Multi-Unit Office Building with
For Sale
$1,300,000
Main St, Boonton, NJ 07005
Multi-level office asset configured as two units with separate entrances and 15 private on-site parking spaces.
Property Size4,690 SF
Price / SF$277.19
Days on Market128
Property Features for Main St
General Information
Standard status
Active
Size
4,690 SF
Total Parking Spaces
15
Property subtype
Office
Occupancy
100%
Additional Details
Cap Rate
6.7%
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$15,651
Amenities
Central Air
3
Laminate, Carpet
Asphalt Shingle
0.371 ACRES, 0.371 ACRES
Central Business District.
Building Details
Year Built
1880
Listing Agency:
EXP REALTY, LLC
(866) 201-6210
Listed By:
CLAUDIA PATTERSON
Source:
Xome
Added: Apr 6
Changed: Aug 8
Last Checked: Aug 10 at 2:57AM
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 EXP REALTY, LLC
Investment Insights
Based on property information with market context.
This multi-level commercial office property is configured as two separate units, each with its own entrance. The interior includes private offices, conference rooms, dedicated workspaces, and a kitchenette, supporting a range of professional uses. The asset is described as meticulously maintained and in turnkey condition, with 100% occupancy through July 31, 2026.
The property is positioned in the heart of Boonton’s business district with strong frontage. Parking is a notable differentiator, with 15 private on-site spaces. Zoning allows medical, professional, retail, vocational, and dog grooming and services (including salon and spa), with potential for mixed-use conversion subject to town approvals.
Operationally, the property is presented with low operating expenses supported by tenant reimbursements, along with current 6.7% cap rate metrics provided in the remarks. Recent capital improvements include a new fire suppression system in 2025, plus updated driveway and windows.
The property is positioned in the heart of Boonton’s business district with strong frontage. Parking is a notable differentiator, with 15 private on-site spaces. Zoning allows medical, professional, retail, vocational, and dog grooming and services (including salon and spa), with potential for mixed-use conversion subject to town approvals.
Operationally, the property is presented with low operating expenses supported by tenant reimbursements, along with current 6.7% cap rate metrics provided in the remarks. Recent capital improvements include a new fire suppression system in 2025, plus updated driveway and windows.
Key Highlights
- 4,690 SF multi‑level commercial asset configured as two units with separate entrances
- 100% occupied through July 31, 2026
- 15 private off‑street on‑site parking spaces on a 0.371‑acre corner lot in the Central Business District
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
$71,757
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
5.52%
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%
$1,435,140
$1.4M
Cap Rate 7%
$1,025,100
$1.0M
Cap Rate 9%
$797,300
$797.3K
Market Conditions
NOI Build-Up for 4,690 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
$140.7K $30.00/SF
− Vacancy
−$45.0K −$9.60/SF
EGI
$95.7K $20.40/SF
− OpEx
−$23.9K −$5.10/SF
NOI
$71.8K $15.30/SF
Area
Morris County, NJ
Vacancy
32.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,435,140
Cap Rate 7%
$1,025,100
Cap Rate 9%
$797,300
Alternative Uses
Best Use
Office B
$1.03M
$897.0K – $1.20M
NOI $71,757 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,726 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
923
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Multi-level office asset configured as two units with separate entrances and 15 private on-site parking spaces.
Where is this office units located?
The property is located at Main St Boonton, NJ.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 4,690 SF multi‑level commercial asset configured as two units with separate entrances; 100% occupied through July 31, 2026; 15 private off‑street on‑site parking spaces on a 0.371‑acre corner lot in the Central Business District
