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442-446 Market St
Paterson, NJ 07501
Multifamily Property For Sale
·
13 Units
PROPERTY FACTS
| No. Units | 13 | Building Size | 12,332 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built | 1918 |
| Building Class | C | Parking Ratio | 1.05/1,000 SF |
| Lot Size | 0.17 AC | ||
| Zoning | R-3, Paterson City | ||
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 12,332 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1918 |
| Parking Ratio | 1.05/1,000 SF |
| Zoning | R-3, Paterson City |
ABOUT 442-446 MARKET ST , PATERSON, NJ 07501
Marcus & Millichap is pleased to exclusively offer for sale a 13 unit mixed-use building in Paterson New Jersey. Located at 442-446 Market Street this property sits just steps away from the Paterson Armory, which has been proposed for a six story 138 unit class A mixed use development scheduled for completion by the end of 2021. Investors will immediately benefit from stable cash flow of in-place leases with an annual gross rent of $173,976, representing a six percent CAP rate at asking price. With a strategic tenant turnover plan of renovating one unit per year, investors can realize gross revenues of approximately $234,502; by the end of year five and $270,806; by the end of year ten. The unit mix for 442-446 Market Street consists of (two) commercial spaces, (four) three-bedroom/one bathroom apartments, (five) two-bedroom/one bathroom apartments, and (two) one-bedroom/one bathroom apartments. There is approximately 33 percent upside in the one bedroom apartment rents, 44 percent upside in the two bedroom rents, and 36 percent upside in the three bedroom rents. The property also includes a parking lot that can be rented out for an additional source of income. With a tremendous amount of upside in the residential rents, this deal offers investors the ultimate value add opportunity in an emerging market.
PROPERTY TAXES
| Parcel Number | 08-06310-0000-00009 | Improvements Assessment | $644,100 |
| Land Assessment | $153,800 | Total Assessment | $797,900 |
PROPERTY TAXES
