.7% cap rate with low operating expenses and rent growth potential.
    • Versatile zoning allows for various uses and potential mixed‑use conversion.
    • Recent capital improvements, including a new fire suppression system (2025), updated driveway and windows.

    Overview

    This highly visible commercial property, situated in the heart of Boonton's business district within the supply-constrained Morris County submarket, offers strong frontage. The multi-level asset spans 4,690 square feet and is fully occupied until July 31, 2026. The property is meticulously maintained and in turnkey condition. Configured as two units, each with a separate entrance, it provides immediate cash flow and flexibility for investors or future owner-users. The layout includes private offices, conference rooms, dedicated workspaces, and a kitchenette, suitable for various professional uses. A rare feature is the inclusion of 15 private on-site parking spaces. The zoning allows for medical, professional, retail, vocational, dog grooming, and services such as salons and spas, with potential for mixed-use conversion subject to town approvals. The property presents a compelling investment opportunity with a current 6.7% cap rate and low operating expenses supported by tenant reimbursements. Rent growth potential exists, as rents have not increased in over three years. Recent capital improvements include a new fire suppression system (2025), along with an updated driveway and windows. The property is ideally located within walking distance of downtown Boonton, with access to shopping, restaurants, NYC transit, nearby medical offices, and a strong surrounding residential base. The lot size is 0.37 acres.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $797.3K
    NOI $71,757 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.03M
    NOI $71,757 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.44M
    NOI $71,757 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Office B

    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 Use Scenarios

    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.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office buildings

    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 building - Highly visible, 4,690 SF commercial property in Boonton's business district.
    Where is this office building 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: 100% occupied through July 31, 2026, providing immediate cash flow.; Prime location in the heart of Boonton's business district with strong frontage.; Rare and valuable feature: 15 private on‑site parking spaces.
    (866) 201-6210
    We can help!
    Listing Contact
    CLAUDIA PATTERSON
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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 07005-1151
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