305 W Main St, Boonton Town, NJ 07005
sale
$1,300,000
|
Other
Courtesy Of eXp Realty, LLC
Highly visible commercial property with strong frontage in the heart of Boonton's business district, located within the supply-constrained Morris County submarket. This 4,690 SF multi-level asset is 100% occupied through July 31, 2026, meticulously maintained, and in turnkey condition. Configured as two units, each with a separate entrance, this property offers both immediate cashflow potential and flexibility for investors or future owner-users. The layout includes private offices, conference rooms, dedicated workspaces, and a kitchenette well suited for a variety of professional uses. A rare and valuable feature, the property includes 15 private on-site parking spaces, a significant advantage for this asset type. Zoning allows for medical, professional, retail, vocational, dog grooming and services (e.g. salon, spa), with potential for mixed-use conversion subject to town approvals, creating additional upside. The property presents a compelling investment opportunity with a current 6.7% cap rate, low operating expenses supported by tenant reimbursements, and clear rent growth potential, as rents have not increased in over three years. Recent capital improvements include a new fire suppression system (2025), along with updated driveway and windows, minimizing near-term capital expenditures. Ideally located within walking distance to downtown Boonton, with access to shopping, restaurants, NYC transit, nearby medical offices, and a strong surrounding residential base.
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Property Features
- Age: Over 50 Years Old
- Architecture Style: Other
- Building Units: 2
- Cooling System: Multi Units
- Cooling System: Central Air
- Exterior Type: Vinyl Siding
- Floor Covering: Laminate
- Floor Covering: Carpet
- Floors: 3
- Heating System: Baseboard
- Heating System: Hot Water (Heating)
- MLSID: 4021781
- Parking Spaces: 15
- Roof Type: Asphalt
- Roof Type: Shingle
- Rooms: Basement
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