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474 10th Ave 7 Unit Apartment Building $2,000,000 ($285,714/Unit) 7% Cap Rate Paterson, NJ 07514
Investment Highlights
- Newly constructed and well-maintained building, only four years old.
- Private gated parking available for residents.
- Seven fully leased apartments consisting of five two-bedroom and two one-bedroom units.
- Long-term 30-year tax abatement in place for significant investor advantage.
Executive Summary
Exceptional opportunity to own this well-built 7-unit apartment building constructed in 2022, offering the benefits of a 30-year tax abatement with 26 years left for lower taxes and stronger cash flow. This fully occupied property features a desirable unit mix of five 2-bedroom apartments and two 1-bedroom apartments, each designed with modern layouts. Each unit includes in-unit laundry, while tenants also enjoy the security and convenience of gated on-site parking. Ideally located with easy access to Route 20, Route 4, and Route 208, the property offers excellent commuter accessibility and proximity to shopping, dining, and everyday amenities. Whether you're a seasoned investor looking to expand your portfolio or a first-time multifamily investor seeking a turnkey asset, this newer construction building provides an attractive combination of low maintenance, strong occupancy, and tax advantages.
Property Facts
| Price | $2,000,000 | Building Class | B |
| Price Per Unit | $285,714 | Lot Size | 0.13 AC |
| Sale Type | Investment | Building Size | 6,000 SF |
| Cap Rate | 7% | No. Stories | 2 |
| No. Units | 7 | Year Built | 2022 |
| Property Type | Multifamily | Parking Ratio | 0.71/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R-2 - Low-Medium Density Residential | ||
| Price | $2,000,000 |
| Price Per Unit | $285,714 |
| Sale Type | Investment |
| Cap Rate | 7% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.13 AC |
| Building Size | 6,000 SF |
| No. Stories | 2 |
| Year Built | 2022 |
| Parking Ratio | 0.71/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-2 - Low-Medium Density Residential |
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Exceptionally walkable
90/100
Fairly drivable
50/100
Some public transit
40/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 08-08311-0000-00004 | Improvements Assessment | $0 |
| Land Assessment | $38,400 | Total Assessment | $38,400 |
Property Taxes
Parcel Number
08-08311-0000-00004
Land Assessment
$38,400
Improvements Assessment
$0
Total Assessment
$38,400
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