Historic Chatham Borough Mixed-Use
For Sale
$925,000
368 Main St, Chatham, NJ 07928
Versatile building in downtown Chatham, zoned for office and residential.
Property Size2,455 SF
Price / SF$376.78
Days on Market519
Property Features for 368 Main St
General Information
Standard status
Active
Size
2,455 SF
Taxes and HOA fees
Annual Taxes
$12,843
Building Details
Year Built
1904
Listing Agency:
PROMINENT PROPERTIES SIR
Listed By:
ANNMARIE HANLEY
Source:
Corcoran
Added: May 13, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 PROMINENT PROPERTIES SIR
Investment Insights
Based on property information with market context.
This historic property is located in downtown Chatham Borough and is zoned for both office and residential use. The building is currently leased through September 1, 2025. Architectural plans and all necessary variances have been secured to convert the space into three residential units, including two 2-bedroom apartments and one studio. Permits are approved and ready for pickup. The building is also well-suited for multiple office spaces. Off-street parking is available with a private lot located behind the building.
Key Highlights
- Approved permits and architectural plans for conversion into three residential units (two 2‑bedroom, one studio).
- Zoned for both office and residential use, offering versatile investment options.
- Prime downtown Chatham Borough location.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,753
Cap Rate
4.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$755,060
$755.1K
Cap Rate 7%
$539,329
$539.3K
Cap Rate 9%
$419,478
$419.5K
Market Conditions
NOI Build-Up for 2,455 SF
Gross rent
$73.7K $30.00/SF
− Vacancy
−$5.0K −$2.04/SF
EGI
$68.6K $27.96/SF
− OpEx
−$30.9K −$12.58/SF
NOI
$37.8K $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%
$755,060
Cap Rate 7%
$539,329
Cap Rate 9%
$419,478
Alternative Uses
Best Use
Apartment 5plus
$539.3K
$471.9K – $629.2K
NOI $37,753 @ 7.0% cap · market cap 4.08%
Second Best
Office B
$536.6K
$469.5K – $626.0K
NOI $37,562 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$641.0K
$560.9K – $747.9K
NOI $44,873 @ 7.0% cap · market cap 4.85%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
890
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Versatile building in downtown Chatham, zoned for office and residential.
Where is this office building located?
The property is located at 368 Main St Chatham, NJ.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Approved permits and architectural plans for conversion into three residential units (two 2‑bedroom, one studio).; Zoned for both office and residential use, offering versatile investment options.; Prime downtown Chatham Borough location.
