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171-181 Market St
Paterson, NJ 07505
The Smith Building · Multifamily Property For Sale
·
160 Units
INVESTMENT HIGHLIGHTS
- Prime downtown Paterson retail corridor with excellent visibility
- Diverse tenant mix: restaurant, telecom, retail, beauty, dental, daycare, tattoo
- Approved plans for 48-unit apartment conversion—major redevelopment potential
EXECUTIVE SUMMARY
Located in the heart of Paterson’s busiest retail corridor, this highly visible mixed-use property offers exceptional investment potential. A tax appeal is currently underway with an anticipated $33K annual reduction. The site includes approved plans for a 48-unit apartment conversion, presenting a rare opportunity for large-scale redevelopment. The property features a diverse tenant mix — restaurant, telecom, retail, beauty, dental, daycare, and tattoo — providing stable income and long-term upside through lease-up, modernization, and repositioning.
PROPERTY FACTS
| Price Per Unit | $34,375 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 4.80% | Building Size | 119,736 SF |
| No. Units | 160 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1904 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | B-4 | ||
| Price Per Unit | $34,375 |
| Sale Type | Investment |
| Cap Rate | 4.80% |
| No. Units | 160 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.33 AC |
| Building Size | 119,736 SF |
| No. Stories | 4 |
| Year Built | 1904 |
| Opportunity Zone |
Yes |
| Zoning | B-4 |
AMENITIES
UNIT AMENITIES
- Heating
- Refrigerator
- Oven
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 160 | - | - |
PROPERTY TAXES
| Parcel Number | 08-04406-0000-00007 | Improvements Assessment | $2,322,200 |
| Land Assessment | $693,500 | Total Assessment | $3,015,700 |
PROPERTY TAXES
Parcel Number
08-04406-0000-00007
Land Assessment
$693,500
Improvements Assessment
$2,322,200
Total Assessment
$3,015,700
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