201 Boonton Ave · Boonton, NJ 07005-1429

$1,500,000

12 bd · 7.2 ba · — sqft · MultiFamily · 39 Days on market

Built 1859 Good condition 5,227 sqft lot

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +12.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• DSCR +3.6/10.0
• 1% rule +3.5/10.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

THIS IS A RARE CHANCE TO PURCHASE A WELL KEPT MIXED USE BUILDING THAT HAS BEEN IN THE SAME HANDS FOR NEARLY 3 DECADES! The property offers a balanced mix of income streams with five residential apartments, a ground level storefront and a dedicated office space. The building has been consistently maintained and cared for over the years, which shows in both its condition and long term tenant stability. The residential units are fully occupied, and the the store fronts have strong visibility and steady foot traffic. Buildings with this kind of track record rarely come to market. It's a solid choice for investors looking for stability, long term performance and the upside that comes with a prime location. Includes addresses 201-203.

Key facts

• Mixed use building
• Income streams
• 5,227 sq ft lot

Tags

• MIXED USE BUILDING
• INCOME STREAMS
• RESIDENTIAL APARTMENTS
• GROUND LEVEL STOREFRONTS
• DEDICATED OFFICE SPACE
• LONG TERM TENANT STABILITY

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.8-bath units multifamily listed at $1.50M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-349 ($-4k/yr) — negative. Per door: $-87/mo.
• To cash-flow at today's rent, offer at most $1.45M (3.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.27M (15.5% below list).
• Recommended offer: $1.27M (15.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 81/100 on livability (#58 in NJ, #1,511 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• Boonton Town School District (suburban): math 20% / reading 50% proficiency, ranked #255 of 472 in NJ (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: School Street School (298 students, 31% FRL); John Hill School (math 21% / reading 52%, grade F, #226 of 431 statewide, top 55%, 530 students, 36% FRL); Boonton High School (math 20% / reading 47%, grade F, #251 of 399 statewide, top 64%, 662 students, 28% FRL) — zoned schools at 31% FRL track the district average.
• Market conditions: 1 active listings in the ZIP; 2,357 units permitted in Morris County in 2024 (1,496 in 5+ unit buildings).

Forward outlook

• In year one you build about $55k of equity ($10k loan paydown + $45k appreciation (3.0% local appreciation)).
• Morris County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$90k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($1.46M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1859 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,268,000 (15.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1859 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.85% ✗
• Cap rate: 6.01%
• Cash-on-cash: -1.00%
• DSCR: 0.96
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.6%
• Equity multiple: 1.38×
• Total profit: $158,663
• Equity at exit: $674,465

10-year hold

• IRR: 9.4%
• Equity multiple: 2.42×
• Total profit: $596,469
• Equity at exit: $1,039,431

Cash invested: $420,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 07005-1429

• Active inventory: 1
• Price-to-rent: 39.4×

Monthly cashflow live

• Estimated rent: $12,680 high
• Mortgage (P&I): −$7,866
• Tax est. 1.5%: −$1,875 /mo · $22,500/yr
• Insurance: −$625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,663
• Net cashflow: $-349

Break-even live

Break-even rent $13,122

Max offer price $1,449,504

Occupancy floor 98%

Sensitivity live

Price	-10% $688	-5% $169	+0% $-349	+5% $-867	+10% $-1,386
Rent	-10% $-1,351	-5% $-850	+0% $-349	+5% $152	+10% $653
Rate	-1.0pp $406	-0.5pp $33	base $-349	+0.5pp $-738	+1.0pp $-1,133

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	3	1.8	$12,680
Total (4 units)			$12,680

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $375,000
• Closing costs: $45,000
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-04-10
   listed $1,500,000 Active 738-char remark

   Show marketing remark (738 chars)

   THIS IS A RARE CHANCE TO PURCHASE A WELL KEPT MIXED USE BUILDING THAT HAS BEEN IN THE SAME HANDS FOR NEARLY 3 DECADES! The property offers a balanced mix of income streams with five residential apartments, a ground level storefront and a dedicated office space. The building has been consistently maintained and cared for over the years, which shows in both its condition and long term tenant stability. The residential units are fully occupied, and the the store fronts have strong visibility and steady foot traffic. Buildings with this kind of track record rarely come to market. It's a solid choice for investors looking for stability, long term performance and the upside that comes with a prime location. Includes addresses 201-203.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $152,160
• − Mortgage interest: −$84,023
• − Property taxes: −$22,500
• − Insurance: −$7,500
• − Repairs & maintenance: −$12,173
• − Management: −$12,173
• − Depreciation: −$43,636
• Taxable loss: −$29,845
• Est. tax savings @ 24.0%: +$7,163
• After-tax cash flow: $2,975/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This multi-family building is in good condition with a well-maintained exterior and a consistent track record of tenant stability. The interior could benefit from some updates, such as painting and updating the kitchen, to increase its resale and rental value.

Repairs flagged

• Minor Kitchen countertops — The countertops appear to be in need of updating and may have some minor damage.
• Minor Paint on interior walls — The paint on the interior walls appears to be faded and may benefit from a fresh coat.
• Moderate HVAC system — The HVAC system appears to be in average condition, but may benefit from a professional inspection and possible maintenance.

Value-add opportunities

• Both Update the kitchen countertops and flooring — Updating the kitchen countertops and flooring will improve the overall appearance and functionality of the kitchen, which can increase both resale and rental value.
• Both Paint the interior walls — Painting the interior walls will freshen up the appearance of the home and make it more appealing to potential buyers or renters.
• Both Upgrade the HVAC system — Upgrading the HVAC system will improve the comfort and energy efficiency of the home, which can increase both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen countertops · The countertops appear to be in need of updating and may have some minor damage.	Minor	$500–3,000
Paint on interior walls · The paint on the interior walls appears to be faded and may benefit from a fresh coat.	Minor	$500–3,000
HVAC system · The HVAC system appears to be in average condition, but may benefit from a professional inspection and possible maintenance.	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Both Update the kitchen countertops and flooring — Updating the kitchen countertops and flooring will improve the overall appearance and functionality of the kitchen, which can increase both resale and rental value. ↑
• Both Paint the interior walls — Painting the interior walls will freshen up the appearance of the home and make it more appealing to potential buyers or renters. ↑
• Both Upgrade the HVAC system — Upgrading the HVAC system will improve the comfort and energy efficiency of the home, which can increase both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Boonton Town School District
• NCES district ID: 3401950
• Math proficiency: 20% ▼ -34.00%
• Reading proficiency: 50% ▼ -12.00%
• Median HH income: $83,957
• Composite: 33.47/100
• National rank: #5453
• State rank: #255 of 472 in NJ

Livability — Boonton

• Score: 81/100
• State rank: #58
• US rank: #1511

Category grades

Amenities C+ Commute A+ Cost of living F Crime A+ Employment A+ Housing A- Health & safety B- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boonton, NJ

Population outlook (Morris County) Hauer SSP2

• Today (2025): 516,747 people
• By 2030: 524,603 · +1.5%
• By 2040: 539,582 · +4.4%
• By 2050: 548,986 · +6.2%
• By 2075: 571,326 · +10.6%
• By 2100: 561,122 · +8.6%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

1 event — show timeline

• 2026-04-10 Listed $1,500,000 GSMLS