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

    175 E 23Rd St Paterson, NJ 07514

    Loading data...
    Loading data...
    Loading data...
    For Lease
    $2,200 /Mo

    Clean, updated 3-bedroom unit near schools and shopping.

    Lot size:
    0.17 Acres

    Property Features for 175 E 23Rd St

    General Information

    Lot size
    0.17 Acres

    Building Details

    Year built
    1940

    We can help!

    Listing Contact
    ROBERTO SANCHEZ
    Source: Elliman

    Listing Agent: ROBERTO SANCHEZ

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

    Learn more

    Overview

    Well-Maintained Triplex in Paterson

    This well-maintained unit is located in a tranquil area and offers convenient access to schools, shopping, and major highways. The property features 3 bedrooms, 1 updated tiled bathroom, and a modern, recently renovated kitchen. The kitchen includes new cabinets, countertops, and stainless steel appliances. An enclosed back porch provides suitable storage or additional living space. All utilities are separate, and tenants are responsible for their own utility payments.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Paterson
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.14665
    Latitude
    40.93411

    Nearby Similar for Lease

    • $3,000 /Mo
      5,227 SF

      Charming Office Building in Totowa

      Stand-alone building with chestnut trim, suitable for professional business.
      554 Union Blvd, Totowa Boro, NJ 07512
      View Details
    • New
      $4,500 /Mo
      1,742 SF

      Commercial Space in Paterson City

      Open commercial space suitable for office or storefront use.
      119 W Broadway, Paterson, NJ 07522
      View Details
    • $15,000 /Mo
      4,792 SF

      Auto and Mechanic Shop Rental

      Auto and mechanic shop for rent in Paterson City, NJ.
      486 Totowa Ave, Paterson, NJ 07522
      View Details
    • $2,500 /Mo
      7,405 SF

      Paterson City Office Space For Lease

      1,100 sq ft office space in busy strip mall.
      311 Crooks Ave, Paterson, NJ 07503
      View Details
    • $1,500 /Mo
      100,188 SF

      Renovated Office Space For Rent

      625 sqft renovated office space suitable for professional use.
      446 Chamberlain Ave, Paterson, NJ 07522
      View Details
    • $2,000 /Mo
      5,663 SF

      Paterson City Mixed-Use Space

      Mixed-use property in Paterson City, suitable for store or office.
      Paterson City, Paterson, NJ 07522
      View Details
    • $6,000 /Mo
      6,970 SF

      Renovated Storefront in Downtown Paterson

      Versatile commercial space in a high-traffic, accessible downtown location.
      275 Main St, Paterson, NJ 07505
      View Details
    • $7,000 /Mo
      1,316 SF

      Remodeled Auto Repair Garage

      Remodeled auto repair garage in high-traffic area, suitable for various vehicles.
      480 Union Ave, Paterson, NJ 07522
      View Details
    • $2,500 /Mo

      New Luxury Apartment Available

      Brand new, 2-bedroom apartment with modern finishes and amenities.
      180 Carroll St, Paterson, NJ 07501
      View Details
    • $3,500 /Mo

      Renovated Commercial Space on Market

      Fully renovated commercial space in a prime downtown location.
      203-207 Market St, Paterson, NJ 07505
      View Details
    • $3,400 /Mo

      Versatile Space on Belmont Avenue

      2,160 sq ft suite suitable for office, medical, or retail.
      886 Belmont Ave, Paterson, NJ 07508
      View Details
    • $7,800 /Mo
      6,098 SF

      Paterson City Commercial Space

      Highly visible retail, office, or light industrial space for rent.
      Paterson City, Paterson, NJ 07514
      View Details

    FAQs

    What type of property is this?
    Triplex - Clean, updated 3-bedroom unit near schools and shopping.
    Where is this triplex located?
    The property is located at 175 E 23Rd St Paterson, NJ.
    What are key features of this property?
    This property features: - Recently renovated modern kitchen with **new cabinets, countertops, and stainless steel appliances.**; - Close to schools, shopping, and major highways.; - 3 bedrooms.
    (888) 501-6953
    Request Owner's contact information
    175 E 23Rd St Paterson, NJ 07514
    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.
    175 E 23Rd St
    Paterson, NJ 07514
    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
    175 E 23Rd St Paterson, NJ 07514
    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
    ROBERTO SANCHEZ
    (888) 501-6953
    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.