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199 W Broadway - 199-207 W Broadway, Patterson 13 Unit Apartment Building Offered at $4,250,000 at a 3.22% Cap Rate Paterson, NJ 07522
Investment Highlights
- Newly Constucted
- Tax Abatement
- Private parking lot
- W/D in each unit
Executive Summary
Newly constructed, fully rented mixed-use investment opportunity offering immediate cash flow and long-term upside. This modern building features 12 residential units, including 3 one-bedroom/one-bath apartments and 9 two-bedroom/two-bath apartments, plus 1 ground-level retail space, all currently leased. Each residential unit offers separate heating and cooling systems along with in-unit washer/dryers. Private on-site parking adds strong tenant appeal and long-term value. In addition to the immediate cash flow, the property benefits from time remaining on a 30-year tax abatement. A well-maintained, fully stabilized investment property offering immediate income with the benefit of long-term tax advantages.
Property Facts
| Price | $4,250,000 | Property Type | Multifamily |
| Price Per Unit | $326,923 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Size | 325,140 SF |
| Cap Rate | 3.22% | Average Occupancy | 100% |
| Gross Rent Multiplier | 13 | No. Stories | 3 |
| No. Units | 13 | Year Built | 2022 |
| Price | $4,250,000 |
| Price Per Unit | $326,923 |
| Sale Type | Investment |
| Cap Rate | 3.22% |
| Gross Rent Multiplier | 13 |
| No. Units | 13 |
| Property Type | Multifamily |
| Apartment Style | Mid-Rise |
| Building Size | 325,140 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2022 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | - |
| 2+2 | 9 | - | - |
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Exceptionally walkable
90/100
Moderately drivable
70/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 08-00608-0000-00012 | Improvements Assessment | $8,700 |
| Land Assessment | $81,400 | Total Assessment | $90,100 |
Property Taxes
Parcel Number
08-00608-0000-00012
Land Assessment
$81,400
Improvements Assessment
$8,700
Total Assessment
$90,100
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Presented by
Haven Realty
199 W Broadway - 199-207 W Broadway, Patterson
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