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203-207 Market St
Paterson, NJ 07505
CUBAS BUILDING · Office Property For Sale
Investment Highlights
- Prime downtown location on highly trafficked Market Street within Paterson’s Central Business District, ensuring strong visibility.
- Value-add opportunity through lease-up or repositioning of an available second-floor space, offering potential for increased income.
- Includes additional rear land, creating potential for expansion or future redevelopment subject to approvals.
- Income-producing property with leased ground-floor retail space and leased office space on the third floor, generating immediate cash flow.
- Flexible B-4 CBD zoning allows for a wide range of commercial and mixed-use redevelopment strategies.
- Conceptual plans indicate possible residential conversion, with preliminary estimates for approximately 40 to 90 units pending municipal approvals.
Executive Summary
Positioned in the heart of Paterson’s Central Business District, 203-207 Market Street presents a compelling investment opportunity that combines reliable in-place income with exceptional value-add potential. This three-story masonry building spans approximately 13,107 square feet and includes street-front retail as well as office space, offering strong current cash flow and long-term upside for investors. The property sits along highly trafficked Market Street, ensuring maximum visibility and substantial foot traffic in one of New Jersey’s most active downtown corridors.
Currently, the first-floor retail space is leased, and the third-floor office space is income-producing, while the second floor remains available for lease or repositioning, providing a clear path for revenue enhancement. Zoned B-4 CBD, the site supports a versatile array of commercial and mixed-use strategies, accommodating investor plans for retail, office, or redevelopment. Additionally, rear lot space provides the option for expansion, further increasing the property’s future potential. Preliminary concepts suggest an opportunity for residential conversion, with estimates ranging from 40 to 90 potential multifamily units, subject to approvals.
With its central location, existing tenant base, and zoning flexibility, this property is a strategic choice for investors, developers, and owner-users seeking to maximize long-term appreciation while securing immediate cash flow.
Currently, the first-floor retail space is leased, and the third-floor office space is income-producing, while the second floor remains available for lease or repositioning, providing a clear path for revenue enhancement. Zoned B-4 CBD, the site supports a versatile array of commercial and mixed-use strategies, accommodating investor plans for retail, office, or redevelopment. Additionally, rear lot space provides the option for expansion, further increasing the property’s future potential. Preliminary concepts suggest an opportunity for residential conversion, with estimates ranging from 40 to 90 potential multifamily units, subject to approvals.
With its central location, existing tenant base, and zoning flexibility, this property is a strategic choice for investors, developers, and owner-users seeking to maximize long-term appreciation while securing immediate cash flow.
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
13,107 SF
Building Class
C
Year Built/Renovated
1983/1985
Price
$1,950,000
Price Per SF
$148.78
Cap Rate
7.24%
NOI
$141,191
Percent Leased
47%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
5,100 SF
Building FAR
2.15
Lot Size
0.14 AC
Opportunity Zone
Yes
Zoning
B-4 - Business
Property Taxes
| Parcel Number | 08-04405-0000-00027 | Improvements Assessment | $683,200 |
| Land Assessment | $439,900 | Total Assessment | $1,123,100 |
Property Taxes
Parcel Number
08-04405-0000-00027
Land Assessment
$439,900
Improvements Assessment
$683,200
Total Assessment
$1,123,100
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