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CORNER OF PUTNAM ST AND RIVER ST 386-390 River St 7,942 SF 100% Leased Retail Building Paterson, NJ 07524 $1,350,000 ($169.98/SF) 10.14% Cap Rate
Investment Highlights
- Newer 2nd floor apartments
- Dedicated parking lot for Res. tenants
- Very well maintained with low upkeep
- Fully rented with upside potential
Executive Summary
Approx, PRICE ADJ. by $100,000. Approx. $140K annual income, 8 units mix-use property consisting of 4 newer 2 bedrooms 2nd floor residential units in great condition, built approx. 1995 with modern/open layouts, LR, Kitchens, 2 spacious bedrooms and bath, all separate utilities and gas baseboard heat (RENTS are under Mkt Value, the ground floor consists of 4 shops (Unit#1 currently for rent at $2,000 a month consisting of approx 2000SQF formerly used as an upholstery shop with overhead 12' door), Unit#2: a Karate/Gym with office and 2nd floor room with restrooms rented at $1650, Unit#3: Tire-Shop currently $1,280, and Unit#4 Auto Repair $1680. Property is very well maintained and in good condition consisting of 2 lots (384-386 River St - Parking for tenants, and 386-390 River St ).This building is very well-maintained, in a convenient location of Paterson, close to shopping, NYC transp.and major highways.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$137,520
|
$17.32
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$137,520
|
$17.32
|
| Taxes |
$28,000
|
$3.53
|
| Operating Expenses |
$8,000
|
$1.01
|
| Total Expenses |
$36,000
|
$4.53
|
| Net Operating Income |
$101,520
|
$12.78
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $137,520 |
| Annual Per SF | $17.32 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $137,520 |
| Annual Per SF | $17.32 |
| Taxes | |
|---|---|
| Annual | $28,000 |
| Annual Per SF | $3.53 |
| Operating Expenses | |
|---|---|
| Annual | $8,000 |
| Annual Per SF | $1.01 |
| Total Expenses | |
|---|---|
| Annual | $36,000 |
| Annual Per SF | $4.53 |
| Net Operating Income | |
|---|---|
| Annual | $101,520 |
| Annual Per SF | $12.78 |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
7,942 SF
Building Class
C
Year Built
1990
Price
$1,350,000
Price Per SF
$169.98
Cap Rate
10.14%
NOI
$136,920
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Slab To Slab
12’
Building FAR
0.73
Lot Size
0.25 AC
Zoning
MU - Mixed-Use
Parking
6 Spaces (0.76 Spaces per 1,000 SF Leased)
Frontage
40’ on RIVER ST
Very walkable
80/100
Moderately drivable
60/100
Some public transit
40/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 08-02902-0000-00002 | Total Assessment | $1,292,600 |
| Land Assessment | $90,000 | Annual Taxes | $28,000 ($3.53/SF) |
| Improvements Assessment | $1,202,600 | Tax Year | 2026 |
Property Taxes
Parcel Number
08-02902-0000-00002
Land Assessment
$90,000
Improvements Assessment
$1,202,600
Total Assessment
$1,292,600
Annual Taxes
$28,000 ($3.53/SF)
Tax Year
2026
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CORNER OF PUTNAM ST AND RIVER ST | 386-390 River St