Historic Victorian Fourplex in
314 Cornelia St, Boonton, NJ 07005
Fourplex, Multi-Family - Boonton Town, NJ
Property size:
6,000 SFLot size:
0.63 AcresPrice / SF:
$299/SF- Added:
- Dec 9, 2025
- Days on Market:
- 165
- Last Refresh:
- May 22 at 11:06 pm
Property Features for 314 Cornelia St
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- MULTI FAMILY
- Bedrooms
- 8
- Bathrooms
- 4
- Rooms
- Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Dining Room, Kitchen, Laundry, Living Room, Master Bedroom
- Parking
- 8
- Parking features
- Driveway
- Interior features
- Carbon Monoxide Detector, Fire Extinguisher, Smoke Detector, Tile Floors, Vinyl-Linoleum Floors
- Exterior features
- Thermal Windows/Doors
- Basement Y/N
- 1
- Appliances
- Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer, Washer/Dryer Combo, Washer/Dryer Stack
- Standard status
- Active
- Size
- 6,000 SF
- Lot size
- 0.63 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 20266
Utilities
- Heating system
- Forced Air, Heat Pump (Heating)
- Cooling system
- Central Air, Ductless, Multi Units
Building Details
- Year built
- 1865
- Number of units
- 4
- Building materials
- Cedar, Stone
- Roof type
- Slate
- Architectural style
- Other
Listing agent JOSEPH MORREALE (973) 625-0450
Listing office RE/MAX SELECT 20 WEST MAIN STREET, Morristown, NJ (973) 625-0450
Listing date Dec 9, 2025
MLS# 4000980
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
- Historic 1865 Queen Ann Victorian with modern updates boasting approximately 6000 sq ft of living space.
- Four separate rental units offer potential for investment income or owner‑occupancy with rental income.
- Recently renovated units featuring new custom kitchens and bathrooms, luxury vinyl flooring, and LED lighting.
- Units 1 & 4 have new natural gas heat and central air, while Units 2 & 3 have new split air heat and AC systems.
- Detached 2‑car garage with new circular driveway and ample parking on a large, level, private lot.
- Conveniently located near downtown, public transportation, major routes, and shopping.
Overview
The historic "Cornelia House," an 1865 Queen Ann Victorian, is available. This grand, three-story, four-family property features approximately 6000 square feet of living space and a full walk-out unfinished basement. It includes a detached two-car garage and a circular driveway with ample parking, situated on a large, level, private 0.63-acre lot. Unit 1 features two to three bedrooms and approximately 1500 sq ft. Unit 2 has one bedroom, Unit 3 has two bedrooms, and Unit 4 offers approximately 2000 sq ft with three bedrooms and mountain views, including a view of Boonton Reservoir. All units have new custom kitchens, custom bathrooms, luxury vinyl flooring, and LED lighting. Units 1 and 4 feature new natural gas heat and central air, while Units 2 and 3 have new split air heat and AC systems. All units have new windows and electric hot water heaters, with separate electric meters. Sewer and water are shared. Most of the electric and plumbing is new. The detached two-car garage includes openers, and there is a new circular driveway. The original slate roof remains in good condition. The property is rumored to have been the first in Boonton to have electricity. It is currently for rent and close to public transportation, major routes, and shopping, making it a potential investment property.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$1.12M
NOI $100,417 @ 9.00% cap · cautious / downside scenario
Moderate
$1.43M
NOI $100,417 @ 7.00% cap · market / base-case scenario
Aggressive
$2.01M
NOI $100,417 @ 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 Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $153.4k | $25.56 |
| − Vacancy | −$9.9k | −$1.65 |
| EGI | $143.5k | $23.91 |
| − OpEx | −$43.0k | −$7.17 |
| NOI | $100.4k | $16.74 |
6,000 SF · lease $25.56/SF/yr · vacancy 6.46% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$1.43M
$1.26M – $1.67M
NOI $100,417 @ 7.0% cap · market cap 5.59%
Second Best
Apartment 5plus
$1.32M
$1.15M – $1.54M
NOI $92,268 @ 7.0% cap · market cap 5.14%
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,670 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Boonton
- County
- Morris
- State
- New Jersey
- Longitude
- -74.4084993
- Latitude
- 40.9077674
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Renovated 4-unit property with modern updates and historic charm.
Where is this quadplex located?
The property is located at 314 Cornelia St Boonton, NJ.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: Historic 1865 Queen Ann Victorian with modern updates boasting approximately 6000 sq ft of living space.; Four separate rental units offer potential for investment income or owner‑occupancy with rental income.; Recently renovated units featuring new custom kitchens and bathrooms, luxury vinyl flooring, and LED lighting.
