Two-Unit Colonial
New
For Sale
$619,888
324 Morris Ave, Boonton, NJ 07005
The two-family layout includes a five-bedroom main residence and a separate one-bedroom unit.
Property Size3,500 SF
Price / SF$177.11
Days on Market2
Property Features for 324 Morris Ave
General Information
Standard status
Active
Size
3,500 SF
Property subtype
Multi Family
Property Condition
Severity
Major Repairs Needed
Evidence
requires substantial renovations
Units
Unit Mix
1 x 5BR/2.5BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$17,049
Building Details
Year Built
1880
Units
2
Construction
Center Hall Colonial
Listing Agency:
Real Broker LLC
Listed By:
PETER TLATELPA · License #2299939
(855) 450-0442
Source:
Elliman
Added: Nov 3
Last Checked: Nov 3 at 2:57PM
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 Real Broker LLC
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Investment Insights
Based on property information with market context.
This 1880 Center Hall Colonial is configured as a duplex with 6 bedrooms and 3.5 bathrooms across more than 3,500 square feet. The principal unit has 5 bedrooms and 2.5 bathrooms, while a separate apartment contains 1 bedroom and 1 full bathroom. Substantial renovation work is required; the existing two-unit configuration is the property’s current layout.
Located at 324 Morris Ave in Boonton, the property has a Walk Score of 61 and a Bike Score of 30.
Located at 324 Morris Ave in Boonton, the property has a Walk Score of 61 and a Bike Score of 30.
Key Highlights
- Two‑family configuration: main unit with 5 bedrooms and 2.5 bathrooms, plus a 1‑bedroom, 1‑bathroom unit
- More than 3,500 square feet with 6 bedrooms and 3.5 bathrooms
- Built in 1880
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,823
Cap Rate
8.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,076,460
$1.1M
Cap Rate 7%
$768,900
$768.9K
Cap Rate 9%
$598,033
$598.0K
Market Conditions
NOI Build-Up for 3,500 SF
Gross rent
$105.0K $30.00/SF
− Vacancy
−$7.1K −$2.04/SF
EGI
$97.9K $27.96/SF
− OpEx
−$44.0K −$12.58/SF
NOI
$53.8K $15.38/SF
Area
Morris County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,076,460
Cap Rate 7%
$768,900
Cap Rate 9%
$598,033
Alternative Uses
Best Use
Multifamily LT 5
$836.8K
$732.2K – $976.3K
NOI $58,577 @ 7.0% cap · market cap 9.45%
Second Best
Apartment 5plus
$768.9K
$672.8K – $897.1K
NOI $53,823 @ 7.0% cap · market cap 8.68%
Theoretical Best
Office A
$913.9K
$799.7K – $1.07M
NOI $63,974 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
992
Businesses Nearby
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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?
Duplex - The two-family layout includes a five-bedroom main residence and a separate one-bedroom unit.
Where is this duplex located?
The property is located at 324 Morris Ave Boonton, NJ.
What is the asking price?
The asking price for this property is $619,888.
What are key features of this property?
This property features: Two‑family configuration: main unit with 5 bedrooms and 2.5 bathrooms, plus a 1‑bedroom, 1‑bathroom unit; More than 3,500 square feet with 6 bedrooms and 3.5 bathrooms; Built in 1880
