Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    204 Governor St Paterson, NJ 07501

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $790,000

    Investment opportunity: renovated triplex with separate utilities and spacious backyard.

    Building Details

    Year built
    1980

    We can help!

    Listing Contact
    Jose Ynga
    Source: Elliman

    Listing Agent: Jose Ynga

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Renovated Triplex with Separate Utilities

    This property offers an investment opportunity featuring three units with three to four bedrooms. Each unit has separate utilities, with tenants responsible for gas, electricity, heat, and hot water. Two of the three apartments were fully renovated in 2024. The property includes a spacious backyard.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Paterson
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.1603356
    Latitude
    40.9220271

    Nearby Similar for Sale

    • $775,000
      0.25 Acres

      Spacious Multi-Family Home, Paterson City

      Six-bedroom home with finished basement, convenient location in Paterson City.
      274 W Broadway, Paterson, NJ 07522
      View Details
    • $819,000
      0.06 Acres

      Multi-Family with Bodega, Paterson City

      Three-story mixed-use property featuring a bodega and renovated apartments.
      609 Madison Ave, Paterson, NJ 07514
      View Details
    • New
      $475,000
      2,100 SF

      Two-Story Multi-Family Fixer Upper

      Two-story, multi-family fixer-upper in Paterson City, NJ.
      123 Nagle St, Paterson, NJ 07501
      View Details
    • $999,999
      4,744 SF

      Mixed-Use Building with Upside Potential

      Five-unit building with commercial and residential income in Paterson City.
      89 Market St, Paterson, NJ 07505
      View Details
    • New
      $1,700,000
      5,300 SF

      Mixed-Use Building in Downtown Paterson

      Nine-unit building with residential and commercial spaces in downtown Paterson.
      153-155 Ellison St, Paterson, NJ 07505
      View Details
    • $498,500
      Pending

      Three-Story Multi-Family in Paterson City

      Updated multi-family property with solar, near Riverside Park.
      87 Highland St, Paterson, NJ 07524
      View Details
    • $600,000
      3,235 SF

      Mixed-Use Investment in Downtown Paterson

      High-yielding, turn-key asset in a growing market.
      119 W Broadway, Paterson, NJ 07522
      View Details
    • $699,000
      0.06 Acres

      Well-Maintained Multi-Family Home

      Move-in ready 2-family home with separate utilities and large backyard.
      74 Beech St, Paterson, NJ 07501
      View Details
    • $2,250,000
      0.40 Acres

      Religious Facility with Parking Lots

      Religious facility, house, and parking lots on 0.40 acres.
      221 Spring St, Paterson, NJ 07503
      View Details
    • $629,900
      0.12 Acres

      Two Homes on One Lot

      Two single-family homes on one lot in Haledon.
      88 Avenue B, Paterson, NJ 07508
      View Details
    • New
      $450,000
      Pending

      Two-Unit Home with Rental Income

      Well-maintained two-unit home ideal for investors or first-time buyers.
      90 N 3Rd St, Paterson, NJ 07522
      View Details
    • $524,000
      0.04 Acres

      Paterson City Multi-Family Home

      Well-maintained 2-family home, great for investors or owner-occupants.
      151 Beech St, Paterson, NJ 07501
      View Details

    FAQs

    What type of property is this?
    Triplex - Investment opportunity: renovated triplex with separate utilities and spacious backyard.
    Where is this triplex located?
    The property is located at 204 Governor St Paterson, NJ.
    What is the asking price?
    The asking price for this property is $790,000.
    What are key features of this property?
    This property features: - Separate utilities for each unit (tenants pay gas, electricity, heat, and hot water).; - Two of the three apartments **fully renovated in 2024**.; - Excellent investment opportunity.
    (973) 530-4056
    Request Owner's contact information
    204 Governor St Paterson, NJ 07501
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    204 Governor St
    Paterson, NJ 07501
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    204 Governor St Paterson, NJ 07501
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Jose Ynga
    (973) 530-4056
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.