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615 E 22nd St 4 Unit Apartment Building $879,999 ($220,000/Unit) 7.78% Cap Rate Paterson, NJ 07514
Investment Highlights
- Great Ceiling Height
- Commerical Opportunity
- Income Potential
Executive Summary
Welcome to an incredible opportunity in the East Side Section of Paterson! This spacious and beautifully renovated 4-Unit Mixed-use property is perfect for both investors and owner occupants looking to maximize value and versatility. This fully updated building features two residential apartments and two storefronts, offering the ideal blend of cash flow potential and modern living. The first apartment boasts 4 bedrooms and 1.5 bathrooms with a bright and functional layout designed for comfort. The second apartment offers 2 bedrooms and 1 bathroom with impressive ceiling height that creates an open, airy feel throughout the space. Both units showcase stylish finishes and thoughtful updates that make them truly move in ready. In addition to the residential units, the property includes two ground level storefronts with flexible layouts, providing endless possibilities for business owners or strong rental income potential for investors. Conveniently located near schools, shopping, major highways, and public transportation, this property offers both accessibility and long term upside. Whether you are looking to expand your portfolio or own a mixed use building with multiple income streams, this is a rare opportunity you do not want to miss.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$102,000
|
$36.80
|
| Taxes |
$18,320
|
$6.61
|
| Operating Expenses |
$15,184
|
$5.48
|
| Total Expenses |
$33,504
|
$12.09
|
| Net Operating Income |
$68,496
|
$24.71
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $102,000 |
| Annual Per SF | $36.80 |
| Taxes | |
|---|---|
| Annual | $18,320 |
| Annual Per SF | $6.61 |
| Operating Expenses | |
|---|---|
| Annual | $15,184 |
| Annual Per SF | $5.48 |
| Total Expenses | |
|---|---|
| Annual | $33,504 |
| Annual Per SF | $12.09 |
| Net Operating Income | |
|---|---|
| Annual | $68,496 |
| Annual Per SF | $24.71 |
Property Facts
| Price | $879,999 | Apartment Style | Low-Rise |
| Price Per Unit | $220,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.04 AC |
| Cap Rate | 7.78% | Building Size | 2,772 SF |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1900/2025 |
| Property Subtype | Apartment | ||
| Zoning | R-2 - Residential | ||
| Price | $879,999 |
| Price Per Unit | $220,000 |
| Sale Type | Investment |
| Cap Rate | 7.78% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.04 AC |
| Building Size | 2,772 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1900/2025 |
| Zoning | R-2 - Residential |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Some public transit
50/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 08-03417-0000-00009 | Total Assessment | $343,400 (2025) |
| Land Assessment | $39,900 (2025) | Annual Taxes | $18,320 ($6.61/SF) |
| Improvements Assessment | $303,500 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
08-03417-0000-00009
Land Assessment
$39,900 (2025)
Improvements Assessment
$303,500 (2025)
Total Assessment
$343,400 (2025)
Annual Taxes
$18,320 ($6.61/SF)
Tax Year
2026
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615 E 22nd St
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