Renovated Four-Unit Victorian
314 Cornelia St #4, Boonton, NJ 07005
For Sale
$1,690,000
Apartments have individual electric service and updated kitchens, bathrooms, flooring, lighting, and climate systems.
Property Size6,000 SF
Price / SF$281.67
Days on Market144
Property Features for 314 Cornelia St #4
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Occupancy
Net Operating Income
Site & Location
Road Access
Public Transit
Utilities to Site
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Tenant in Place
Amenities
custom kitchens
custom bathrooms
luxury vinyl flooring
LED lighting
Carbon Monoxide Detector
Fire Extinguisher
Smoke Detector
Tile Floors
Vinyl-Linoleum Floors
Thermal Windows/Doors
Building Details
Building Size
Year Built
Stories
Units
Construction
Listing Agency:
Re/Max Select
(973) 625-0450
Listed By:
Joseph Morreale · License NJ #245954
(973) 390-3326
Source:
Kingrealtyassociates
Added: Jun 24
Changed: Nov 12
Last Checked: Nov 13 at 9:23AM
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 Re/Max Select
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Investment Insights
Based on property information with market context.
Dating to 1865, this three-story Queen Anne Victorian contains four apartments with approximately 6,000 square feet of living space. The unit mix includes one one-bedroom, one two-bedroom, one three-bedroom, and one unit described as having two or three bedrooms. A full walk-out basement is unfinished. Recent work includes custom kitchens and bathrooms, luxury vinyl flooring, LED lighting, new windows, and new electric water heaters; most electrical and plumbing systems have also been updated. Units 1 and 4 have natural gas heat and central air, while Units 2 and 3 use split heating and air-conditioning systems. The original slate roof remains in good condition.
The property includes a detached two-car garage with openers and a circular driveway. Its rear boundary fronts the road behind the home, and the property is described as close to downtown, public transportation, major routes, and shopping. The site is zoned MULTI FAMILY. The building is fully occupied, with separate electric service for each apartment and shared water and sewer.
The property includes a detached two-car garage with openers and a circular driveway. Its rear boundary fronts the road behind the home, and the property is described as close to downtown, public transportation, major routes, and shopping. The site is zoned MULTI FAMILY. The building is fully occupied, with separate electric service for each apartment and shared water and sewer.
Key Highlights
- Four apartments across three stories; approximately 6,000 square feet of living space
- Unit mix: one one‑bedroom, one two‑bedroom, one three‑bedroom, and one with two or three bedrooms
- Detached two‑car garage with openers and circular driveway
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$100,417
Cap Rate
5.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,008,340
$2.0M
Cap Rate 7%
$1,434,529
$1.4M
Cap Rate 9%
$1,115,744
$1.1M
Market Conditions
NOI Build-Up for 6,000 SF
Gross rent
$153.4K $25.56/SF
− Vacancy
−$9.9K −$1.65/SF
EGI
$143.5K $23.91/SF
− OpEx
−$43.0K −$7.17/SF
NOI
$100.4K $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 Rate 5%
$2,008,340
Cap Rate 7%
$1,434,529
Cap Rate 9%
$1,115,744
Alternative Uses
Best Use
Multifamily LT 5
$1.43M
$1.26M – $1.67M
NOI $100,417 @ 7.0% cap · market cap 5.94%
Second Best
Apartment 5plus
$1.32M
$1.15M – $1.54M
NOI $92,268 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,670 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
100%
Occupancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
939
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Apartments have individual electric service and updated kitchens, bathrooms, flooring, lighting, and climate systems.
Where is this quadplex located?
The property is located at 314 Cornelia St #4 Boonton, NJ.
What is the asking price?
The asking price for this property is $1,690,000.
What are key features of this property?
This property features: Four apartments across three stories; approximately 6,000 square feet of living space; Unit mix: one one‑bedroom, one two‑bedroom, one three‑bedroom, and one with two or three bedrooms; Detached two‑car garage with openers and circular driveway
