Two-Unit
New
For Sale
$619,888
324 Morris Ave, Boonton, NJ 07005
Multi-Family, Duplex-Side by Side, Boonton Town, NJ
Property Size3,500 SF
Lot Size0.47 Acres
Price / SF$177.11
Days on Market6
Property Features for 324 Morris Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 1, Bathroom 2, Bathroom 4, Bedroom 2, Bathroom 3, Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 4, Bedroom 5, Basement
Directions
google maps
Standard status
Active
Lot size
0.47 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
17049
Utilities
Sewer type
Public Sewer
Heating system
Other (Heating), Steam
Water source
Public
Building Details
Year built
1880
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
REAL
(855) 450-0442
Listed By:
PETER TLATELPA · License #2299939
Added: Oct 28
Changed: Nov 1
Last Checked: Nov 2 at 5:06PM
MLS# 4061691
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.
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Investment Insights
Based on property information with market context.
This 1880-built duplex is arranged as two residences: a five-bedroom, 2.5-bathroom main unit and a separate one-bedroom, one-bathroom unit. Across the property, the listing identifies six bedrooms and 3.5 bathrooms. The home requires substantial renovation, and its existing two-unit configuration is one option for future plans; the remarks also identify conversion to a single-family residence as a possibility.
The property occupies a 0.47-acre lot. Heating includes steam and another listed heating type, while water service is public and sewer is public sewer. The shingle roof and basement are additional recorded features.
The property occupies a 0.47-acre lot. Heating includes steam and another listed heating type, while water service is public and sewer is public sewer. The shingle roof and basement are additional recorded features.
Key Highlights
- Two‑residence configuration: main unit has 5 bedrooms and 2.5 bathrooms; separate unit has 1 bedroom and 1 full bathroom
- 0.47‑acre lot
- 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 existing layout pairs a five-bedroom residence with 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‑residence configuration: main unit has 5 bedrooms and 2.5 bathrooms; separate unit has 1 bedroom and 1 full bathroom; 0.47‑acre lot; Built in 1880
