Mixed-Use Property with Restaurant
For Sale
$1,249,999
122 16th Ave, Paterson, NJ 07501
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 Market117
Property Features for 122 16th Ave
General Information
Standard status
Active
Size
3,513 SF
Building Details
Year Built
1925
Listing Agency:
KELLER WILLIAMS MID-TOWN DIRECT
Listed By:
MENACHEM SILBERMAN · License #409133
(973) 762-5400
Source:
Luminancerealty
Added: Jun 16
Changed: Sep 12
Last Checked: Oct 5 at 10:25PM
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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,794
Cap Rate
4.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,175,880
$1.2M
Cap Rate 7%
$839,914
$839.9K
Cap Rate 9%
$653,267
$653.3K
Market Conditions
NOI Build-Up for 3,513 SF
Gross rent
$89.8K $25.56/SF
− Vacancy
−$5.8K −$1.65/SF
EGI
$84.0K $23.91/SF
− OpEx
−$25.2K −$7.17/SF
NOI
$58.8K $16.74/SF
Area
Paterson, NJ
Vacancy
6.46%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,175,880
Cap Rate 7%
$839,914
Cap Rate 9%
$653,267
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 authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,246
Businesses Nearby
Explore this area
Business Placement
Demographics for 07501, NJ
37,918
Population
13,119
Households
2.9
Avg Household Size
33
Median Age
9%
College-Educated
71%
High-School Grad
1.8 sq mi
ZIP Area
21,066
Density / Sq Mi
$40,699
Median Household Income
$32,103
Median Earnings
$1,442
Median Rent
$304,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
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 $1,249,999.
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
