Two-Unit Mixed-Use
For Sale
$449,000
117 S Pavilion Ave, Riverside, NJ
Turnkey residential unit with private entrance and parking, plus a leased storefront space with rear flex rooms.
Property Size2,500 SF
Price / SF$179.60
Days on Market104
Property Features for 117 S Pavilion Ave
General Information
Standard status
Active
Size
2,500 SF
Total Parking Spaces
1
Property subtype
Residential Income
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$5,633
Listing Agency:
keller williams realty
(727) 772-0772
Listed By:
Tracy H Nguyen
(856) 261-8971
Source:
Exprealty
Added: May 26
Changed: Sep 5
Last Checked: Jul 31 at 2:08PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of keller williams realty
Investment Insights
Based on property information with market context.
This well-maintained, freshly painted two-unit mixed-use property includes a residential unit and a commercial storefront space. Unit 1 is a turnkey, three-level home with three bedrooms, one bathroom, hardwood flooring, and ample closet storage. It features a modern bathroom and an eat-in kitchen with oak cabinetry and stainless appliances, along with its own private entrance and private parking spot. Unit 1 is currently vacant by design starting June 1 to allow flexibility for either owner-occupancy or immediate leasing.
Unit 2 is the commercial component on the first floor and is configured for storefront visibility. The space includes large storefront windows, a reception area, and functional rear flex rooms. The unit is currently leased, with rent referenced in the listing as $2,000–$2,200 per month. Showings are scheduled to begin June 11, 2026, with open houses set for this Sunday.
Located at 117 S Pavilion Ave in Riverside, NJ, the property is described as being just two blocks from the Riverside Light Rail Station and a bus stop. This makes the building a practical fit for buyers seeking an owner-occupant lifestyle with an on-site commercial tenant, or investors who want both residential and retail income streams within the same structure based on the current configuration.
Unit 2 is the commercial component on the first floor and is configured for storefront visibility. The space includes large storefront windows, a reception area, and functional rear flex rooms. The unit is currently leased, with rent referenced in the listing as $2,000–$2,200 per month. Showings are scheduled to begin June 11, 2026, with open houses set for this Sunday.
Located at 117 S Pavilion Ave in Riverside, NJ, the property is described as being just two blocks from the Riverside Light Rail Station and a bus stop. This makes the building a practical fit for buyers seeking an owner-occupant lifestyle with an on-site commercial tenant, or investors who want both residential and retail income streams within the same structure based on the current configuration.
Key Highlights
- Mixed‑use 2‑unit property built in 1935 with a residential unit and a leased storefront/commercial unit.
- Unit 1 (residential): 3 bedrooms, 1 bathroom, 3‑level layout; private entrance and private parking spot.
- Unit 1: Fresh interior paint and hardwood flooring; modern bathroom and eat‑in kitchen with oak cabinetry and stainless appliances.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,445
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.56%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$768,900
$768.9K
Cap Rate 7%
$549,214
$549.2K
Cap Rate 9%
$427,167
$427.2K
Market Conditions
NOI Build-Up for 2,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$75.0K $30.00/SF
− Vacancy
−$5.1K −$2.04/SF
EGI
$69.9K $27.96/SF
− OpEx
−$31.5K −$12.58/SF
NOI
$38.4K $15.38/SF
Area
Paterson, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$768,900
Cap Rate 7%
$549,214
Cap Rate 9%
$427,167
Alternative Uses
Best Use
Multifamily LT 5
$597.7K
$523.0K – $697.3K
NOI $41,840 @ 7.0% cap · market cap 9.32%
Second Best
Apartment 5plus
$549.2K
$480.6K – $640.8K
NOI $38,445 @ 7.0% cap · market cap 8.56%
Theoretical Best
Office A
$652.8K
$571.2K – $761.6K
NOI $45,696 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,350
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Turnkey residential unit with private entrance and parking, plus a leased storefront space with rear flex rooms.
Where is this mixed-use property located?
The property is located at 117 S Pavilion Ave Riverside, NJ.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Mixed‑use 2‑unit property built in 1935 with a residential unit and a leased storefront/commercial unit.; Unit 1 (residential): 3 bedrooms, 1 bathroom, 3‑level layout; private entrance and private parking spot.; Unit 1: Fresh interior paint and hardwood flooring; modern bathroom and eat‑in kitchen with oak cabinetry and stainless appliances.
