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    The Largest CRE Database in the US with Over 1 Million Listings

    72-78 Illinois Ave Paterson, NJ 07503

    Sponsored
    For Sale
    $1,950,000

    Commercial - Paterson City, NJ

    Property size:
    5,000 SF
    Lot size:
    0.11 Acres
    Days on Market:
    19
    Last Refresh:
    Feb 2 at 6:06 am

    Property Features for 72-78 Illinois Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    MU
    Parking features
    Parking Lot
    Size
    5,000 SF
    Lot size
    0.11 Acres

    Building Details

    Floors in Building
    1
    Number of units
    1
    Building materials
    Block, Brick
    Roof type
    Flat
    Architectural style
    Other

    We can help!

    Listing Contact
    NICHOLAS TSELEPIS

    Nicholas Real Estate (973) 725-3778

    Listing agent NICHOLAS TSELEPIS (973) 340-1202

    Listing date Jan 15, 2026

    MLS# 4005379 Listing URL

    Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Versatile Commercial Building with Gated Lot

    The property features a 5000 square foot commercial building situated on a 10,000 square foot lot. The building is divided into two separate sides, each approximately 2500 square feet, offering flexibility for various uses including owner-user, investor, or hybrid scenarios. The layout allows for occupying both sides, combining them into a single large operation, or using one side while leasing the other for income. Designed for efficiency and accessibility, the building includes three 10-foot overhead doors for convenient loading and access, along with 15-foot ceilings and an open floor plan suitable for a range of commercial, industrial, or creative build-out possibilities. Each side has a private bathroom and the option of a small office or storage room on the ground level. One side also features a second-floor office space. The property includes a leveled, gated lot suitable for secure parking, storage, or maneuvering. The property is located in Paterson City, NJ.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Nightingale Catering, Mansaf King, Doydoy Foodtruck, Triangle Food Services LLC

    Location Insight

    • Map
    • Local Demand
    City
    Paterson
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.15115
    Latitude
    40.89652

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    FAQs

    What type of property is this?
    Flex space - 5000 SF commercial building on 10,000 SF lot.
    Where is this flex space located?
    The property is located at 72-78 Illinois Ave Paterson, NJ.
    What is the asking price?
    The asking price for this property is $1,950,000.
    What are key features of this property?
    This property features: - Versatile 5000 sqft commercial building on a 10,000 sqft lot, suitable for owner-user, investor, or hybrid use.; - Two separate 2500 sqft sides offer flexibility to occupy both, combine, or lease one for income.; - (3) 10ft overhead doors, 15ft ceilings, and open floor plan facilitate various commercial, industrial, or creative uses.
    (973) 725-3778
    Request Owner's contact information
    72-78 Illinois Ave Paterson, NJ 07503
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    Paterson, NJ 07503
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    72-78 Illinois Ave Paterson, NJ 07503
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    Listing Contact
    NICHOLAS TSELEPIS
    (973) 725-3778
    Learn more
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