Mixed-Use Property with
For Sale
Contact for pricing
315 Mechanic Street, Boonton, NJ 07005
Contiguous multi-building assemblage combines warehouse space, residential units, parking, and connections across three streets.
Property Size33,183 SF
Price / SF$147.67
Days on Market46
Property Features for 315 Mechanic Street
General Information
Standard status
Active
Size
33,183 SF
Class
B
Total Parking Spaces
20
Property subtype
Industrial, Mixed Use
Lease Type
Modified Gross
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1945
Buildings
5
Stories
3
Units
6
Tenancy
Multi
Listing Agency:
Cervelli Real Estate & Property Management
(201) 868-6300
Listed By:
Chris Cervelli · License #9807944
Source:
Crexi
Added: Jul 16
Changed: Aug 30
Last Checked: Aug 30 at 10:20AM
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 Cervelli Real Estate & Property Management
Investment Insights
Based on property information with market context.
This mixed-use assemblage includes three properties with five buildings, more than 30,000 SF of warehouse space, three residential units, and a parking lot. The parcels are contiguous and extend between Mechanic Street, Cedar Street, and Division Street, creating connections across the assemblage for access and circulation. The improvements date to 1945.
The property is positioned within Boonton's established industrial corridor, with access to Routes 202 and 287 and regional distribution infrastructure. Boonton NJ Transit station is less than half a mile away. The combination of warehouse, residential, and parking components provides a varied existing configuration within a multi-street setting.
The property is positioned within Boonton's established industrial corridor, with access to Routes 202 and 287 and regional distribution infrastructure. Boonton NJ Transit station is less than half a mile away. The combination of warehouse, residential, and parking components provides a varied existing configuration within a multi-street setting.
Key Highlights
- Three‑property assemblage with five buildings
- More than 30,000 SF of warehouse space
- Three residential units and an on‑site parking lot
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
$243,616
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
4.97%
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%
$4,872,320
$4.9M
Cap Rate 7%
$3,480,229
$3.5M
Cap Rate 9%
$2,706,844
$2.7M
Market Conditions
NOI Build-Up for 33,183 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
$446.0K $13.44/SF
− Vacancy
−$56.2K −$1.69/SF
EGI
$389.8K $11.75/SF
− OpEx
−$146.2K −$4.40/SF
NOI
$243.6K $7.34/SF
Area
Morris County, NJ
Vacancy
12.60%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
37.50%
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%
$4,872,320
Cap Rate 7%
$3,480,229
Cap Rate 9%
$2,706,844
Alternative Uses
Best Use
Warehouse
$6.46M
$5.65M – $7.54M
NOI $452,266 @ 7.0% cap · market cap 9.23%
Second Best
Mixed Use
$3.48M
$3.05M – $4.06M
NOI $243,616 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$8.66M
$7.58M – $10.11M
NOI $606,532 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
989
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
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Contiguous multi-building assemblage combines warehouse space, residential units, parking, and connections across three streets.
Where is this mixed-use property located?
The property is located at 315 Mechanic Street Boonton, NJ.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: Three‑property assemblage with five buildings; More than 30,000 SF of warehouse space; Three residential units and an on‑site parking lot
