Historic Mixed-Use Office &
For Sale
$1,499,000
Pending
331 Main St, Chatham, NJ 07928
Downtown mixed-use building with office space, two apartments, and 22 on-site parking spaces.
Property Size3,667 SF
Days on Market98
Property Features for 331 Main St
General Information
Standard status
Pending
Size
3,667 SF
Total Parking Spaces
22
Property subtype
Commercial
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$20,218
Amenities
Central air
Asphalt Shingle Roof
Blacktop Driveway
Central Air Cooling
Forced Hot Air Heating
Multi-Zone Cooling
Multi-Zone Heating
Parking Lot-Exclusive
Wall A/C Unit(s) Cooling
Building Details
Year Built
1870
Stories
3
Tenancy
Multi
Listing Agency:
WEICHERT REALTORS
(973) 635-5000
Listed By:
MARY T. WEICHERT
Source:
Corcoran
Added: Jun 1
Changed: Aug 22
Last Checked: Aug 14 at 6:09AM
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 WEICHERT REALTORS
Investment Insights
Based on property information with market context.
Circa-1870 historical mixed-use property offering a versatile combination of professional office space and two residential apartments. The first floor features a spacious open reception and waiting area, a conference room, and two offices, supported by two additional private offices for flexible use or potential rental space. Residential components include two apartments with a private front entrance: the second-floor unit offers a living room, kitchen, full bath, a large bedroom with two closets, and an outdoor deck, while the third-floor unit includes a family room, kitchen, bedroom with two closets, a dedicated office, and a full bath with shower. The lower level provides tenant laundry along with storage and additional utility/storage space.
Set on a generously sized property in downtown Chatham, the building is located next to the train station and just moments from shops, dining, and everyday conveniences. On-site parking totals 22 spaces, supporting a tenant mix that can accommodate both professional visits and resident access.
Configured to serve owner-users, investors, or multi-tenant professional occupancy, the office layout supports a range of professional uses including medical, legal, wellness, financial, or boutique professional services. With separate residential apartments and shared opportunities for professional flexibility, the property is designed for an operator seeking both workspace and income-generating living units within one building.
Set on a generously sized property in downtown Chatham, the building is located next to the train station and just moments from shops, dining, and everyday conveniences. On-site parking totals 22 spaces, supporting a tenant mix that can accommodate both professional visits and resident access.
Configured to serve owner-users, investors, or multi-tenant professional occupancy, the office layout supports a range of professional uses including medical, legal, wellness, financial, or boutique professional services. With separate residential apartments and shared opportunities for professional flexibility, the property is designed for an operator seeking both workspace and income-generating living units within one building.
Key Highlights
- Mixed‑use downtown Chatham building built circa 1870 with office space, 2 residential apartments, and 22 on‑site parking spaces
- First floor includes open reception and waiting area, conference room, and two offices, plus 2 additional private offices
- Second‑floor apartment has living room, kitchen, full bath, large bedroom with two closets, and an expansive outdoor deck
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
$61,372
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
4.09%
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%
$1,227,440
$1.2M
Cap Rate 7%
$876,743
$876.7K
Cap Rate 9%
$681,911
$681.9K
Market Conditions
NOI Build-Up for 3,667 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
$93.7K $25.56/SF
− Vacancy
−$6.1K −$1.65/SF
EGI
$87.7K $23.91/SF
− OpEx
−$26.3K −$7.17/SF
NOI
$61.4K $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 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%
$1,227,440
Cap Rate 7%
$876,743
Cap Rate 9%
$681,911
Alternative Uses
Best Use
Multifamily LT 5
$876.7K
$767.2K – $1.02M
NOI $61,372 @ 7.0% cap · market cap 4.09%
Second Best
Apartment 5plus
$805.6K
$704.9K – $939.9K
NOI $56,391 @ 7.0% cap · market cap 3.76%
Theoretical Best
Office A
$957.5K
$837.8K – $1.12M
NOI $67,027 @ 7.0% cap · market cap 4.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
897
Businesses Nearby
Explore this area
Business Placement
Demographics for 07928, NJ
19,778
Population
6,837
Households
2.9
Avg Household Size
42
Median Age
83%
College-Educated
99%
High-School Grad
9.3 sq mi
ZIP Area
2,127
Density / Sq Mi
$236,000
Median Household Income
$101,563
Median Earnings
$2,441
Median Rent
$965,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Downtown mixed-use building with office space, two apartments, and 22 on-site parking spaces.
Where is this office building located?
The property is located at 331 Main St Chatham, NJ.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Mixed‑use downtown Chatham building built circa 1870 with office space, 2 residential apartments, and 22 on‑site parking spaces; First floor includes open reception and waiting area, conference room, and two offices, plus 2 additional private offices; Second‑floor apartment has living room, kitchen, full bath, large bedroom with two closets, and an expansive outdoor deck
