Mixed-Use Property with Restaurant
122 16Th Ave Paterson, NJ 07501
122 16Th Ave, Paterson, NJ, 07501
$1,250,000
For Sale
$1,250,000
Six-unit mixed-use asset pairs a restaurant kitchen buildout with four apartments, positioned in a redevelopment zoning district.
Property Size3,513 SF
Price / SF$355.82
Days on Market39
Property Features for 122 16Th Ave
General Information
- Standard status
- Active
- Size
- 3,513 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1925
Listing Agency
KELLER WILLIAMS MID-TOWN DIRECT
(973) 762-5400
Listed by
MENACHEM SILBERMAN
Source
Corcoran
Added: Jun 13 Updated: Jul 10 at 2:00 pm Checked: Jul 20 at 3:23 am
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 MID-TOWN DIRECT
Investment Insights
Based on property information with market context.
This six-unit mixed-use property includes two commercial storefronts combined into one larger commercial space configured as a restaurant kitchen, with extensive fridge/freezer storage. The residential component consists of four apartments: two newly renovated 3-bedroom units, one freshly refreshed 2-bedroom unit, and one additional 2-bedroom unit. The property is being marketed as a blank-canvas, value-add opportunity.
Located at 122 16th Ave in Paterson City, NJ 07501, the offering is described as situated in an RA-2 zoning redevelopment district. The public remarks also reference redevelopment positioning and potential tax-related considerations associated with redevelopment activity in that context.
For tenants, developers, and investors, the layout supports a mixed-use concept that ties a ready-to-operate restaurant kitchen configuration to multiple residential units within the same building. For buyers evaluating redevelopment or repositioning, the combined storefront-to-kitchen configuration and the blend of apartment sizes (3-bedroom and 2-bedroom) can help align the property with a broader range of end-user and tenant profiles, while providing a starting point to refine the space to your preferred operational plan.
Located at 122 16th Ave in Paterson City, NJ 07501, the offering is described as situated in an RA-2 zoning redevelopment district. The public remarks also reference redevelopment positioning and potential tax-related considerations associated with redevelopment activity in that context.
For tenants, developers, and investors, the layout supports a mixed-use concept that ties a ready-to-operate restaurant kitchen configuration to multiple residential units within the same building. For buyers evaluating redevelopment or repositioning, the combined storefront-to-kitchen configuration and the blend of apartment sizes (3-bedroom and 2-bedroom) can help align the property with a broader range of end-user and tenant profiles, while providing a starting point to refine the space to your preferred operational plan.
Key Highlights
- 6‑unit mixed‑use property with 2 commercial storefronts combined into one spacious commercial space
- Commercial space includes restaurant kitchen buildout with extensive fridge/freezer storage
- Four residential units on‑site, including two newly renovated 3‑bedroom apartments
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $89.8k | $25.56 |
| − Vacancy | −$5.8k | −$1.65 |
| EGI | $84.0k | $23.91 |
| − OpEx | −$25.2k | −$7.17 |
| NOI | $58.8k | $16.74 |
3,513 SF · lease $25.56/SF/yr · vacancy 6.46% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$839.9K
$734.9K – $979.9K
NOI $58,794 @ 7.0% cap · market cap 4.70%
Second Best
Apartment 5plus
$771.8K
$675.3K – $900.4K
NOI $54,023 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$917.3K
$802.7K – $1.07M
NOI $64,212 @ 7.0% cap · market cap 5.14%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Commercial kitchens
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Six-unit mixed-use asset pairs a restaurant kitchen buildout with four apartments, positioned in a redevelopment zoning district.
Where is this mixed-use property located?
The property is located at 122 16Th Ave Paterson, NJ.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 6‑unit mixed‑use property with 2 commercial storefronts combined into one spacious commercial space; Commercial space includes restaurant kitchen buildout with extensive fridge/freezer storage; Four residential units on‑site, including two newly renovated 3‑bedroom apartments
