6-Unit Mixed-Use
For Sale
$1,249,999
122 16Th Ave, Paterson, NJ 07501
Multi-Family, Paterson City, NJ
Property Size3,513 SF
Lot Size0.03 Acres
Price / SF$355.82
Days on Market93
Property Features for 122 16Th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RA-2
Bedrooms
10
Bathrooms
8
Full bathrooms
7
Half bathrooms
1
Rooms
Bathroom 1, Bedroom 1, Bathroom 2, Basement, Bathroom 4, Bathroom 5, Bedroom 2, Bedroom 3, Bedroom 6, Bathroom 3, Bedroom 9, Bedroom 10, Bedroom 5, Bedroom 4, Bedroom 7, Bedroom 8
Directions
Turn right onto Market St. from Memorial Drive, then left onto 16th Ave. Carrall St. will be on your right at the corner.
Standard status
Active
Size
3,513 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
20481
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1925
Number of units
4
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS MID-TOWN DIRECT · Keller Williams Realty
Listed By:
MENACHEM SILBERMAN · License #409133
(973) 762-5400
Added: Jun 12
Changed: Sep 11
Last Checked: Sep 12 at 1:06AM
MLS# 4034158
Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 122 16th Ave in Paterson City, this 3,513-square-foot mixed-use property contains six units within a 0.03-acre lot. The commercial component consists of two storefronts combined into one space configured as a restaurant kitchen, with extensive refrigerator and freezer storage. Four residential apartments complete the layout, including two newly renovated 3-bedroom units, one refreshed 2-bedroom unit, and one additional 2-bedroom unit.
Built in 1925, the property has a shingle roof and is served by public water and public sewer. Its RA-2 zoning designation and combination of commercial and residential space are established features of the property. The building also includes a basement and multiple bedrooms and bathrooms serving the residential units.
Built in 1925, the property has a shingle roof and is served by public water and public sewer. Its RA-2 zoning designation and combination of commercial and residential space are established features of the property. The building also includes a basement and multiple bedrooms and bathrooms serving the residential units.
Key Highlights
- 6‑unit mixed‑use property with 3,513 square feet of building area
- Two commercial storefronts combined into one restaurant kitchen space
- Four residential units: two 3‑bedroom apartments and two 2‑bedroom apartments
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
$58,794
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
4.70%
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%
$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
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
$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 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%
$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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Open Analytics
Current Use
Lease Details
4
Residential units
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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Cap Rate, Value Estimation, Potential NOI and more
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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 - RA-2-zoned property combines restaurant kitchen space with four residential apartments.
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 3,513 square feet of building area; Two commercial storefronts combined into one restaurant kitchen space; Four residential units: two 3‑bedroom apartments and two 2‑bedroom apartments
