Add Listing
    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

    183 Illinois Ave Paterson, NJ 07503

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $2,000 /Mo ($16 SF/Yr)

    Office space for rent with utilities included and basement.

    Property size:
    1,500 SF
    Lot size:
    0.14 Acres

    Property Features for 183 Illinois Ave

    General Information

    Standard status
    Active
    Size
    1,500 SF
    Lot size
    0.14 Acres

    Building Details

    Year built
    1960

    We can help!

    Listing Contact
    Lucille T. Brule
    Source: Exitrealty

    Listing Agency: COLDWELL BANKER REALTY Listing Agent: Lucille T. Brule

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

    Learn more

    Overview

    Office Space with Basement

    This commercial space, suitable for office use, offers immediate occupancy. All utilities are included, with the exception of cable. The layout features six rooms on the main floor and two rooms in the basement. The property is located in a convenient area and is suitable for a doctor's office, attorney's office, or accountant's office, with potential use of the basement. One off-street parking space is available in front of the garage. The tenant is responsible for remodeling, painting, and making all interior changes to suit their business needs. The basement provides ample storage space. The garage is not included. The total square footage of 1500 includes the basement area.
    Location Intelligence

    Current Use by Public Records

    Rengaswamy Asokan MD Physician Heart and Vascular Associates ... Physician

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Paterson
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.1462509
    Latitude
    40.8975086

    Nearby Similar for Lease

    • $6,000 /Mo
      6,970 SF

      Renovated Storefront in Downtown Paterson

      Versatile commercial space in a high-traffic downtown location.
      275 Main St, Paterson, NJ 07505
      View Details
    • $1,675 /Mo
      3,920 SF

      Retail Space in Totowa

      Retail space for rent in a busy Totowa location.
      Totowa Boro, NJ 07512
      View Details
    • $3,500 /Mo
      1,742 SF

      Two-Story Commercial Building Available

      Two-story commercial building with basement, available for rent immediately.
      84 Ellison St, Paterson, NJ 07505
      View Details
    • $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
    • $2,000 /Mo
      3,049 SF

      Paterson City Commercial Space Available

      Commercial space suitable for light industrial, warehouse, or wholesale.
      386-390 River St, Paterson, NJ 07524
      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
    • $2,500 /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
    • $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
    • $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
    • $1,675 /Mo

      Totowa Commercial Space For Rent

      Commercial space available in a busy Totowa location.
      335 Union Blvd, Totowa Boro, NJ 07512
      View Details
    • $2,500 /Mo

      High-Traffic Office Space Available

      1,100 sq ft office space in busy strip mall.
      311 Crooks Ave, Paterson, NJ 07503
      View Details
    • $7,000 /Mo

      Renovated Storefront in Downtown Paterson

      Versatile commercial space in a high-traffic downtown location.
      275 Main St, Paterson, NJ 07505
      View Details

    FAQs

    What type of property is this?
    Office units - Office space for rent with utilities included and basement.
    Where is this office units located?
    The property is located at 183 Illinois Ave Paterson, NJ.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: - Immediate occupancy available; - All utilities included (except cable); - One month rent free to get you started
    (973) 838-9300
    Request Owner's contact information
    183 Illinois Ave Paterson, NJ 07503
    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.
    183 Illinois Ave
    Paterson, NJ 07503
    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
    183 Illinois Ave Paterson, NJ 07503
    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
    Lucille T. Brule
    (973) 838-9300 (973) 632-1480 (973) 729-6111
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!